Options for accommodation during your retirement are wide and varying, ranging from a retirement village (including independent living units or serviced apartments), residential or lifestyle parks (manufactured home parks), residential aged care, private boarding houses and hostels for seniors and aged rental accommodation.
Whilst each of these options can vary significantly in the services delivered, they often also differ significantly in the types of associated legal rights and obligations. For these reasons we recommend that you speak with one of our team before undertaking any legal obligations (whether in the form of a residence contract or agreement to purchase a manufactured home). The same recommendation applies to the sale of your existing property, to allow you to consider any need to legally align any contract of sale with the purchase of your new property.
For example, matters you should consider in entering into a retirement village residence contract include:
- Whether, or how, the sale of your existing property impacts upon your entry into a retirement village;
- The ingoing contribution amount;
- Access rights to shared facilities and services;
- The nature of the personal care and support services that are offered;
- Whether you may keep pets (and on what terms);
- Whether you may have friends or family stay;
- Ongoing fees (including for maintenance, insurance, management, recreation, gardening, administration, and if applicable those payable to a body corporate), their frequency, and means by which they may be increased;
- The applicability of the cooling off period of fourteen days;
- Any exit fees that may be payable and how these are calculated;
- Your rights when the unit is sold and how the fees for selling the unit are calculated;
- Your ability to terminate the contract; and
- Any unique conditions applicable to the village.
The operator is required to provide you with a Public Information Document (PID) that outlines many of the principal legal rights and obligations. The PID will override the residence contract if there are any differences. We can assist you in your review of this important document.
Our helpful team aims to offer you the support to navigate the complexity in a manner that enables you to make informed choices that align with your requirements.