A CHECKLIST FOR PLANNING RETIREMENT VILLAGE LIVING
Top 24 Considerations (Part 1 of 2)
By Lesa Macpherson
- Both Lifestyle choices and Financial costs are important in Retirement Village Contracts. The emotional components of your decision need careful consideration as well as the financial aspects.
- Visit a variety of villages and picture yourself in each of them. Talk to residents, as well as your friends and family when making your decision.
- How will you continue to include your loved ones in your life at the Village you choose?
- Will you be close to friends and family?
- Can they stay overnight for a short visit?
- Are pets allowed?
- Does the Village include bus/transport services?
- Just repeating – An engaging lifestyle is a very important consideration. Can you keep up your favourite hobbies or learn new ones? What clubs/social groups/activities are offered?
- Can you afford the ongoing costs – not just entry costs? Understand what they are. If a couple, could you afford the fees if one of you is no longer there?
- What happens with any Capital Gain on the unit? What are the refurbishment requirements?
- Exit Fees – What are they? When are they payable?
- If you leave the Retirement Village what are your entitlements? How soon would they be paid?
- Do you have any right to transfer your entitlements to family? Can you put it in your will?
- What sort of contract are you entering into? Freehold? Lease? Licence to reside?
- What arrangements are there for ill health/hospitalization if needed?
- Ongoing care … For higher level care can you stay in the Village or do you have to move elsewhere? Consider the costs of transitioning.
Look out for more Important Considerations outlined in Part 2.
ALWAYS USE A SPECIALIST LAWYER, NOT A GENERALIST WHEN SEEKING LEGAL ADVICE ON RETIREMENT LIVING OPTIONS.
BRISBANE ELDER LAW ARE EXPERTS IN RETIREMENT VILLAGE CONTRACTS. CONTACT US ON 1800961622.
