Brand New, Affordable Luxury Villas
91 Coleridge Street,
Australia and New Zealand are similar in many ways but how we save for retirement is quite different. Who does it better?
After 18 years, Ryman Healthcare Managing Director Simon Challies steps down and discusses how retirement villages have changed over the past 20 years.
The Government has announced a $2 billion package to address the pay inequity in the aged care sector, benefiting more than 55,000 workers.
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It is a requirement that each new resident receives legal advice to ensure understanding of the occupation right agreement prior to signing. The lawyer is required to witness the residents signature after clearly explaining all content of the agreement.
The resident is welcome to use a lawyer of their choice to review, explain and witness the signature or alternatively residents can contact the New Zealand Law Society for a list of lawyers in their region who specialise in retirement village contracts.
It is important that any verbal agreements between the village operator and the resident are either amended in the contract or alternatively document separately in writing and signed by both parties. Any changes should be discussed with your lawyer who can support you with ensuring they are recorded officially in writing.
Residents may also be liable for capital loss if the ‘entry payment’ the new resident pays is less than what was paid by the previous resident. This is an unlikely situation but could occur with external market factors pushing value down. It is recommended that you speak with the village manager or sales consultant to make sure you have a clear understanding of the contractual details surrounding capital gains and loses. This information can also be found in the village's most recent ‘disclosure statement’ which is listed on the New Zealand Companies Office website.Questions to ask
The benefit for residents choosing a RVA accredited village is reassurance that the village is being run in accordance with the Retirement Village Act as well as demonstrating a level of commitment by village management to operate in a manner that both protects and meets the needs of their residents.
Typically, the main role of the residents' committee is to represent the interests of residents by acting as the communication channel between them and the operator.
Specific functions of a residents committee include:
Other terms used to describe the deferred management fee may include membership fee, amenities fee, facilities fee, departure fee, village contribution or exit fee.
The deferred management fee (DMF) is accrued during your period of ownership and is deducted on the sale of your unit. Calculation of the fee is commonly calculated as a percentage of the purchase price multiplied by your years of occupancy and will include a maximum amount. What the fee covers may vary from one to village to another so it is very important that you discuss the details of the fee and how it is calculated prior to making any commitment.
Some examples of what it may cover are:
Please note that the above are just examples. The details and calculation of the fee should be discussed with each individual village that you are interested in.
Yes as outlined in Retirement Village Act, all registered New Zealand villages must have a complaints process which is made known to residents.