Selling your home is a big step, especially if it has been your family home for many years. For many people later in life, it is more than moving house – it is about moving forward into a new stage, whether that is downsizing, being closer to loved ones, or making day-to-day living easier.
If you are considering selling or Retirement Village living, here are some important things to think about.
Selling Your Home
Take Your Time
Depending on your circumstances, there may be no need to rush. Ask yourself what you want from your next home. Do you want something smaller and easier to maintain? Would you feel more comfortable being closer to health services or family? Having a clear sense of what
matters will help guide your decisions.
The Legal Side
When selling property, a lawyer looks after the legal work for you. This includes:
- Reviewing or preparing the Agreement for Sale and Purchase, and making sure the terms of the contract and any conditions added work for you.
- Liaising with the buyer’s lawyer to handle any issues that may arise, work through the buyer’s condition, and prepare for settlement day.
- If the property is owned by a family trust, drafting and attending to all additional documentation.
- Managing settlement, including handling funds, repaying and discharging a mortgage, and lodging the official documents with Land Information New Zealand.
- If you are also buying either another house or an Occupation Right Agreement (ORA), helping the two transactions work together, such as lining up settlement dates.
Choosing Your Next Home
Consider what will suit your lifestyle now and in the years to come. Some people move to a smaller house or townhouse, others prefer a retirement village where support and community are built in.
Looking After Yourself
Leaving a long-time home can be emotional. It may help to involve family in decisions, take time sorting through belongings, and focus on the positive side of what the move will bring.
Reviewing Your Affairs
A move is also a good time to make sure your Will reflects your current wishes, and to consider setting up Enduring Powers of Attorney for property and personal care. Your current Will may also specifically mention the property being sold and require updating.
Retirement Village Living
There is much to consider when choosing a Retirement Village. Our experienced team are able to provide guidance during this process, with advice on:
Types of Ownership
Buying into a Village is different to purchasing a house. You usually have an Occupation Right Agreement (ORA) with the Village. Some Villages are set up with a Unit Title structure. These types of ownership are very different to the standard home.
Fee Structures
Villages have varying fee structures, such as Deferred Management fee percentages, and fixed or variable weekly fees. It is also important to watch for hidden administration fees.
Continuity of Care
One of the things that many people look at when choosing a Retirement Village is continuity of care. As well as independent villas and apartments, which you hold under an ORA, many Villages also have Rest Home, Hospital, and Dementia level care, meaning you may be able to move within the same Village if higher level care is ever needed. Some Villages have care suites which are also held under an ORA. It’s important to understand that moving is subject to availability and Villages vary on the terms of occupation.
If you are considering selling your home or a move to a Retirement Village, we encourage you to talk to us early on in the process.
Our experienced team are happy to answer any questions you have – reach out to Associate, Jo Mechaelis-Wall, for advice on Retirement Village law, or Associate, Cora Granger, for advice on Property law.
The information contained in this outline is of a general nature, should only be used as a guide and does not amount to legal advice. It should not be used or relied upon as a substitute for detailed advice or as a basis for formulating decisions. Special considerations apply to individual fact situations. Before acting, clients should consult their Parry Field Lawyer.
