MAKING INFORMED HOUSING DECISIONS Home Options Information Service MAKING INFORMED HOUSING DECISIONS COTA New South Wales

What is the Home Options Information Service? An initiative of COTA NSW Offers information about the range of available housing options The service provides general, not legal advice Assists seniors to make their own informed housing decisions Home Options Information Service COTA New South Wales

Making Informed Housing Decisions By the end of today you will be able to : List the different housing options Locate resources available to help you make housing decisions Analyse your needs relative to the merits of each housing option COTA New South Wales

Some questions to ask Why am I considering a housing change? Can I improve my current home with assistance or modifications? COTA New South Wales

Where? Am I moving to be closer to family and friends? Will all the facilities I require for health and recreation be available? COTA New South Wales

How and Now? Obtained advice? How to finance it? Is now a good time to sell? Future implications? Have you discussed the decision with your family and trusted friends? Received legal and financial advice? COTA New South Wales

Can you compromise? New neighbourhoods New living arrangements COTA New South Wales

Future needs? If accessing equity, have you provided for future needs? What about upgrades, moves, increased care? COTA New South Wales

Strategies for Seniors Stay Downsize to Smaller Residence Retirement Villages Residential Parks Strata Title Renting Granny Flats Family Agreements Residential Aged Care Reverse Mortgage COTA New South Wales

Stay Positive Established neighbourhood/networks, comfort, investment, security of tenure Negative Maintenance, financial, accessibility, age appropriate Home modifications Assistance (care, discounts) Release equity (refinance or subdivide) Take in a boarder or a lodger Share with family/others COTA New South Wales

Services that can help Independent Living Centre Technology Assisting Disability Private Community Care Providers Commonwealth Home Support Services Home Care Packages COTA New South Wales

Downsize to smaller residence Positive Access equity, accessibility, maintenance, can be age appropriate, security of tenure Negative Neighbourhood change, storage, process, costs (stamp duty, removal, interim accommodation, others) Consult Seniors Clubs Moving checklist Long-term considerations Age friendly homes checklist Financial + Legal Advice COTA New South Wales

Retirement Villages Positive Community living, security, maintenance, recreation, accessibility, age appropriate, security of tenure Negative Costs and fees (not an investment), village rules and residents rights, ease of exit Retirement Villages Act 55 +, Retired and spouse/partner Lease, rent or buy (strata title) COTA New South Wales

Considerations Entry, ongoing, exit fees Deferred Management Fees Equity gains Release of premium (agent + ongoing) Age spread Facilities, ask the neighbours Your rights of tenure, village rules Partner rights Rights of carers Availability of aged care COTA New South Wales

Residential Parks Positive Community living, affordable, recreation, maintenance, access equity, no stamp duty/tax Negative Security of tenure, depreciation, relocation costs, rules, neighbourhood (mixed), fees, aging in place Residential Parks Act Mixed “Relocateable” Buy or rent structure Rent land Commonwealth Rent Assistance COTA New South Wales

Considerations What if sold, insolvent, redeveloped Costs of moving structure Depreciation Park rules Sub-letting Ageing in place Neighbourhood if mixed use COTA New South Wales

Strata Title Positive Access equity, security of tenure, maintenance, accessibility, age appropriate Negative Stamp duty, costs and fees, duties, neighbour issues Strata Titles Act Common and individual ownership Responsibilities (strata company, by-laws, duties, levies, voting) COTA New South Wales

Considerations Sinking fund Shared facilities Rented or owner/occupied? Shared or private walls Disputes/maintenance procedures Retirement Villages Act COTA New South Wales

Renting Positive Exclusive possession, security of tenure (fixed term), maintenance, (potentially) age appropriate, cheap Negative Security of tenure (periodic), variable costs, fees Residential Tenancies Act Rent in advance [two weeks] Security bond [four weeks] Pet bond [dog or a cat] Agent fees COTA New South Wales

Granny Flats/Ancilliary Accommodation Positive Affordable, limited approvals required, opens up family land for shared use Negative Restricted to family use, effect on assets test, depreciation, security of tenure, storage Water + Council approval Registered builder (or owner builder) Free standing or extension Check with Centrelink Get family agreements in writing COTA New South Wales

Family Agreements Transferring house to children Building granny flat on other property Co-purchase to share Gifting/loaning money Using title for financial guarantees COTA New South Wales

Things to consider Future stability (i.e. break-ups) Change in circumstances/location Personal pressure/elder abuse Always seek legal and financial advice! Talk to Centrelink/ATO Get all agreements in writing! COTA New South Wales

Residential Aged Care Commonwealth Aged Care Act 1997 Low Care + High Care ACAT Assessment Accommodation Charge + Daily Fee Extras charge Residential Respite Care Commonwealth Respite and Carelink Centre Aged and Community Care Information COTA New South Wales

Reverse Mortgage/Accessing Equity Can use equity to secure loan 10 – 45% of home value available No repayments until you sell, move out, default, or pass away Instalments, lump sum, line of credit COTA New South Wales

Things to consider Debt level as interest compounds Pension/benefits eligibility Default clauses No Negative Equity Guarantee SEQUAL/EDR membership Pension Loans Scheme Seek financial and legal advice Seek Centrelink advice COTA New South Wales

Where to get help LEGAL ADVICE Legal Aid Law Society FINANCIAL INFORMATION Centrelink FIS COTA New South Wales

Where to get help RIGHTS AND ADVOCACY The Aged Care Rights Service Older People’s Legal Service HOUSING ADVICE Home Options Information Service Home Options Information Service COTA New South Wales