Anne Kemp from Retirement Life Solutions spoke to members at our AGM about their retirement living options.
3 types of living options:
Need to assess location, facilities available, activities offered and future care options before a decision can be reached.
Service Fees – paid on a weekly or monthly basis.
Cover items such as emergency system, building insurance, management. It doesn’t usually cover contents insurance or rates. Cost varies on the village and what it covers, with top end fees being about $150 per week.
Deferred Management Fees – paid on the sale of the unit.
This is calculated on a per year basis, eg: 3% for every year (capped at 10 years) is deducted from the sale price. This enables the initial entrance price to be kept down and covers the infrastructure of the village. Re-sale is better left to the village to sell than to give to an independent real estate agent.
