Retirement Villages and how it affects you

There has recently been some media coverage on the way retirement villages structure contracts with residents. As the industry leaders in retirement villages in WA, Arcadia Group strongly advises all prospective residents to seek both financial and legal advice before making the move.

The negative media coverage has rilled up many of our Arcadia Waters residents, as it shed a particularly negative light on the sector. However, it is our experience at Arcadia Group that the overwhelming majority of our residents are delighted with the benefits of retirement village living once they have understood the financial and legal implications of such a move.

Our residents make the move to a retirement village confidently, having worked with our experienced Sales and Village Managers to understand every aspect of the financial outcomes of the move. We also advise our clients to seek trusted legal advice before signing a contract. In the same way most of us wouldn’t purchase a home without a full conveyancing process, it is equally important to have a thorough legal evaluation of a retirement village contract before signing.

Retirement villages are  covered by the Retirement Villages Act 1992. All of our villages under the Arcadia Group, are guaranteed by this legislation which in short means your biggest investment is secure. No other scheme offers you the same level of consumer protection

In July 2019, Arcadia Group signed up To the Retirement Villages Code of Conduct. Created by The Retirement Living Council of Australia and LASA. The Retirement Living Code of Conduct intends to set standards above and beyond statutory obligations and is vital for the industry to set high standards for the marketing, selling and operating retirement communities, to promote and protect the interests of residents, and provide a clear framework for resolving disputes should they arise.

At Arcadia Group,  we will continue to overcome negative perceptions by continuing to offer transparency to the consumer and can only hope in the future the media will pause and gather all the facts before producing such an ill-informed article.

If you would like to know more about retirement villages,  you can read more about the Act on the WA Government’s Consumer Protection website by clicking here.

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