Moving to a retirement village - benefits and trap

Moving to a retirement village is a major life-changing decision. I have had so many emails from viewers of my KZbin channel, asking me to go over the move and what to watch out for.
A retirement village is to provide you a life of little care but filled with fun, enjoyment, tranquillity, and security. But before you make your decision to move to a retirement village, there are number of steps you should take to make the best choice.
So what steps should you take before you sign on a dotted line to buy into your new place in a retirement village:
1. Make two lists
first one of everything that you absolutely must have in a retirement village
Second of the thing that would be nice to have but are negotiable.
This will give you an indication of which retirement villages fit into your requirements, but also within your budget.
2. Seek advice from a specialist lawyer who can assist you with understanding of the retirement village contract.
3. Seed advice from a specialist financial planner who should assist you with the cashflow analysis.
4. Shop around visit several villages, and compare them.
5. Never let the salesman trap you or push you into buying and don't make your decisions based on a glossy marketing.
6. Understand the purchase contract.
Video Mentioned today:
Downsizer Contributions to Super for better retirement
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Downsizer Contribution To Super - Who can benefit
• Downsizer Contribution...
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[@gazzafloss]

We know two couples who moved in to a "retirement village" lifestyle in two different locations in NSW, one couple absolutely happy with the whole deal and will probably continue on living there until they die or are unable to because of medical incapacity, the other couple couldn't wait to get back out of the predicament they'd bought into, they just couldn't adjust to living in such close community. I guess some of us just aren't meant to fit in such situations, I'd think Katherine's advice "to check it out thoroughly before taking the step" is very good advice. Thanks Katherine.

[@AboutRetirementTV]

Agree with you 100% Gary. Retirement village is great for some, but not for others. We are all different 😄

[@candyclews4047]

My husband and I live happily in a Retirement Village. I have numerous health issues and like the security of being near people, my kids and grand kids (although they don't have to worry about us) plus health services, he is more independent. Our solution is owning a camper van, where he can take off if he feels the need. It's working pretty well :)

[@hardydraheim3063]

Well said Katherine, fly to 'your' dream retirement location at least 3 times before buying anything. We flew to Phuket, loved it first time, really enjoyed it 2nd time and on third visit agreed not for us. Buyer beware. My wife & I deal with the elderly and one issue cropping up? Once in such village residents feel 'stuck' and if they don't like the neighbour there is nothing that can be done. Sad yes, true yes, friends & family in our circle all voted to stay in the family home until the very end. There is home care, garden care, food deliveries...aged care villages have their place but beware of some hidden pitfalls.

[@meggieyoung5723]

in my case constant bullying by neighbour who is well known for this the last owner sold up and left and l inherited all her problems 6 complaints in my first 2 weeks of residence, l am getting out asap at 82 who needs the stress its causing health issues

[@aussietaipan8700]

My father and step mother resided at Frankston retirement village that provides fully independent, part independent and fully dependent lodges. My step mum with Alzheimer’s was in full care and my father in part independent until the last 12 months of his life. It was a very good place for them and there care given was first class. My stem mum scummed to Alzheimer’s in 2019 and my father passed peacefully early 2022.

[@AboutRetirementTV]

I am so happy to hear about a nice story about retirement villages. In most cases those are getting missed between the terrible stories of neglect and lack of care. I wish we here more about those good places. This way it would be so much easier to choose when we need to, Thank you so very much for this beautiful confirmation. All the best to you 😀

[@Miri2Go]

Ò

[@Fegga1955]

Perfect ❤

[@doc2590]

Hi, I have moved into a over 55's retirement village, then they changed it to a over 65's without having a vote amongst the residents. It is also a freehold retirement village . Can you tell me the role of the residents committee, and residents association.

[@JohnHochwald-c8g]

On exit, need to carefully check Loan Licence refund to ensure it complies with original agreement, especially Refurbishment subject to "fair wear and tear" and Deferred Management Fee that may be applied to original Loan Amount or Sale Amount. A friend recently saved $70,000 by disputing latter calculations by licensor. Also, if agreement allows and if going into Nursing Home, DAP/DAC may be deducted from the Loan Amount while unit is refurbished and licence to occupy is for sale.

[@AboutRetirementTV]

Thank you John, those are some of very valid and important points you have listed. Thank you for your contribution 😃

[@anniemac3075]

Watched so many exposés of the many problems with retirement villages I wouldn't touch one with a bargepole.

[@petertaggart2231]

I think the million dollar question is what happens when as a couple you downsize into a retirement village and eventually one partner needs to go into high care but you can’t afford the bond as all your cash is tied up in the non accessible retirement accomodation which you can’t touch. No reverse mortgage against a retirement unit.

[@Fegga1955]

Yep,problem for us older people.

[@malcolm.john.thompson]

Would be important to advise your subscribers that the model has changed in recent years with majority now using a land lease model without exit fees and the right to sell and retain any appreciation. My wife and I have been looking into this over the last couple of years and I've seen lend lease retirement property values climb considerably in that period. Important your subscribers understand they do not own the land in these cases.

[@AboutRetirementTV]

Good point Malcolm, thank you.

[@kyalami7725]

Be VERY careful - so many are rippimg us off

[@AboutRetirementTV]

Well, I am not sure about ripping off, it is a matter of reading the contract and understand the rules

[@aliciabahmardi981]

Hi Katherine Wanted to thank you for such a prompt response to my last question, I do need to ask one more though,, once age pension is approved for an overseas residents are they any restrictions as to where payment should be deposit Thanks again for your kind reply

[@AboutRetirementTV]

Alicia, in most cases if you live overseas, payments are made monthly rather then fortnightly and will be deposited to your overseas bank account once provided to Centrelink

[@aliciabahmardi981]

@@AboutRetirementTV thanks Katherine, you are awesome your prompt and knowledgeable reply is highly appreciated Many many thanks

[@victorsvoice7978]

Retirement Villages aren't for everyone. There are good ones and bad ones. Do your research and know what you are signing up for. Don't listen to salespeople. Talk to the residences of the village before you sign on the dotted line.

[@AboutRetirementTV]

great advice, thank you 😀

[@12345wwww]

Exit fees make it a poor deal.

[@meggieyoung5723]

Bullying. victimisation rife 3 couples sold up and moved out and I am next impossible to live your remaining years putting up with constant inspections regarding stupid irrelevant without foundation complaining Body Corp ineffectual in dealing with these folk

[@AboutRetirementTV]

Well I can see Maggie, you have not had a good experience