Choosing a Retirement Home
The much-loved family home can become a millstone for those approaching retirement age. Buying into a retirement complex is a popular option.
Tailored or purpose-built accommodation for over 65’s having become a popular consideration for many.
However, it is important to know exactly what you are buying and what restrictions exist within a residential village’s guidelines. It is vital to ask the right questions.
“Need to ask” questions include:
- What facilities and services do I need now and in the future?
- What level of support is offered to residents and how much does it cost?
- What rules are there?
- Do I need a bond or deposit?
- What are the ongoing costs and how are they calculated?
- Do I pay regular fees or are they deferred until I sell the unit?
- Do residents have any control over fees?
- Who manages the village?
- What processes are in place to settle any disputes between residents and management?
- What happens to me if the village is sold or goes into receivership?