Get good ad­vice be­fore buy­ing in

Matamata Chronicle - - Golden Age -

De­ci­sions about re­tire­ment vil­lages are very im­por­tant and have longterm per­sonal and fi­nan­cial con­se­quences.

Buy­ing into a re­tire­ment vil­lage is dif­fer­ent from buy­ing a house.

Le­gal and fi­nan­cial is­sues are also more complicated.

Vil­lages are man­aged in dif­fer­ent ways, and what they of­fer varies. lawyer with ex­pe­ri­ence in re­tire­ment vil­lages.

Ask them about the dif­fer­ent le­gal ti­tles and what they mean.

In­volve your fam­ily or friends in your decision.

There are usu­ally sig­nif­i­cant costs when you en­ter and leave a vil­lage or trans­fer within it, as well as on­go­ing ex­penses while you live there. You need to know what the charges cover and ex­actly how much they will be.

Your needs may change in the fu­ture, so you should keep this in mind when you’re work­ing out the fi­nan­cial de­tails.

Our fi­nan­cial check­list will help – it sug­gests ques­tions to ask, and might prompt you to think of a few oth­ers.

You’ll need to know about the costs in­volved in leav­ing a vil­lage in case you de­cide you want to live else­where, or you want to leave money in your will.

Be aware that you may have sig­nif­i­cantly less money than when you en­tered the vil­lage, par­tic­u­larly if there are de­duc­tions from the price you orig­i­nally paid for the unit and if you do not get any share in the cap­i­tal gain.

Buy­ing into a re­tire­ment vil­lage is dif­fer­ent from buy­ing other res­i­den­tial prop­erty.

The fi­nan­cial struc­tures and le­gal ti­tles can vary from vil­lage to vil­lage, so it’s im­por­tant to get in­de­pen­dent le­gal ad­vice be­fore you sign up with a re­tire­ment vil­lage. You are re­quired to do this by the Re­tire­ment Vil­lages Act 2003.

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