Retirement Village Checklist

The Retirement Village Association has put out a checklist to help make quick and easy comparisons between retirement villages.

Each week around 50 seniors decide to make a retirement village their new home. There are now over 37,000 New Zealanders living in retirement villages.

Under the law, operators of retirement villages are required to provide a full disclosure statement to anyone considering moving in. This request produces an overload of paperwork which can make finding key information a time consuming and difficult process.

To solve this problem, the Retirement Village Association has put together a one page checklist so comparisons between retirement villages can be made quickly and easily.

Executive Director of the Association, John Collyns says “the process of deciding on what retirement village to move into is a lot more complicated than buying your own home. It’s important to understand the financial terms involved and have them at your fingertips.”

“The retirement village regime is very transparent and operators will be able to quickly fill out the template for anyone making enquiries. Our one page checklist has key questions we know residents want answered.”

John says “it’s important for seniors to talk to their family so they understand the reasons why you are considering retirement village living and the financial implications involved. But remember ultimately it’s your money and it’s your decision.”

When making significant financial decisions, such as moving into a retirement village, it’s important to get independent legal advice.

Bowlers 1 - Acacia Cove Village, Manukau

The checklist covers:

* Fees charged

* The property’s capital gains or losses

* What happens when you leave the unit

* Transferring within the village

* Care options available