Retirement villages are popping up all over our suburbs. They offer a unique way of living out your senior years.
Buying into a retirement village isn’t the same as buying a house. Rather than purchasing land and a house on the land, you may pay money for the right to occupy the property under a lease or loan arrangement or you may own a relocatable dwelling but not the land on which the dwelling is built.
There are many legal issues you will need to consider before making this decision.
Retirement villages come with their own unique rules that occupants must comply with. You need to be confident that the terms you are entering into are fair and that you understand what you will receive in return for your financial commitment.
Some issues to consider are:
- The entry costs;
- Will you own or lease the unit;
- What ongoing charges will there be, such as maintenance and upkeep fees;
- What is the process for selling the unit; and
- Are departure fees or other like fees charged when you exit the retirement Village?
At Sheridan Legal we have experience relating to entering and exiting a retirement village. Please call us to discuss your needs.