Renovation or retirement home. The great ‘age in place’ conundrum.
Renovation or Retirement Home – “Property Council of Australia data says the average age people move out of their house and into a retirement village or nursing home is 75 years.
Yet, the vast majority of Australians aged in their 80s and 90s are staying put. The latest census reveals that 80 per cent of people between 85 and 89 years, and half of those aged 95 to 99 years, are still living in their own home.
Sources suggest that enquiries into retrofitting private homes to make them ‘age friendlier’ are soaring , as older people put off the inevitable need to be cared for in facilities other than their homes. Home Modifications Australia (MOD.A) Director Michael Bleasdale told YourLifeChoices that, all around the nation, there is a strong trend towards “ageing in place”.
While vulnerable Australians are forced to wait for the wheels of government to grind on, many may feel tempted to take a stepping stone to aged care life via buying into or leasing from a retirement village group.
However, consumer group CHOICE cautions against moving into a village unless you are fully aware of the huge costs involved from day one through to when you leave the complex.
The group warns: “The upshot is that it’s very hard to know how bad the deal is until you decide to leave the village, whether because the operator exaggerated its charms or because you just need to move out.
“At that point you might find out the undisclosed and unexpected exit costs have made your village unit a very poor investment indeed. And to rub salt in the wound, the village operators often don’t have to pay you back what’s left of your loan until months after you’ve left, and sometimes even longer.”
Another important consideration is that, over time, the village apartment you buy may eventually need modifications. At that point, it is likely you will have to pay for them yourself.””
See the full story here – Full Retirement Story
Renovation or Retirement Home.