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Steps to buying a unit in a retirement village

If your home has become too large for you or no longer meets your needs, you may wish to consider moving to a retirement village.

There are a lot of things to consider when making your decision to live in a retirement village.

Before you start looking at units, it’s vital that you work out what you want and do your research. You may also consider discussing your retirement living options with trusted family and friends.

Before you buy, you should:

  1. Think about where you want to live and what you want from your accommodation.
  2. Talk to your family and friends and do your research. Read the Village Comparison Document, which is published on each retirement village’s website.
  3. Decide on your budget. Speak to your accountant about what you can afford now and into the future.
  4. Shop around, talk to existing residents and compare the costs and facilities. Make sure you know the entry, ongoing and leaving costs. Ask for a Prospective Costs Document.
  5. Understand your rights and responsibilities as a resident. Get all the paperwork from the village.
  6. Appoint a solicitor who specialises in retirement villages. Call the Queensland Law Society on 1300 367 757 or visit qls.com.au.
  7. Don’t feel rushed into a decision. Take the time you need and go through the contract with your solicitor.
  8. Sign the contract. You have a short cooling-off period if you change your mind.

Read the rest of this guide for more detailed information.

This guide will take you through the steps involved in buying a unit in a retirement village, including getting legal advice and finding out all the costs involved.

The guide will also explain the risks involved in buying retirement units as investments, as buying into a retirement village is not the same as buying an investment property.

More information

Steps to buying a unit in a retirement village

In this guide:

  1. Know the risks of retirement units as investments
  2. Shop around
  3. Compare different villages
  4. Get legal advice
  5. Find out the costs

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