A retirement village is a community specially built to cater towards the needs and lifestyles of older people. Villages vary greatly across New Zealand – from accommodation and care options to on-site facilities – so there are lots of options to consider. If you are considering village life, it pays to do your research and to get specialist financial and legal advice.
Leaving a retirement village
Retirement villages
How can I leave a retirement village? Can I change my mind?
You have the right to leave a retirement village whenever you choose but you need to be aware that there are costs associated when you do. Learn more about the costs of exiting a village. Remember: even after you sign an ORA, you have a ’15-day ‘cooling off’ period during...
Retirement villages
Leaving a retirement village
LEAVING THE VILLAGE It is important when you ENTER a retirement village in New Zealand that you know what to expect when you LEAVE a village: Do you understand what the Deferred Management Fee (DMF) is and how this will influence the amount you receive once you sell your home?...
Retirement villages
What is the cost of leaving a village?
The major cost of leaving a village is the Deferred Management Fee (DMF) that is deducted from the original capital sum you paid when ‘purchasing’ into the village. It is to cover the cost of the management and refurbishment of the village (roading, footpaths, lighting, communal amenities etc). The industry...