Downscaling your golden years means getting rid of high maintenance lifestyle and choosing a community that's suitable for your new lifestyle after retirement. However, there are numerous boxes you must tick to justify your downscaling decision. Similar to buying a home, you must get your financing right. But what other factors should you consider to make your retirement village entry as hassle-free as possible? Read on to find out more below.
Understand the By-Laws and Regulation of the Retirement Village
All retirement homes are governed by specific by-laws and regulations, which might force you to make significant lifestyle changes. Whether enrolling on a freehold, lease or license contract, you'll be forced to adhere to specific ordinances. These by-laws spell out the rights and obligations the retirement village service providers and the residents hold.
For example, the by-laws might stipulate visitation terms, pet ownership, the right to access different amenities and much more. Generally, the by-laws will be explicitly written on the lease, license or contract document. Thus, keenly read through all the by-laws and seek necessary clarification to understand their potential impact on your retirement life afterwards.
Understand and Manage the Costs
The decision to move to a retirement village can be financially burdening. On top of the entry costs, you must also look into maintenance and exit charges. Different retirement villages have varying fee structures. That means you should do your research and understand your financial responsibilities before signing the agreement. Furthermore, your needs might likely change in the future, and you should consider this when budgeting.
Consider Peace of Mind Guarantee
While finding a reputable retirement village and the best deal for your retirement needs, you might still feel apprehensive about moving in. That's especially true when you feel that your circumstances might change at some point. Moving into a retirement village is a significant life-changing decision you don't want to regret later.
Therefore, opting for a retirement village that provides a peace of mind guarantee is paramount. For instance, a great contract deal should offer at least six month trial period. That means if you find that the retirement village isn't like what you expected, you can choose to exit and still get your money back. Also, remember that not every retirement village will have the same guarantee, so study several contracts and choose the most reasonable one.
These are the four essential tips to help guide you when you choose to spend the rest of your old age in a retirement village. Most importantly, work with professional experts for advice before signing the contract.Share