A move to senior living properties, retirement communities or estates is often complicated by perceptions and emotion. Make the decision as rationally and objectively as possible. A mistake will likely result in considerable stress and wasted money.
The questions, and their significance will depend on your personal circumstances and on how the estate is set up. I suggest that you go through each issue with a fine tooth comb.
Questions to be answered by the estate management.
1. With residents are there restrictions with for example: having someone to live with you, visitors, car parking, pets or anything else?
2. Are there any specific medical requirements to qualify to live independently?
3. Is it required to give details of any medical conditions or treatments? If so, who can see them and are they kept confidential?
4. Is there convenient estate or public transport available?
5. If the units are incomplete, can a resident change the design or finishes?
6. Are there any circumstances under which the deed of sale be cancelled?
7. Can a resident move, or be moved, from one type of accommodation to another. If so, how would the decision be made?
8. Are residents actively involved in the running of the village and in setting any fees and changing estate rules?
9. Are any resident rights at risk if the village is sold?
10. What exceptional charges will have to be paid by residents?
11. Are there any limitations when selling units? Could there be a disagreement over the selling price or improvements made?
12. Have all the estate management proven experience in this type of development?
Personal Check List – some points to ask yourself.
13. Does my my family, advisor and friends agree with my decision to move?
14. Am I considering the move because of all the daily hassles of running a home?
15. Have I considered all the information about the estate I have chosen? Has my legal representative explained all the relevant conditions in the deed of sale to me?
16. Do I think that this is the best choice for me? Does the this estate living suit the things that I believe are important? Have I spoken to any residents in the estate?
17. What choice is there if I become too ill to live alone? Will the estate and my unit suit me if I ever need a wheelchair or walking aid?
18. Are there services especially intended for the elderly like nursing care and an emergency call system? Will it meet my current and expected future needs?
19. Have I made a comparison of the facilities and the alternative financial arrangements of other developments?
20. Can I comfortably afford the estate I have chosen and what will it cost me if I decide to leave?
Working through these issues it is very apparent that this is an important choice in anyone’s life. The decision to consider senior living properties is often taken at a time of emotional distress so it is critical that it’s made in as objective and rational way as possible.
Patrick Millerd is a baby boomer “nevertiree” and aspiring digital nomad. He’ll help you discover how retirement planning can put you on the path to a create the retirement lifestyle you desire at www.Successful-Retirement.com
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