Important Legal Information for Anyone Considering Move into a Retirement Village

One of the major decisions to make for your aging loved one is the type of care you want them to have in their sunset years. Some options include getting a nurse to care for them at home or moving them into a facility. Moving into a retirement village is an excellent choice because they will have a sense of community and connection with their agemates. A retirement village is better than regular home ownership because you get the deed to the house and the rights to use all amenities in the community.

Here are some facts to know before retirement village entry from a legal perspective.

The Security of Your Right to Occupy

All the units in a retirement village should come with a memorial note with information about the title of the land it sits on. With the letter in place, you do not have to worry about the village administrator running into financial problems affecting your occupancy. The document also means that if the village operator runs into financial trouble, the lender cannot auction your property or kick you out of your unit.

The Financial Implications of Entering the Village

You also need to fully understand the financial implications of having membership in the village. Think about the village as a lifestyle choice and less of an investment. The units might not give you massive benefits for the money you invest, but they offer many other lifestyle benefits. It is the responsibility of management to insure all units against liabilities like fire damage, flooding and others. If yours gets damaged during your occupancy, the insurance covers the repairs. 

Other Factors to Consider

When moving into a retirement village, it is advisable to think carefully about the decision. Take time and learn everything about being in one. Consider how close your family and friends are. Also, assess the services and amenities the village offers. Check whether the weekly fees remain constant, or it might cost you more to stay in the unit in the future. Call and consult the management on whether they can allow you to stay longer if you have a chronic health condition. 

Consider getting into a retirement village once your years in active employment end. The village management handles most of the maintenance, minimising your worries. Ensure you speak to a lawyer and understand all legal implications of the move before making it, and you will have an excellent experience.