Choosing a retirement village is an important decision and may involve a large financial commitment.
What does a retirement village contract usually cover?
The contract will stipulate the terms and conditions of your right of occupation and your financial commitments, including:
- an accurate description of the premises;
- your right to access any common facilities and village services;
- payment of a capital sum by you upon entering into the contract;
- return of any capital to you when you cease to reside in the village and how that is calculated;
- payment of ongoing contributions, what is covered and how those payments may change over the term of the contract; and
- bonds, guarantees or other security.