“Very few” residents had received legal or financial advice before signing their contract while 25% of residents also felt their understanding of their contract was average or poor, according to the survey by the Office for the Ageing (OFTA) and University of Adelaide.
The research, which was conducted in October 2016 and received over 2,000 responses from 240 villages, reveals another 22% didn’t know what type of payment they made to buy into their retirement village.
Around the same number also didn’t know what happens financially when they leave their village.
A number of responses also included comments from respondents who felt misled by the sales person at their village, rushed into signing a contract or that things had changed since signing their contract that they had no control over.
Another sign that the sector needs clearer contracts and more assistance for people making the move into a village?
You can check out the complete report by clicking on the link at the bottom of this page here.