TL;DR: grandparents moving into retirement village in Victoria, any tips about the process?
Hi OzBargain community,
My grandparents are keen to move into a retirement village (in Victoria) for the first time and I am wondering if there are any retirees/relatives of retirees/lawyers out there who have any tips/advice on the transition/contracts process.
Being aware of the recent discussion about exploitation of retiress by the Aveo Group and the saying that "retirement villages are a lifestyle investment, not a financial investment", we will be seeking legal advice regarding the contracts involved.
* Loan/lease arrangement.
* Exit fees of 3% per year based on incoming next retiree's ingoing contribution, capped after 10 years.
* Maintenance fee of about $330 per month.
* Grandparents retain 100% of any capital gains but are responsible for refurbishment costs.
Anybody have any recommendations about the processes? Do the above figures look reasonable? Anything you wish you knew before contracts were signed? Any regrets?
Any advice would be greatly appreciated by me and of course my grandparents :)