4 Facts About Retirement Villages That’ll Make Your Hair Stand on End

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This was a headline this week from the blog by Katherine Hawes of Aquarius Lawyers in Sydney, drumming up business to review retirement village contracts. It comes up when you do a retirement village Google search. It gives an idea of the material being placed before potential residents.
The four facts, plus their key messages, are:
1. Retirement villages are run by investment funds that do not care about your wellbeing.
This is a double sided blade – first of all, investors will always be protected by the lawyers of the retirement village owners. This means that they will do everything to take all your money and repay you the least possible amount if you decide to move out.
2. Retirement villages are not regulated.
Unlike the care facilities and homes sector, the rules and regulations in retirement villages are set by investors and management and can be far from reasonable.
3. Retirement villages are easy to get in, hard to get out.
Many residents report that the nightmare doesn’t begin until they decide to move out of the retirement village.
4. You don’t pay what you think you will pay.
Even if you don’t want to leave your retirement village, you have a responsibility to what happens to your assets after you die. Your children will need to deal with the outstanding fees, selling and managing the property after you are gone.

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