Steps to buying a unit in a retirement village
Find out the costs
It’s very important to know how much you will need to pay to move into, and live in, a retirement village. You should also consider carefully the affordability of the ongoing fees and charges and how these could increase.
You also need to think about how much you will need to pay if you wish to leave the village, and how much money you will have left to find alternative housing or care. The residence contract and public information document will include this information.
Consider preparing a budget. Doing a budget can help you understand what you can afford, including having enough money left to cover unexpected costs and emergencies. Read more about your consumer rights and responsibilities.
It is also recommended that you get financial advice from an accountant or financial advisor with expertise in retirement planning and who understands retirement village contracts. The Australian Securities and Investment Commission provides information to help you choose the right advisor.
The Compare retirement villages website provides example scenarios showing the potential effect of different village contracts and fee structures. It does not constitute advice, but shows some of the financial aspects you should consider.
In this guide:
- Know the risks of retirement units as investments
- Shop around
- Compare different villages
- Get legal advice
- Find out the costs
- Previous ( https://www.qld.gov.au/housing/buying-owning-home/housing-options-in-retirement/retirement-villages/buying-a-unit-in-a-retirement-village/steps-to-buying-a-unit/get-legal-advice )