The popularity of retirement villages is increasing among the older people looking for an easier living. Before signing up for a retirement home, there are a few things you need to know.
You don’t own the property
Buying a retirement village unit does not make you the owner of the property. Instead, it gives you the right to live there. This means that you will not get any capital gains from the investment. If you buy a unit for $200 000 and then the operator sells it for $300 000, that extra $100 000 is their profit and not for you. You will get back an average of 75% of your $200 000, but this will depend on what the operator takes as a maintenance fee from the available occupiers.
You will be charged an ongoing fee
When joining retirement villages Brisbane South, you shouldn’t just worry about the upfront cost. You will be expected to pay an ongoing weekly fee to cover the village’s upkeep and other services rendered such as housekeeping. Always check how the fees will change if you became widowed.
It is not always simple to transition to higher needs
If you need to move from an independent unit to a unit where you require more care than your current care, it is important to find out what it entails. You should know how the transition will work financially.
Renovation ability might be restricted
You might be limited to the alteration you make to retirement villages. It is important to find out the freedom you have to make changes to your unit. You must know if you will be compensated for any renovations you do. Some villages require you to return the unit in its original state. Always check the person who is responsible for carrying out repairs and maintenance. Different villages have different policies.