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ARTICLE · 25 JUNE 2020

Retirement village contracts: 7 things to consider

Watkins Tapsell
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A comprehensive list of things to consider before signing a retirement village contract.

AustraliaReal Estate and Construction
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Seven questions to ask before entering a retirement village contract.

The team at Watkins Tapsell have extensive experience dealing with retirement village contracts and have put together a comprehensive list of things to consider before signing a retirement village contract.

  1. Is the level of care right for you or your family member? Once you enter a village there are financial consequences for leaving, so it is important to make sure it is the right place for you.
  2. Have you done your numbers? How much do you have to pay upfront? What are the ongoing fees? How much does the village retain when you leave? Will they charge you to refurbish the unit when you leave?
  3. What is the departure process? Is there a departure fee? What portion of your ingoing contribution will the village keep?

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