There are a number of us who may be looking at the possibility of relocating ourselves to a retirement home. Word of mouth feedback suggests that many senior citizens tend to get enamoured of the location and the high-profile facilities visible. The big concern is that are we may be missing out on some very important parameters that are critical for long-term satisfactory life at a retirement home. The author of the piece below is helping us out by putting together a check list that can help us make better choices. Team RetyrSmart
What you should be looking out for when choosing a retirement home
Here’s your check list while choosing a retirement home
Ensure that the property title deeds are clear and all the approvals required for construction are in place. Make sure to get a lawyer’s opinion on the same. This is applicable when one is considering to invest in any property, leave alone retirement homes.
Understand in detail the services available and also those that will be available in future. You may want to lay stress on dining facility, availability of medical services, assisted care if and when required.
Get a copy of the detailed service agreement signed by the operator, read thoroughly, understand your rights and the operator’s responsibilities.
This is crucial. So be clear about the ownership model of the common amenities. The buyer invests in the services, and services will be available only with the amenities. So, whatever the ownership model, the buyer should be sure of the ownership model of common amenities, as it is critical in the long-term.
Cost of living
Before making the purchase, understand that a typical commercial retirement home does not subsidise the cost of living, but only makes all services available, which otherwise are difficult to access and manage.
So, there is bound to be an increase every year. But you need to ask the operator how it is charged. Make sure there is transparency in such accounts, so you are not overcharged. Your income does not increase after retirement, so you have to spend it wisely.
Inquire and understand the model of management in the community.
Make sure that the management of services is inclusive and the opinion of the residents counts. Hassle-free living should be on the investor/ buyer’s terms. So try to know more on community management models.
Disclaimer: The content including advice on this website provides generic information only. Its not been customised for any particular individual or situation. It is in no way a substitute for a qualified and specific opinion whatever be the area viz. health, finances, retirement, lifestyle etc. Always consult a domain specialist for more information. The information is the viewpoint of the author/source and Retyrsmart does not claim responsibility for this information.