Retirement Villages - Which one is Right for You?
Updated: Mar 6, 2021
With reports that a large number of retirement villages are being built due to Australia’s growing ageing population; how do you determine which one bests caters your needs?
Retirement facilities on offer can range from low to high care, from licensed to leasehold and from low cost to high cost. Accordingly, consideration to your needs and budget must be decided and taken into account.
Living within a retirement community differs greatly from owning your own home. Did you know that in most cases the amount you pay will be an unsecured loan to the operator of the home?
It is important therefore to understand the obligations and rights between you and the care provider prior to signing any agreement. Careful research is required to ensure that your chosen care facility complements your needs.
The solicitors at Ellison Moschella will be able to provide you with detailed legal advice on various issues including:
Ingoing Contribution requirements and what it really represents;
General Services charges and Maintenance Reserve Fund Contributions;
Independent living units and high level care;
Exit fees and exit entitlement;
when and who will be entitled to receive the exit entitlement; and
Your rights regarding resale and reinstatement.
Don’t risk the unexpected and call our office today!