Retirement Homes

People need to be thinking about what they want to do as they get older. What they want to do, when they want to retire, and where they want to live when they retire.
AND AT THE END OF THE DAY, THAT'S EXACTLY WHAT RETIREMENT'S ALL ABOUT.
ENJOYING YOUR GOLDEN YEARS...STRESS FREE.
AND WITH OUR AGEING POPULATION...DEMAND FOR QUALITY RETIREMENT LIVING HAS NEVER BEEN HIGHER.
We produce a retirement village guide every year and we have to do it every year simply because there a new facilities coming all the time.
AND WITH THIS RETIREMENT VILLAGE BOOM, COMES A NEED FOR RETIREES AND THEIR FAMILIES TO KNOW EXACTLY WHAT THEY'RE IN FOR.
You could get caught out yes. And it's not that anybody's being dishonest, it's just that you haven't read the contract properly or you haven't understood what you've read.
If mum knew what was happening now, she'd be mortified. Honestly mortified.
GREG ELLIOTT'S EXPERIENCE WITH HIS MOTHER'S RETIREMENT VILLAGE HASN'T BEEN PLEASANT TO SAY THE LEAST.
Everything was, should your mother decide to leave for whatever reason, meaning should she die or go into a nursing home, the licence will be resold and you will receive payment within 25 days.
GREG'S MOTHER GRACE PASSED AWAY IN 2005, AT THE AGE OF 91 SHE'D BEEN LIVING IN THIS VILLAGE SINCE 2002.
UNDER THE CONTRACT, AUSCARE RE-SELL THE APARTMENT LICENCE...
BUT AS YET IT STILL HASN'T SOLD, AND SON GREG CAN'T SETTLE HIS MOTHER'S ESTATE.
It's been on the market for 760 days to be exact, well it's more than that now, it's probably 790 days now.
NOW GREG'S NOT SUGGESTING THE COMPANY HAS ACTED UNLAWFULLY, HE'S JUST CONFUSED AS TO WHY IT'S TAKING SO LONG TO SELL, WHEN DEMAND FOR SUCH HOMES IS APPARENTLY HIGH.
BUT THE COMPANY TELL HIM OTHERWISE IN MONTHLY UPDATES.
The reasons why it hasn't been sold are extensive. Too small. Moved to Mt Gambier. I've got a list as long as your arm as to why people don't want to buy it.
FOR THE RECORD AUSCARE SAY THEY TOO WANT TO SELL THE APARTMENT, AND THAT THEY'RE NOT RECEIVING ANY FINANCIAL BENEFITS BY HANGING ON TO IT...THEY SAY IT'S QUITE THE OPPOSITE.
BUT WHAT GREG'S STORY HIGHLIGHTS IS TO ENSURE THAT WHAT YOU PURCHASE IS COMFORTABLE BUT WILL ALSO HAVE RESALE POTENTIAL ...
There's actually been bidding wars, and that's not illegal but that's what happens in real estate and so that's starting to happen in some of the upmarket retirement villages.
THE THIRST FOR THIS KIND OF KNOWLEDGE IS SO HIGH AMONG SENIORS THAT ORGANISATIONS ARE NOW EVEN RUNNING INFORMATION SESSIONS ON RETIREMENT LIVING.
Will you have to replace the carpets? What's considered wear and tear? When are they going to repaint the insides of the units? All that sort of stuff should be in your premise condition report and that comes as part of your contract.
I've done a little bit of looking around and a couple of times I've thought nah this is just too difficult so that's why I'm particularly glad to come here today.
There are so many choices really, each one is so differently structured so you really have to go into it thoroughly before you make the decision to actually move and where you're going to move to.
THESE SESSIONS ARE BEING RUN ALL OVER THE COUNTRY ACCORDING TO IRENE GIBBONS FROM THE SENIORS INFORMATION SERVICE
People do want to know, they want to know everything, and that's the way to go. I mean you wouldn't buy a car without doing some research, this is much more important - your future in either home support or retirement village or aged care of whatever. You need to do your research.
ONE OF THE MAIN CHOICES YOU'LL HAVE IS ABOUT HOW MUCH MONEY YOU GET BACK WHEN YOU LEAVE THE VILLAGE.
Because some of them you get a percentage of the market value, others you don't. So some of them make considerable money, others don't.
MAX KOEHNE AND HIS WIFE JOAN ARE TWO OF THE LUCKY ONES.
In our instance we caught the market right, because we came in here for just over 300 thousand, now they're selling for over 500 thousand. So we will get three quarters of that, that's if we're alive still!
MAX AND HIS WIFE HAVE LIVED IN THIS ESTATE FOR 7 YEARS...HE SAYS HE MADE SURE HE CHECKED OUT HIS CONTRACT BEFORE MOVING IN.
Well I've heard some pretty terrible stories about people not getting their money's worth by not looking at their contracts carefully, so you've got to be fully aware of what you're in for.
I would say any purchase that involves money like that, big money, that you should get legal advice.
Get specifics, such as...don't get "in the unlikely event of". Because I read "in the unlikely event". Is it likely? No it's not very likely. But it is likely, not only is it likely it's happened.
IT MIGHT BE YOUR LAST INVESTMENT, BUT IT SHOULD ALSO HAVE LASTING VALUE FOR YOUR LOVED ONES ....
Be as best informed as I can, so that when I'm ready to make the move, I make the right one for my wife and myself.