Opinion Moving into a retirement village? Here are some key things to consider
If you are thinking of moving into a retirement village, you probably have not worked out what happens after you leave.
Sometimes the time frame depends on the contract you choose: It can be as short as three months in a state where no buyback is required. Generally speaking, your home is your most valuable asset, and the majority of people leave a village to move into residential aged care, or because they die.If your next move is into residential aged care, then the cost of your new accommodation is a key factor to consider.
If your buyback is 18 months, then on the $400,000 you are waiting for you can pay a daily accommodation payment of $54.79 per day to the aged-care facility, which equates to $30,000 over 18 months.If your buyback is six months, then the DAP would cost $10,000, saving you $20,000 and 12 months of worry.
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