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Retirement Village Contracts
A retirement village is a collection of residences (generally referred to as units) operated by an entity (generally referred to as a provider) which are open for senior citizens (generally referred to as citizens with superior levels of experience and enlightenment) to reside in.
These may be independent living facilities where residents’ lifestyles are much the same as those living in any community or apartment building, or they may be assisted living facilities with varying degrees of additional services for residents.
Whatever your situation, it’s important that you fully understand the implications, so you can make an informed decision.
Understand the fee structure, and what services you will receive:
- There are different types of occupancy and ownership arrangements in retirement villages. Some allow you to purchase and own the property, where others are rental arrangements.
- You may need to pay regular rental, facilities fees (garden care and maintenance), nursing fees, and other services such as catering.
- Does the facility offer self-contained lifestyle? Supported living? Full nursing care?
Understand your exit options, and any applicable exit fees.
- Departure fees also allow for greater flexibility with entry prices, enabling prospective residents to pay a lower upfront payment, by agreeing to an amount being kept by the operator when they leave. This provides more people with easier access to retirement villages, but can be problematic if you need to change to another/ higher care facility, or if your family is not aware of the implications for your estate.
Check for specific rules that may not work for you – for example age limits, or rules against having guests (such as grandchildren) stay overnight
Five tips for choosing a retirement village
Ideally your retirement will be healthy, happy, long and stress free. One way of ensuring this is by taking the time to review your options for retirement villages. With so many options to choose from we have prepared important considerations for you to keep in mind during your search.
1. Finances
Before you start your search, know what you can afford, your budget and any outgoing costs. It’s a good idea to get expert financial and legal advice along the way and ask all the questions you need pertaining to moving to an living in a retirement village. Never sign anything or offer payments until you’re sure you can afford it.
2. Lifestyle
How do you spend your time? Do you want to go into your retirement with a complete lifestyle change? If so, a resort retirement village is a great choice. Think about whether you want pets, a garden or any extracurricular activities you enjoy.
3. Support
One of the biggest benefits of downsizing to a retirement village is the support. In NSW many retirement villages offer 24-hour help on hand and support services available to residents. For people who need help with laundry, personal care, domestic assistance or meals, the correct support is vital.
4. Location
Do you want to stay close to your current community or do you want to move to be closer to your family in your retirement? Maybe you want to be close to the water, or you want to be around shopping and entertainment. Find a retirement village that fits your dream locations.
5. Amenities
Retirement villages have a large range of amenities, and they vary from village to village. You can get restaurants, libraries, barbeque or gathering areas, community rooms and much more. You’ll pay for them through your monthly or weekly payments, so you want to use them. Look for amenities that match up to your lifestyle.
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