Navigating the contract
This month, we discuss how to successfully navigate the resident contract of your new Lendlease Retirement Village.
Contracts – you sign one when you buy a house or when you get a job – it’s no different when you move into a village – except that you also have to sign a resident contract as you’re also buying into a community.
However, before you sign on a dotted line, knowing what you’re in for financially is essential for your sense of security and wellbeing. Engaging the services of a trusted solicitor and financial advisor is very important as well as talking to your family.
No matter what, it’s important that you have a sound peace of mind and you should always ask questions about anything and everything you want answers to, from short-term costs, to what happens if you want to move out.
It’s important to understand that unlike the traditional property market, moving into a village may not make you a profit if you decide to sell on – though depending on which village you select you may have the option to share in capital gain. But what you benefit from is a lifestyle that provides security, support, and a ready-made community.
When it comes to buying into a community, you should always aim to protect yourself. Ask lots of questions and get professional advice when it comes time to sign the contract.
No two people are the same. Some like to plan, some like to go with the flow. It’s no different when it comes to retiring. That’s why you can chose from four different ways to buy your new home. The power is in your hands to enjoy retirement exactly the way you want it. Choose from a pre-paid plan, refundable contributions, deferred management fee or a pay as you go system (pay as you go available at selected villages only).
At the end of the day, you need to be confident that you’ve made the right decision, which is why after signing a contract, you have a cooling off period of between 3 to 15 days (depending on the state). The bottom line is, there are always consumer protections in place and they are there to safeguard you.
Living in a Lendlease Retirement Village is the perfect place to support your goals, be self-reliant, independent and helpful to your fellow residents. After all, you’re there to lead a happy and active life and look forward to every single day.