Living in a retirement community is a great lifestyle choice for retirees, providing an instant social network and low-maintenance homes specially built for comfort and security. Unfortunately, though, buying a retirement community home can be difficult and confusing, as many hidden traps and costs await the unwary buyer. Before starting out, follow these 5 tips from Australia’s leading expert on retirement communities and author of Don’t Buy Your Retirement Home Without Me! Richard Andrews:
- Make the move early. Don’t wait for the move to be ‘forced’ on you by family or circumstances and make sure you are still active enough to enjoy the community life.
- Plan to stay for the long term. Leaving a retirement village triggers most of the fees and charges that are applied during your stay. You need time for the growth in the value of your unit to reduce the impact of such charges.
- Negotiate EVERYTHING! Most buyers don’t realise that many parts of the retirement village purchase contract can be negotiated, particularly in the current market where many retirement villages are struggling to make sales.
- Get good advice. You will no doubt be spending several hundreds of thousands of dollars on your retirement village unit. Paying an expert for their advice can not only save you money, but can give you the peace of mind that the contracts are in order and that you have received the best deal possible.
- Above all, never rush your decision. Take your time and make sure you will feel comfortable in your new residence.
These top tips have been provided by Richard Andrews, founder of Find My Retirement Home and author of Don’t Buy Your Retirement Home Without Me! (published by Wrightbooks) and may be used alongside appropriate credits.