There are many ways that a retiree can own or occupy a retirement village unit, yet most people seem to think that a Freehold unit is the best option. But is it
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Many people think that retirement village are full of old people, but is it possible to be too old to live in a retirement village? Retirement villages are communities of independent living
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Thinking about moving into a retirement village?
Living in a retirement village can be a fantastic experience - great company, security and support, and homes that are designed for easy living and low maintenance.
Unfortunately, buying your retirement home in Australia can be a confusing business due to the sheer variety and complexity of the different purchase arrangements Freehold, Lease/Loan, Deferred Management Fees, Entry Fees, Exit Fees, Village Fees, share of capital gains.
There are also many traps and hidden fees for the unwary and uninformed buyer!
Making a bad decision on your retirement home purchase can have a significantly adverse effect on your savings if you find you have to move out of the community you are living in. As a retiree, you need to make you nest egg last as long as possible to fund your living needs into the future. You may also want to leave something for your family.
Why move into a retirement village?
People contemplate moving into a retirement home for a variety of reasons. This may include downsizing the family home to free-up cash or simply the company of like-minded people... or perhaps there are more important and enjoyable things to do with your time than maintaining a large house and garden?
When contemplating your purchase of a retirement home, you might be surprised at the complexities you face in deciding which option best suits your particular needs. Not only do you have consider where you want to live, but also what style of house or apartment is most appropriate to your lifestyle.v
As daunting as these decisions can be, it is usually the easy part!
The financial and contractual arrangements for purchasing your retirement home can be complex and confusing. From simple freehold property title through to sophisticated Deferred Fee schemes and everything in between, it can be hard to understand and almost impossible to compare "apples with apples".
These are just some of the challenges potential buyers need to understand, not to mention the physical and cost considerations of having to travel extensively to inspect all of the options available.
Many of these issues you simply will not think of at the time and keen sales representatives are naturally going to emphasise the positives of their particular establishments, often skimming over important issues such as Body Corporate Fees and exit costs, which in the long term can cost you many thousands of dollars.
May 29, 2017
Dont scoff it does happen! Lets say for a moment that you are a single retiree living in a retirement village when, suddenly, across the smoky atmosphere of the mahjong table, you spot the new love of your life. A
May 24, 2017
We were recently asked who was responsible for utilities maintenance in a retirement village scenario, so we spoke to a few local trades to get their take. Plumbing Maintenance Whether you live in an apartment complex, retirement village or any
May 22, 2017
Great article by Jimmy Thomson in the Sydney Morning Herald today on what to do about elderly residents who are a danger to themselves and neighbours. Question: Our building was on fire again today. The elderly owner concerned has caused fires in
May 15, 2017
On the 4th of July 2014, A Current Affair ran a story about retirement villages. Normally ACA is an advocate for the retirement village industry so it was interesting to see such a one-sided view on the sensationally titled story
May 8, 2017
As I outlined in my article HERE, one of the biggest traps with retirement villages is when you exit your unit, for whatever reason, and the village operator is unable to re-sell it. In this situation you are effectively trapped
May 7, 2017
When you start your retirement village research you will regularly come across the term Independent Living. But what does it actually mean? Physically, the built-form of retirement village units are either a detached villa, a single-level townhouse that may form
May 7, 2017
There are many ways that a retiree can own or occupy a retirement village unit, yet most people seem to think that a Freehold unit is the best option. But is it really? Most retirement village units in Australia are
May 7, 2017
Many people think that retirement village are full of old people, but is it possible to be too old to live in a retirement village? Retirement villages are communities of independent living units targeted to retirees who are still able
