Protected Housing (a.k.a Retirement Homes, Sheltered Living) is a living arrangement for the elderly, which provides a response for independent elder people who do not wish to continue living in homes designed for families, now that there are only two or one people left in the nest. In Protected Housing, for the most part the elder person shall be entitled to a one bedroom unit, with many social options being offered, as well as options for cooked meals, emergency care as well as guard service. Life in a safe, closed community is very attractive to many people who no longer require or enjoy the larger spaces of a regular residence, and seek the company or proximity of others.
For the most part, relocating to protected housing in fact constitutes the purchase of a real estate right in the asset, with all that it entails. Of course it is necessary to sign a contract and in many places, a pre-requisite is the payment of a deposit in addition to monthly rental payments. For the most part, a certain percentage of the deposit is deducted, at the end of each year of residence, up to a pre-determined limit. The balance is then returned to the tenant upon his vacating the residence. If the tenant passes away, the balance is returned to the estate.
The contract that the tenant must sign usually includes more than just the sum of the deposit and the monthly rental fees, and includes provisions as to securities, the manner in which the deposit maintains its value, the possibility of transferring to a Long Term Care ward, should the need arise (and assuming that there is one on-site) in addition to other significant terms.
Legally, the move to Protected Housing is first and foremost a real estate transaction, with frills. This kind of contract is usually a uniform one, which prefers the interests of the organization, which functions as a commercial business for all intents and purposes, over those of the tenant. It is thus especially important to ascertain that the rights of the tenant are protected, both financially and humanely.
Just as most people buying and selling homes take pains to be represented by an attorney, thus it is also recommended to enlist legal assistance when signing a Protected Housing contract.
Anyone contemplating Protected Housing must also verify the economic feasibility of bearing the costs associated with this move (the deposit, the monthly payment and the living expenses) and must ascertain that their legal rights are well protected, if by a bank guarantee or a caveat warning on the housing unit. This relocation may have financial ramifications not only on the tenant but also on his family.
Only in this manner will the tenant gain the inner calm required to enjoy the lifestyle sought by this relocation.