Retirement village operators

[bull....]

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FB picking ryman , Craigs picking sum

[Aaron]

Maybe the marketeers of the product are getting desperate to keep things moving.

https://newsroom.co.nz/2024/02/29/pr...r-trading-act/

Preying on old people is not a new thing.

[Ggcc]

Maybe the marketeers of the product are getting desperate to keep things moving.

https://newsroom.co.nz/2024/02/29/pr...r-trading-act/

Preying on old people is not a new thing.

What would you suppose the commerce commission do? Penalise them for doing something the government hasn't got the resources to do. They are a business and all of the retired people I talk to love the village life. Yes their kids will have less than what they had hoped, but the parents would have had a fantastic end to their life.

[Aaron]

What would you suppose the commerce commission do? Penalise them for doing something the government hasn't got the resources to do. They are a business and all of the retired people I talk to love the village life. Yes their kids will have less than what they had hoped, but the parents would have had a fantastic end to their life.

Fair enough moving to a retirement village is a big decision at least you should read and understand the contract before signing or pay someone to read it for you.

I just know that all the times I have clicked on "accept terms and conditions" I am just relying on the honesty and decency of the party I am transacting with. Same goes for insurance policies, I do not know what I am really covered for but hope the insurance company is reasonable.

I would have assumed care facilities would be available in a retirement village if I did not visit sharetrader.

[JeffW]

Fair enough moving to a retirement village is a big decision at least you should read and understand the contract before signing or pay someone to read it for you.

I just know that all the times I have clicked on "accept terms and conditions" I am just relying on the honesty and decency of the party I am transacting with. Same goes for insurance policies, I do not know what I am really covered for but hope the insurance company is reasonable.

I would have assumed care facilities would be available in a retirement village if I did not visit sharetrader.

Residents are required to take independent legal advice prior to the purchase of the ORA

[Bjauck]

Maybe the marketeers of the product are getting desperate to keep things moving.

https://newsroom.co.nz/2024/02/29/pr...r-trading-act/

Preying on old people is not a new thing.

They provide a service for older people which is outlined in law and before entering a contract the purchaser must seek legal advice. These people are better protected than many other consumers. Of course these consumers have to pay for the service offered by the ORA. They are not forced to enter contracts.

If they were of unsound mind and there has been duress or misrepresentation by the villages, then they should and do have recourse. Their solicitors should have picked that up too.

[ronaldson]

A bit of a beat up in my view. With 50k+ elderly folk in villages, some with faculties failing, there will always be those with a gripe to air either directly or via family members.

The listed operators do their best to be reasonable, and have improved any historic wordings/practices where criticism has been justified. And independant legal advice prior to entry is mandatory.

Poor behaviour does get called out and in a highly competitive industry that can be salutory of itself but often examples I have seem in the media are very questionable and reflect as much (or more) upon the complainant as the operator.

[nztx]

https://www.consumer.org.nz/articles...g-act-breaches

Consumer win: 12 retirement village operators warned about potential Fair Trading Act breaches

[peat]

From the Building Cconomist a statistic about RV's


Dear Customer,

The average cost of a residential dwelling per m2 rose 12.15% during 2023, but the total cost to build that average unit rose only 8.22% because the average size of that unit reduced 3.65%.
Residential units are a mix of stand-alone houses, town houses, Retirement Units (down on Ave 23% in 2023) and apartments (down 43% in 2023).

[winner69]

Here’s 70 pages on retirement sector

https://nzaca.org.nz/wp-content/uplo...ofile-2024.pdf