Things you should consider when looking for a retirement village to call home

Words Turner Freeman Lawyers

The Sunshine Coast region boasts access to sand, sea and hinterland landscapes, along with plenty of local attractions, business, healthcare and tourism. Why wouldn’t you want to retire to the area! There are many retirement villages to choose from in the region and people are understandably attracted to the lifestyle and community benefits of living in these villages.

That said, if things don’t work out, extremely high exit fees could leave you without enough money to seek alternative or more suitable accommodation. Retirement village contracts are complex and often differ with each village operator. These agreements have significant financial implications for individuals. Accordingly, it is imperative that you seek appropriate legal advice prior to signing any such agreement. Some key issues to be aware of when you are looking to enter any type of retirement living include:

• Type of contract – strata title, loan and licence or leasehold.

• Entry costs - is there a settling in period/cooling off period and if so, what are the terms?

• Ongoing costs – commonly a monthly fee. What does it cover? Services, maintenance, management fees? Are these ongoing if you move out or pass away?

• Exit fees - also known as deferred management fees. These are often very complex and can include one-off or annual charges over a period of time. What does the contract say about your capital gain/ loss entitlements?

• Future care - what services will be available to you (if needed) in terms of serviced apartments, community care packages, residential nursing home care.

Other general considerations might include the level of parking available, nearby facilities, whether you are able to make changes to the property, do they allow guests to stay, can you have a pet, the level of security provided, and whether the grounds are well maintained.

Speaking to an experienced lawyer will ensure you are fully informed prior to entering into any agreements with a retirement village, and can enjoy all the benefits they provide without concern and worry for your future.