Considering living in a retirement village?

Buying into a retirement village is different from buying a house. Instead of buying the unit, you are usually buying the right to occupy it and use the facilities and services at the village. You will pay a weekly fee which covers the cost of such things as rates, charges for services and insurance premiums for the buildings.

Concerns can arise about what might happen to a resident if the operator of the village runs into financial difficulty.  All units in a registered retirement village have a memorial on the title to the land on which the village is situated. The memorial gives residents security ahead of any lender of money to the operator. Practically speaking, if the operator cannot repay the loan the lender can’t evict you.

If you are considering shifting to a village, think about the things that are important to you, such as, location and size of the village, the type of legal interest you acquire, how close it is to family and friends, the facilities and any services it provides.  We suggest you begin to look at several retirement villages, perhaps talk to village residents, compare facilities, and discuss it with family and friends.

To find out more see Retirement villages.

Disclaimer: The contents of this article are general in nature and are not intended to serve as a substitute for legal advice on a specific matter.  In the absence of such advice no responsibility is accepted by Bryce Williams Law Limited for reliance on any of the information provided in this article.