Greetings all.
I am about to 'recommence' my research on this as there are a few units in my area that have been on the market for a long time. I need somewhere for a relative to live. It is not for an investment.
I believe that there may be fees to buy in and to sell, ongoing management fees and obvious restrictions on who can live there (over 55 and disabled people). But the properties may still be worth considering once armed with the knowledge of fees and commissions.
I am also curious as to whether these long term vacant properties would be paying management fees whilst vacant. If so, then that would motivate owners to quickly offload the properties.
I am hoping that there are people here with knowledge of, or experience with, 'NSW Over 55 Accommodation' & can kick-start me in my research. Thanks. Le Peck
Over 55 Accommodation NSW Info Please
Last edited 12/09/2021 - 14:34
Comments
Says for a relative to live in.
Post was edited after my comment https://www.ozbargain.com.au/node/650604/revisions#1389249vs…
But I did jump the gun
Retirement villages.
Particularly in retirement villages, you often don't "own" the apartment. The complex owns the apartment and you just own a 50 year lease (as an example). Hence prices tend to be fairly fixed by the complex so they make money with each "sale". The monthly fees are supposed to cover maintenance of the common grounds + some other things.
When you "sell" you get the money you paid back, minus whatever fee they charged for how many years you lived there. I assume they expect a certain number of each unit type to be vacant, so they can use for marketing and tours. I wouldn't expect too much movement of price, however they may throw in some benefits when you purchase.
Their conditions vary so you have to read the t and cs. Some are more lenient than others, so they are not all the same.
Before you commit to any, try to get info from former occupants or their families. Some of these places look great, but others have real tales of woe.
try to get info from former occupants or their families
Correct. Not current occupants or their families. They could be so p*ssed off and want to get out but don't want to depress prices until they do.
Read/watch Adele Ferguson's investigation into the sector and run for the hills: https://www.adeleferguson.com.au/bleed-them-dry
It is simply like a long term lease. You dont actually buy the property. And there are conditions who can live in there, even your partner or children. They are not allowed to live together with you if they dont meet the conditions.
I would expect the vacant units would still be attracting charges. The rental fees (or whatever they call them) would still be applicable.
Things to bear in mind if it's the type where you actually buy the dwelling but rent the land - they can be difficult to sell, as ownership is restricted, and banks will not lend against them.
Uni assignment or investment, what else?