The number of people deciding to sell their home and move into a Retirement Village is increasing year on year. We find many people are making this decision to move sooner rather than later because they are wanting to enjoy a more relaxed lifestyle and see the ease of a retirement village as being able to give them this. People are also making this decision before health changes force them to move from their home. But what do you need to consider before making the move?
A little bit of advice…
- Talk to us early on so you understand the steps and timing involved in signing up for a Village and how that may work with selling your family home
- It’s very different to the traditional home ownership model. It’s important to talk through any legal matters you need to think about early on in your decision making. This is especially important if your family home is owned in a Trust or Tenants in Common
- There are specific entry requirements and sometimes a medical assessment required to ensure the level of independent living you are looking at is appropriate
- There are financial consequences to this decision, and we always recommend you bring a family member (usually your Power of Attorney) along to the meeting. This is so they are aware of the financial implications
- This is an ever-moving area of law, with a large number of reforms being suggested to the Operators of Retirement Villages to shift the Power imbalance between Residents and Operators – watch this space!
