Retirement Villages Intending Residents
RVIR Trust
Villages are required to be registered under the Retirement Villages Act 2003 [RVA 2003] and must provide information disclosing e.g. how the village operates, its financial situation, what development plans the village owner has, and must give the prospective resident copies of all documents and the Code of Residents’ Rights. All this can be daunting to people who have seen a unit they love and just want to get on with the move.
The Retirement Villages Act 2003 introduced a 15-day 'cooling-off' period between signing the documents and moving into the village.
This is designed to allow people to rethink, as buying a unit is a costly process.
For those who are thinking about moving to a retirement village there are a number of general issues to consider.
They include the location and size of the village, its proximity to your family/friends, the design of the unit, the amenities (common rooms, swimming pool, bowling green, etc) provided, and the degree of support offered.