04.CHOICE verdict
CHOICE verdict
It’s crucial that prospective retirement village residents get financial as well as legal advice. While lawyers and financial advisers versed in retirement contracts may not be easy to find, it is well worth the effort. Contact the fair trading/consumer affairs office in your state or territory for further information and to familiarise yourself with the relevant laws.
CHOICE will continue our research into retirement village contract traps. In particular, we’re concerned about:
· Lack of transparency due to non-standardised contracts that are difficult to understand.
· Lack of ability to change accommodation options because of high exit fees.
· Contract traps, which affect a potentially vulnerable consumer group at a time of life when choices are already limited.
RETIREMENT VILLAGE CHECKLIST
If you're considering moving into a retirement village, apart from checking on the contract traps, consider:
· Talking to your family and friends.
· Visiting a sufficient number of retirement villages to compare services, facilities and financial arrangements.
· Whether the services and facilities at the village will still be suitable as you get older. Are there any stairs, for example, and are the paths easy to access?
· Whether there is adequate parking for visitors.
· Whether you can access local facilities such as GPs, shops, hospitals, libraries, churches, clubs and public transport.
· Whether you can make changes to the inside of premises – for example, in the event you need a wheelchair.
· Whether you can have someone stay over for a visit or move in.
· Whether you can have a pet.
· Whether or not the grounds are pleasant and well-tended.
· The security arrangements Is there sufficient external lighting?