Are You Considering Retirement Village Living?

The decision to enter into a retirement village can come about for a variety of reasons, and it is important that you allow yourself enough time to determine what is the best option for you.

With a variety of choices available, take the time to review and visit the retirement villages which interest you, and bear in mind that your ability to move into a retirement village depends on the availability of the units within that retirement village. For this reason, it is important that you plan ahead to ensure you do not miss out on your preferred retirement village because there is no space available at the time you wish/need to move in.

Whether you are looking at independent or serviced units, you should also consider what your needs may be in the future. Will the retirement village still be suitable, if your health or mobility begins to decline? Does the retirement village offer a higher level of care, should you require it?

We recommend involving your family in the process as well, as they can often provide valuable insights and support. In addition, you may also wish to speak with the current residents of a retirement village to get their perceptions on the operation of the retirement village.

Importantly, it is essential that you review the costs associated with the retirement village. For example:

• What are you required to pay upfront?
• What are the ongoing expenses?
• What services are included, and what services are you required to pay for in addition?
• Do you receive the benefit of any capital gain on the sale of the unit when you leave?
• Could you incur additional costs, if there is a capital loss on the resale of your unit?

Given the significance of this decision, any person entering into a retirement village must obtain legal advice on the implications of the move, and the documentation around this.

At Wakefields, we regularly advise clients on a range of ‘elder law’ matters including retirement village occupation. We provide clear costings and would be happy to meet with you at your convenience, either at your home or elsewhere, to talk through the process.