- Do you need to visit a financial advisor experienced in retirement villages to ensure you fully understand the financial implications?
- What is the initial investment required for the unit you are interested in?
- How much are the regular outgoing fees? What are they for?
- How often are the fees increased and by what rate? (Some villages set the rate when you sign.)
- Do you understand what is included in the village insurance cover?
- Have you contacted an insurer to arrange the additional cover you will require?
- What other on-going costs do you need to factor into your budget? (e.g. power, telephone, satellite TV, personal insurance, etc.)
- Sometimes payments can be deferred. Do you know the implications of this?
- Do you know what would happen if you run out of money?
It’s useful to create a comprehensive rating scale as it helps keep you focused. This is a very basic one.
- Location /10
- Overall village offerings and appearance /10
- Unit /10
- Price – initial investment & ongoing costs /10
- Other important criteria /10
Go back to Retirement Villages section
Download a full & printable version of the checklist