Transcript
Are you thinking about living in a retirement village?
Living in a retirement village is a major lifestyle choice so it’s important to visit as many different villages as you can before deciding where to live.
Not all villages are the same so do your research to find the one that’s right for you.
Be sure to ask about the type of village arrangements that are available. These will be either a lease for life or a long term licence, or a freehold title.
Some villages also offer short term rental contracts.
There are costs involved when entering a village.
Before you make the move you will be asked to pay an ingoing contribution fee, which covers the cost of purchasing the freehold unit or the life of the license.
This contribution is held in trust until you take up residency in the village.
You will then be asked to pay ongoing recurrent charges to maintain the village. At least ten working days before you sign a residence contract you must be given …
- disclosure information
- a copy of your residence contract, and the village rules. The contract will include information about the steps if you need to move into aged care.
- There will be details in your contract and disclosure information about the fees you have to pay.
- You will have a cooling off period if you change your mind.
- Signing a retirement village contract is an important decision so before signing, discuss the documents with a trusted friend or family member, and seek independent legal and financial advice.
For more information visit the Consumer Protection website or call 1 300 30 40 54