The industry’s peak body, the Retirement Living Council has released an eight-point plan to provide residents with clearer information about costs and contracts.
The plan, created in partnership with retirement village resident association leaders, also encourages all potential residents to seek independent legal advice before signing a contract and supports an independent umpire to resolve disputes.
It’s just one of a number of new moves following the recent Four Corners report on retirement villages designed to give new and existing residents better service.
New South Wales and Western Australia are both investigating village fees and contracts, while South Australia and Queensland are pushing forward long-awaited new regulations for villages and Land Lease Communities.
Calculating costs made easier
Just this week, Macquarie University released a free retirement village calculator which is designed to take the three main village fees – the entry fee, ongoing fee and exit fee – and calculate a simple ‘equivalent monthly rent’ so prospective residents can compare costs between villages.
NSW Fair Trading is also developing its own ‘online calculator’ that is expected to be released later this year.
More than 180,000 older Australians live in retirement villages and independent research shows the majority are enjoying the benefits that a village lifestyle offers.
But it’s great to see government and the sector recognise that improvements can be made and make it happen – but residents and their families also need to do their bit.
As we covered here, most of the residents interviewed in the Four Corners report hadn’t read their contract before they signed it, but there is legal and financial advice available – as long as you seek it out.
Check out the Council’s full eight-point plan here. Village residents and their families are also welcome to provide feedback on the plan here.
For more information about retirement villages and their costs, check out villages.com.au.
