{"id":1791,"date":"2023-03-16T22:37:51","date_gmt":"2023-03-16T22:37:51","guid":{"rendered":"https:\/\/blog.villages.com.au\/?p=1791"},"modified":"2023-03-16T22:38:54","modified_gmt":"2023-03-16T22:38:54","slug":"retirement-villages-exit-fees-being-paid-out-quicker","status":"publish","type":"post","link":"https:\/\/blog.villages.com.au\/money\/retirement-villages-exit-fees-being-paid-out-quicker\/","title":{"rendered":"Retirement villages\u2019 exit fees being paid out quicker"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1791\" class=\"elementor elementor-1791\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-78e9c87 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"78e9c87\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e022d24\" data-id=\"e022d24\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b9d432f elementor-drop-cap-yes elementor-drop-cap-view-stacked elementor-widget elementor-widget-text-editor\" data-id=\"b9d432f\" data-element_type=\"widget\" data-settings=\"{&quot;drop_cap&quot;:&quot;yes&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>D<strong>iligent research of retirement villages will find that the exit fee \u2013 buyback \u2013 has historically been an adverse issue for residents.<\/strong><\/p><p>The exit fee, also known as the deferred management fee or departure fee, is the amount the resident in the retirement village has to pay when he or she permanently leaves the village.<\/p><p>The fee is paid to the village operator and is usually deducted from the sale price of the unit. State governments impose a time limit on when the exit fee is paid.<\/p><p><strong>The latest PwC Property Council Retirement Census showed that 52% of contracts are offering residents a buyback in a shorter period than the imposed limit.<\/strong><\/p><p>This payment is often a percentage of the ingoing fee, or the sale price, and is agreed to in the contract signed before entering the village.<\/p><p>With the average age of people moving into a retirement village being 75 \u00a0and the predominant reason for leaving is to move into residential aged care (44%) the exit fees are a key part of the contract.<\/p><p>It is imperative a prospective resident seeks financial advice before signing any contract and all prospective residents must be aware of what is offered and what you will receive when it is time to leave.<\/p><p><strong>According to the PwC Property Council Retirement Census the average stay is 8.7 years.<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Diligent research of retirement villages will find that the exit fee \u2013 buyback \u2013 has historically been an adverse issue for residents. The exit fee, also known as the deferred management fee or departure fee, is the amount the resident in the retirement village has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"_mi_skip_tracking":false,"footnotes":""},"categories":[71],"tags":[147,77,83],"class_list":["post-1791","post","type-post","status-publish","format-standard","hentry","category-money","tag-exit-fees","tag-financial-advice","tag-retirement-villages"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/1791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/comments?post=1791"}],"version-history":[{"count":4,"href":"https:\/\/blog.villages.com.au\/wp-json\/wp\/v2\/posts\/1791\/revisions"}],"predecessor-version":[{"id":1796,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/1791\/revisions\/1796"}],"wp:attachment":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media?parent=1791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/categories?post=1791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/tags?post=1791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}