The Star: November 04, 2021
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SENIORS’ LIVING LIFE<br />
[Edition datE] 5<br />
Thursday <strong>November</strong> 4 <strong>2021</strong> <strong>The</strong> <strong>Star</strong> 25<br />
Retirement Villages<br />
Security, freedom from home<br />
maintenance worries, support,<br />
companionship and on-site healthcare<br />
are just some of the reasons why you<br />
might be contemplating the move to a<br />
Retirement Village. But, the implications<br />
of buying in a Retirement Village are<br />
varied and often seem quite complex.<br />
It’s not the same as buying a residential<br />
property. <strong>The</strong> most important thing to<br />
remember is that this decision is about<br />
you and the type of lifestyle you want.<br />
Here are some things to keep in mind<br />
when you’re thinking about the move to<br />
Retirement Village living.<br />
<strong>The</strong> Lifestyle – what kind of lifestyle<br />
do you want? Think about the things<br />
that are “must haves” for you and pick<br />
a Village which enables you to achieve<br />
your goals. Look at different Villages<br />
and speak to the residents to ensure that<br />
the Village you pick ticks all your boxes.<br />
Your Future - does the Village have<br />
Hospital or Dementia level care? If<br />
your needs change, are you able to move<br />
within the Village to a different level of<br />
care? And what costs are involved?<br />
Ownership – there are different legal<br />
structures used in Retirement Villages<br />
with the most common being Licences<br />
to Occupy. <strong>The</strong>se do not transfer<br />
ownership, as such, but rather, they<br />
confer a licence to occupy a certain unit<br />
at the Village until a given event.<br />
<strong>The</strong> Money – make sure you understand<br />
exactly what your purchase price or “Entry<br />
Payment” is paying for. What on-going<br />
fees are there? Will those fees change? If<br />
so, how will they change? On ending your<br />
Agreement, what money will be refunded<br />
to you? How is this calculated? What<br />
costs will be taken out of any refund and<br />
when will you receive it?<br />
<strong>The</strong> decision to move into a retirement<br />
village is not one you should rush. Take<br />
time and consider all your options.<br />
Make a checklist of the reasons for and<br />
against and involve your family and<br />
friends in your decision making process.<br />
It is also important to ensure you have<br />
the appropriate legal and financial<br />
advice.<br />
At Harmans we have experience<br />
dealing with purchasing in a<br />
Retirement Village. Give Phillipa<br />
Shaw a call on 03 379 7835 to arrange<br />
an appointment to discuss your<br />
situation.<br />
Protecting you<br />
through all stages<br />
of life<br />
Our friendly and experienced Seniors Law team offers specialised legal<br />
advice so you have peace of mind and feel confident when it comes to<br />
making decisions that are right for you and your family.<br />
Our Seniors Law team can help with:<br />
Wills<br />
Trusts<br />
Funeral Trusts<br />
Occupation Right Agreements<br />
Enduring Powers of Attorney<br />
Rest Home Subsidies<br />
Estate Planning<br />
Asset Protection<br />
Sale and Purchase of Property<br />
Visit us in our new offices within the Central City, or we can come to you<br />
with our home visit service and other alternative locations.<br />
Contact Phillipa Shaw P (03) 379 7835 E phillipa.shaw@harmans.co.nz<br />
A 79-81 Cashel Street, Central City, Christchurch 8011<br />
www.harmans.co.nz
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