Get good advice before buying in

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.