Don’t leave it too late
Moving to a retirement village is essentially a lifestyle decision, so it does not necessarily make sense to put it off until your health starts to fail, your mobility starts to deteriorate, or your spouse moves into a hostel or nursing home. It is important to realise that no one is getting any younger and delaying moving into a retirement village could be one of the worst decisions one could ever make.
Position and proximity to transport, specialty shops and shopping centres is of vital importance
Driving may not always be an option. Having the freedom to walk to amenities allows you to always remain independent. Not to mention the numerous health benefits associated with walking. Many retirement villages have a courtesy bus; however, these buses only run for specified times and only on specific days. These days and times may not suit you and will definitely affect your standard of independence. At Grace Gardens you have the flexibility to go when you feel like it.
Satisfy yourself that the village will be able to efficiently meet your needs in the future if you envisage requiring additional assistance as you age.
Understand the implications and issues raised by different legal structures
There are at least eight different legal structures that have different implications and raise different issues in terms of applicable legislature: stamp duty, Goods and Services Tax (GST), service charges and levies, responsibility for refurbishment and capital replacement costs, and security of tenure. Understanding these issues protects your rights and allows you to make informed decisions.
Understand the departure fee
Work out how much the departure fee would be in a range of scenarios and satisfy yourself that it is suitable for your intended or likely period of occupation. Do not make decisions based solely on the initial purchase price or the departure fee. Both of these should be considered in tandem.
It is a good idea to look at several retirement villages before you make a final decision. You will then have at least some basis for comparison, which is usually the best way to identify value for money. Be aware of the different legal and departure fee structures.
Read the documentation and find a solicitor with retirement village experience
You will receive a large amount of disclosure material and legal documentation. Read it, but do not rely on anything that is not in writing. Give a copy to your solicitor. Retirement villages are a complicated and specialised area of law, so it makes good sense to use a lawyer that has appropriate retirement village experience.
Don’t forget the big picture
Always remember that, as well as a home, you need money to live on. After you sell your house and buy a villa or an apartment at Grace Gardens you could have many thousands of dollars left over. You have worked hard all your life, had the responsibilities of maintaining a family home and raising a family. Isn’t it time to scale down, relax, take it easy and enjoy the golden years of your life?
Ask yourself, ‘Is there anything that I have or need in the large house that I’m living in now, that I won’t have at Grace Gardens?’
If the answer is no, then it makes good sense to live comfortably, happily, amongst other people who care; who have the time and financial means to enjoy life to the full, in a beautiful villa or apartment at Grace Gardens.