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Leaving a village: What to expect
Wednesday, 20 November 2024
Leaving a retirement village is a significant life change. Knowing what to expect can make the process smoother and more reassuring.
Whether it’s due to your health, a desire to be closer to family or other personal reasons, the decision to leave your retirement community can be challenging and emotional.
Understanding what to expect can help ease this transition. This article will guide you through the reasons for leaving, the steps involved, financial considerations, emotional impacts and tips for moving to a new residence.
Reasons for leaving a retirement village
Residents may decide to leave a retirement village for any number of reasons, including their health, the desire to move closer to family or financial considerations. For instance, some might need specialised medical care that requires them to relocate to a facility better equipped to meet their needs.
Others might want to be nearer to their children and grandchildren, especially if they need more support as they age. Changes in financial situations or the need to sell assets to afford a dream purchase (did somebody say, 'trip around the world'?) can also lead to a decision to move. Whatever the reasons might be, we are here to help and walk you through every step of your moving out process.
The process of leaving
It’s important that everyone - you, your family and friends - understand what you need to do when you decide to leave your retirement village. It’s a bit different to reselling a residential home, so we have explained each step:
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Step 1: Notify us of your intention to vacate
By signing the Notice to Vacate form, you inform us of the planned or actual date of your home becoming vacant.
Step 2: Property appraisal
We will arrange to visit your home to conduct a property appraisal and determine its condition.
Step 3: Identify the works to be done
Based on the condition of your home, we will prepare a proposal indicating your reinstatement or refurbishment options.
Step 4: Listing meeting
The village or sales manager will prepare a proposal and present this to you. This proposal includes the recommended sales price, the estimated amount you will receive (known as your Estimated Exit Entitlement) and an explanation of the reinstatement or refurbishment options for your home. You will also be provided with an Exclusive Agency Agreement to be signed if you wish to appoint Keyton to sell your home.
Step 5: Document signing
Once we have received the signed documents, we will get your home ready for sale.
Step 6: Home is officially listed for sale
We advertise your home to potential purchasers. Remember that promotion and advertising for our villages and resorts takes place all year round
Step 7: Reinstatement or refurbishment works
The recommended reinstatement or refurbishment works agreed to will be arranged. Upon reservation of your home, works will commence immediately to meet settlement requirements.
Step 8: Reservation and settlement
The village or sales manager will keep you informed of works being undertaken and any offers received. Once an offer is accepted and all legal conditions are met, you will be notified when settlement of the home takes place.
Financial considerations
Leaving a retirement village can have important financial implications. It’s crucial to understand the exit fees, which are based on the contract you signed when you moved in. These fees might include a Deferred Management Fee (DMF), calculated as a percentage of either the sale price or the original purchase price, depending on your agreement. Additionally, any deposits or contributions you made will be refunded according to the terms of your contract. To navigate these details confidently, we always recommend seeking independent financial advice.
📖Read more: For more information, you can refer to our article on exit fees.
Emotional and social impact
Leaving a community where you have built relationships and memories can be emotionally challenging. It’s important to acknowledge these feelings and find ways to manage the transition. Staying connected with friends from the village through visits, calls or social media can help ease the emotional impact.
📖Read more: Finding friends for life: Nancy, Gwen and Pat from Forest Hills have become fast friends
Moving to a new residence
When choosing a new place to live, consider factors such as the level of care you need, proximity to family and your lifestyle preferences. Options might include assisted living facilities, moving in with family or finding a new independent living community.
Planning your move involves several steps, including organising your belongings, arranging transportation and setting up your new home.
💡Tip: A checklist can be helpful to ensure a smooth transition.
Navigating your transition from the village
Leaving a retirement village involves several steps and considerations, from understanding the process and financial implications to managing the emotional impact and planning your next move. Being informed and prepared can make this transition smoother and less stressful.
If you are considering leaving, seek advice and support from your village manager or sales manager to help you navigate this important decision.
For more information about the lifestyle and support offered at our retirement villages, call our customer service team on 1800 550 550 or send us an email here.
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