At short notice, we were forced to conduct our second meeting of the year via Zoom.
Considering the short notice, due to the change of Covid19 levels in Auckland, it was good to see 23 members zooming in. We were also very fortunate that our guest speaker, Troy Churton, was also able to to join our Zoom Meeting.
12 months ago, Troy finished 5.5 years as the National Manager - Retirement Villages, at the Commission for Financial Capability and he now holds a team leadership role with the Financial Services Council. His talk focused on some of the potential "fish hooks" of Retirement Villages.
A good number of our members are, or will be in the not too distant future, looking at moving into a Retirement Village themselves, or looking at such a move for a friend or family member, and considering the significant decisions to be made, it is imperative that those making the move have a very good understanding of what the move entails, from both a financial perspective as well as the lifestyle offered by each of the facilities being considered.
Some of the advice given by Troy related to;
- The financial investment and particularly the various policies revolving around re-sale and capital gain,
- Care and care facilities - be it from day 1 or a transition to Care at some later date,
- Weekly Fees - what they cover and more importantly, don't cover, and whether these fees are fixed or not,
- Does the facility being considered have a residents committee and a dedicated complaint advocate?
- Who is responsible for the maintenance and replacement of appliances,
- The potential impact of "future development" and what may or may not impact on the existing residents.
Troy's advice - be sure to complete thorough research and have good legal advice regarding all of the above, plus plus.
