Frequently Asked Questions: FAQs
Is it necessary to sell my current home before moving into a Village?
Most people need to sell their home in order to be in a financial position to purchase in a Retirement Village. Seniors Card Real Estate can usually assist you to sell your home and move into your new home in one move. However, not everyone needs to sell, depending on their financial situation, so a discussion with your financial advisor is advised.
What is it that people are looking for when they decide to move into a Retirement Village?
People are looking for a range of things when they consider moving into a Retirement Village. Home maintenance can be a problem as one ages, as are issues of security, better facilities, social interaction with folks at a similar time in life, the ability to lock up and travel and access to health care and support are all considerations that make Retirement Village living attractive.
How secure is the purchase of a lease?
The purchase of a long term lease usually gives you as much security as if you had a title. When the property is sold there is usually an increase in capital value but there will be a percentage retained by the Village management in order to upgrade the home and the facilities. The amount retained varies for Village to Village.
How much impact on my pension will my move into a Village have, if any?
We suggest that a discussion with Centrelink may clarify your personal position. Each person's circumstances vary, however Centrelink does take into account your entry contributions when assessing a pension payment.
Will I have to pay costs apart from the purchase price?
The purchase of a Lease is exempt from stamp duty under current legislation but there are other costs like application fees, legal fees etc. If your village offers a title on your residence then you will be liable for stamp duty. Advice of costs will be provided in writing by the Village.
Does the assets test regard the Lease as assessable?
Yes, the Assets test considers the Lease in the same way as if you owned the title to the property, if it is your permanent residence. Individual circumstances will vary and we suggest that a discussion with your financial advisor is wise. Centrelink can also advise in this matter.
What happens if I change my mind after signing a contract?
Under the Act your deposit is refundable if you cancel in writing within 15 business days after the date of the agreement and you are not occupying the unit. Note that the Act does not dictate that a contract must be provided 5 days prior to signing, only that the prospective resident must be provided with a number of documents prior to signing. Also refer to the Retirement Villages information which is on page 83 of the 2011 Seniors Card directory.
I currently have Internet access and Foxtel – can I take them with me?
More and more residents are spending time on the Internet. There may be a special room with computers, however, in most modern villages, both Internet and Foxtel access are available should you require it.
Can I take my pet?
The issue with pets is whether they create problems for other residents. Many villages will allow certain house pets such as small dogs or cats under controlled conditions. Each Village has their own rules regarding pets.
Do I need to organize maintenance on the property?
Most maintenance is carried out by the Village. Some internal maintenance may be carried out by you. The rest of the outside is taken care of for you but this can vary from village to village.
Is it necessary to take out building insurance?
Insurance for the building will usually be included in the policy for the village and payable in the regular maintenance fees. You would need to take out your own household contents insurance.
What happens if there is an emergency?
In most villages the residences will be equipped with an emergency call system. Details of operation are available from each village.
I have a boat and a caravan – can I arrange parking for them?
Some villages may provide additional parking for caravans, boats or additional cars but may be at an additional cost.
Where can I access information regarding the process of relocating?
Most Retirement Village staff are happy to answer any questions you may have, as are bodies such as The Retirement Village Association, Aged and Community Services or Centrelink. Seniors Card Real Estate consultants are happy to assist you in any way we can.
Contact us at Seniors Card Real Estate and we will be happy to steer you through any further concerns or questions you may have.