Retirement Village Contracts
A retirement village is a residential complex mainly occupied by retirees aged over 55 years. Due to the increase in Sydney’s house prices, coupled with our ageing population, retirement villages are becoming more prevalent across the city.
Moving into a retirement village is an important financial decision and lifestyle choice.
Benefits can include:
- A home that is easily maintained
- A private and secure community environment
- Living with people of a similar age
- Organised social activities
- Readily available lifestyle amenities
We have helped many clients sell their homes and move into a retirement village and every client has been more than happy with their decision to do so.
Retirement village contracts vary from operator to operator and can take the form of a licence, lease or strata ownership. Each village also has different costs and it is important for you to explore different villages and learn about the different costs involved.
You should always have a lawyer act for your when entering into a retirement village contract as the contracts you enter into create a continuing legal obligation. The most important thing to understand when looking to move into a retirement village is that you are not “purchasing” the unit but rather you are paying a bond that will be repaid to you (less operator fees) when you exit.
In addition to the entry fees, there is usually a continual monthly fee for living in the village as well as other fees for additional services. All of the terms and conditions of the occupation are included in the village contract documents which can be complex and confusing.
Because of this, it is important to carefully consider your options and obtain proper advice from one of our lawyers who have vast experience in assisting clients who have made the lifestyle choice to move into a retirement village.