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Buying into a retirement village is not the same as buying an investment property.
You may face substantial costs when leaving a village. Buying into a retirement village is a lifestyle decision, not a financial investment.
Living in a retirement village is not the same as owning your own home or renting. In most cases, you do not purchase the property title to the unit. Instead, you purchase a right to live in the unit and the right to benefit from the lifestyle facilities the village offers.
The cost of providing the unit and lifestyle generally exceeds the amount you pay when you move into a retirement village. The village operator recovers the balance through an exit fee payable after you leave the village. This amount, together with other fees and charges agreed to when you moved in, are deducted from your refund when your unit is ‘sold’ to the next resident.
As a general rule, the deduction of the exit fee and other charges means the amount paid when you moved in is significantly reduced at final settlement, even though the market value of the unit may have increased.
In your initial 15 – 30min free consultation we’ll review and assess your specific requirements.
Once ready to proceed we’ll review the documents and draft any required changes to protect you and your interests.
We’ll work with all interested parties to ensure a smooth and pain-free settlement.
At Arenburg we see how important it is to have someone on your side who you can trust and rely on to protect your interests.
Your free 15-30 min initial consultation will include:
Specialised and experienced legal advice customised to your situation.
Explanation of the common pitfalls & traps of retirement village purchases.
Bias free advice without a sales pitch.
Preference in helping you self-reliant vs outsourcing.
Responsibility and accountability on all our advice.