Many Australians are choosing to sell their homes and move to retirement villages (often referred to as over 55’s resorts) when they stop work.
According to the Property Council of Australia, in 2014, there were more than 2300 retirement villages in Australia and around 184,000 seniors living in retirement villages. However that figure is expected to double with some predicting as many as 382,000 people will be living in retirement villages by 2025.
Legislation has recently been amended with further changes still to come providing much better consumer protections for village residents.
The amendments are a positive step forward however with all the changes it’s just as important to consult your lawyer before signing anything. The retirement village is required to provide you with certain documents that can be very detailed and confusing.
It is still important to shop around and be informed of your options as well as considering what it is you want from a retirement village and very importantly refuse to be hassled or rushed into a decision.
If you are considering retirement village living please don’t hesitate to call Andrew Markert at SPM Law 5440 4800 to help you with this major lifestyle choice.