Having a comfortable retirement is something worth looking forward to later in your life in your golden years. Of course, when you contemplate retirement, you also think of moving into a more manageable home in a retirement village such as Ocean Gardens.
Whether you’re close to retirement or still a long way off from it, you ought to be savvy about investing in the best possible real estate for the purpose as early as now. In which case, what do you need to consider before buying a property in a retirement village?
Things to Consider
Before you sign the lease or contract on a retirement property, you should talk things over with the property manager or village administrator and get answers to the following questions:
- Are there existing provisions as to emergency and non-urgent healthcare within the village or at least nearby? The ageing and the elderly have numerous health conditions that need to be addressed by medical professionals regularly – and it is also essential to have emergency medical facilities within the community or, at the very least, an emergency medical team (EMT) on standby.
- What security and safety measures are in place? Older people are more susceptible to accidents, and there is a growing concern for their security as many crimes have involved attacks on the elderly in their homes. There ought to be round-the-clock security measures such as night patrols, CCTV systems, and ample lighting outdoors in the evenings in an ideal retirement community.
- Are visitors allowed in and, if so, how long are they allowed to stay? Different retirement villages have different rules regarding visitors, so it’s best to go over visitor regulations to see if any relatives or friends outside will be welcome and how long they can visit. Also, check if there are provisions for keeping pets and support animals.
- Can you immediately move into the property you’ve chosen, or will it need some renovations or modifications? This is crucial: while some properties are ready to move into, some may require renovation or even a complete overhaul. Be sure to ask to tour the property first before you decide to move in.
- What contracts are available? When buying a retirement property, you may consider the following options:
- Strata Titles which will eventually enable you to own the unit by paying a specified amount to the facility operator;
- Loan and license wherein a contribution, essentially an interest-free loan, is paid. Note, however, that this only applies for non-profit organisations such as churches or religious orders; and
- Leasehold in which you pay a lump-sum and the lease is registered on the land title. This protects you and enables you to stay on even if the property where the village stands is sold.
It is never too early to plan for your retirement, and purchasing retirement property is one of the things you should consider. Knowing what you need and what facilities are available in a retirement village will help you make a prudent decision when the time comes.