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Purchasing a home in a village

Residents who live in a village usually have everything they could ever want in the later period of life. With lifestyle options that range from entertainment areas, tennis courts, gyms, and pools to even bowling, this is the high-end type of living that almost anyone can get used to.

Residents of retirement homes enjoy the comfort of knowing that the whole retirement industry is regulated by both Commonwealth and State legislation. The Retirement Villages Acts are administered by each State independently being the official legislation in Australia for people who live independently and it is there to protect the rights of people who want to purchase within a retirement village.

Before signing anything to purchase in the Retirement Village, ensure that you have all the details for your pre-contract disclosure. A fully informed resident is someone who is thoroughly protected and in the right village for living. Life in a village can be very rewarding but it may not be for everyone. It is important that you fully understand the financial aspects of your commitment. For instance, you may not be buying ‘bricks and mortar’ but rather a ‘license to occupy’ a residence. You need to be fully aware of the various aspects of this prior to making a commitment. An SRES agent can help you fully understand both the financial and personal aspects of your decision prior to making that commitment or put you in contact with someone who can.