Sep 1, 2023
When it comes to Retirement living many people like the idea of downsizing from the family home and moving into a Retirement Village
In this episode we talk about some of the key factors to consider when assessing a Retirement Village as a retirement option
A few key points from this episode:
It is essential to fully understand all the fees and charges involved. There are entry fees and exit fees as well as monthly charges.
Buying into a Retirement Village is not the same as regular property investment. You don't ever own the property, you buy the right to live in that property - and that includes using the facilities, you're buying into the community and the access to the activities. People value the safety aspects of being in a Retirement Village.
Retirement Village contracts are not like any other property contract - so you need specialised legal advise AND from a professional who is familiar with that specific state in Australia
Assess the financial viability of the Village operator as a whole and any future development plans they may have. Ask for copies of their Annual Report
A few questions we suggest it is important to consider:
What happens if you are in a Retirement Village as a couple and one partner needs to move to Aged Care due to health conditions?
How do you pay for this next stage of living?
If you are in Retirement Village as a single person and then need to move to Aged Care, how do you pay for that while you wait for the Retirement Village operator to sell your existing property?
This is a information dense episode and we have kept it deliberately short and covering the basic information to get you started thinking about Is Retirement Village the right option for you?
As always we encourage you to please email any questions or comments to midlifemoneyquestions@gmail.com
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Financial Disclaimer:
We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.