KEY TAKE-OUTS:
- What changes have been implemented across the NSW Retirement Village Sector
- What is the Register of Retirement Villages
- What information is available on the Register of Retirement Villages
The Register of Retirement Villages is an online resource maintained by Fair Trading NSW which provides information about villages that currently operate across NSW and is now live to the public. The information may be useful to you or someone you know who is considering moving into a retirement village.
This online resource and implementation of the Retirement Villages Amendment (Operators Obligations) Regulation 2022 was established to address concerns over the lack of transparency in the NSW Retirement Village Sector.
You can search the register for a village by name or operator or by suburb or postcode for a list of villages in a particular area. This is particularly useful where you have decided it’s time to downsize and move into a retirement village, but you want to stay close to family and so location is a priority. You can search the Register using a suburb or postcode and it will provide you with a list of the all the retirement villages in that suburb or postcode. At first, you’ll see a snapshot of key information available but then you’ll have the opportunity to click through for more detailed information and links to the village website.
Some of the other information revealed about each of the retirement villages on the Register is:
- Name of village – each retirement village is given a name, similar to a community title area, which provides it with a unique identifier
- Address of village – the full complete address of the village
- Total units in the village – this can vary from single digits to double digits and even triple digits and helps indicate how many other residents reside there
- Residency type – such as whether the premise is self-care, independent, single storey or multi-storey
- Entry price – this is the initial ‘buy-in’ cost you should expect to outlay
- Ongoing costs – such as fortnightly or monthly recurrent charges
- Contract types – there are a number of ways to ‘buy into’ a retirement village. The Register sets what way each retirement village offers
and so much more…
It is important to note that the information available on the Register is provided by the operators of the retirement villages and so Fair Trading NSW cannot warrant the accuracy of it. In saying that, there is an obligation on village operators to notify Fair Trading NSW of any change on an annual basis (or in some instances, within 21 days). To ensure that the data remains current, NSW Fair trading will ensure these changes then appear on the Register within 24 hours.
Coutts is Here For You
At Coutts, we pride ourselves on our deep understanding and extensive experience within the NSW Retirement Village Sector. Our team of experts is equipped with the knowledge and expertise to provide you with sound advice, whether you’re considering moving into a retirement village, need assistance navigating the changes in the sector, or require help understanding the implications of the new regulations.
Choosing the right retirement village is a significant decision, and the wealth of information available on the Register of Retirement Villages, while invaluable, can also be overwhelming. Coutts is here to guide you through the process, ensuring that you have all the information you need to make an informed decision that aligns with your lifestyle preferences and financial considerations.
Contact Coutts today for expertise you can trust and a partnership that values your well-being and future happiness in retirement living.
ABOUT MELINA COSTANTINO
Melina joined the Coutts team in 2010 working as a Licenced Conveyancer within our Property & Conveyancing team, based out of our Campbelltown office. Her commitment to client services saw her progress further and into the role of a Senior Licensed Conveyancer in July 2022.
She graduated with a distinction in the Advanced Diploma of Conveyancing and is accredited with the Australian Institute of Conveyancers NSW.
For further information please don’t hesitate to contact:
Melina Costantino
Senior Licensed Conveyancer & JP
info@couttslegal.com.au
1300 268 887
This blog is merely general and non-specific information on the subject matter and is not and should not be considered or relied on as legal advice. Coutts is not responsible for any cost, expense, loss or liability whatsoever in relation to this blog, including all or any reliance on this blog or use or application of this blog by you.
