Here’s some vital considerations for retirement living options

Choosing retirement living options can be an onerous task. It can also be an exciting opportunity.

Here’s a checklist many of our clients have found very helpful.

1. Lifestyle choices and financial costs are important in retirement village contracts. The emotional components of your decision need careful consideration, as well as the financial aspects.
2. Visit a variety of villages and picture yourself in each of them. Talk to residents, as well as your friends and family, when making your decision.
3. How will you continue to include your loved ones in your life at the village you choose? Will you be close to friends and family? Can they  stay overnight for a short visit? Are pets allowed? Does the village include bus/transport services?
4. Just repeating – an engaging lifestyle is a very important consideration. Can you keep up your favourite hobbies or learn new ones? What clubs/social groups/activities  are offered?
5. Can you afford the ongoing costs – not just entry costs? Understand what they are. If a couple, could you afford the fees if one of you is no longer there?
6. What happens with capital gain (if any) on the unit? What are the refurbishment requirements?
7. Exit fees – what are they? When are they payable?
8. If you leave the retirement village, what are your entitlements? How soon would they be paid?
9. Do you have any right to transfer your entitlements to family? Can you put it in your will?
10. What sort of contract are you entering into? Freehold? Lease? Licence to reside?
11. What arrangements are there for ill health/hospitalisation if needed?
12. Ongoing care: for higher-level care, can you stay in the village or do you have to move elsewhere? Consider the costs of transitioning.
13. Home help and aged care are vital considerations. Plan these sooner rather than later. What options are available?
14. Do you prefer new or established accommodation? High-rise? A garden? Take time to view a variety of options. If possible, look closely at floor plans and view lived-in areas, not just a display unit.
15. Ask about the demographics of each option. Does the age range of other occupants suit you?
16. If you are still partnered, would fees be manageable if you become single (through separation or death)?
17. Can you maintain your own garden? How would the area be modified for your pet?
18. What’s covered in the general service charges? Do you pay for electricity, gas, water, internet separately? Are these shared, or are they individual costs?
19. Can you meet the on-site manager? Do you relate well? What involvement does the residents’ committee have? How are disputes resolved in the village?
20. Is the security in the village suitable for you?
21. What arrangements are in place for maintenance of units, community facilities and grounds/common areas?
22. Are meals or a dining area available?
23. When are village staff on duty? How often is there a nurse on duty? Who responds to emergency call buttons? Are these provided?
24. Review amenities and services: for example, wheelchair access, physio, exercise and relaxation classes, gym equipment, pool, spa, hairdresser, men’s shed and library.

Consider financial advice on  which option is best for your  individual circumstances.

 Sunshine Coast & Brisbane Elder Law staff are experts in the legal aspects of retirement village contracts and purchases, having done hundreds of contracts. Call  1800 961 622 or visit sunshinecoastelderlaw.com.au or brisbaneelderlaw.com.au