All Topics / General Property / Outlaws and the Retirement Village

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  • Profile photo of redwingredwing
    Join Date: 2003
    Post Count: 2,733

    Has anyone had much experience with Retirement Villages?

    The Outlaws (wife’s parents) are thinking about selling there house now they’ve returned from a round trip of OZ and moving into a retirement village.

    They want a smaller place and somewhere they can lock up and continue on with the travelling.

    There current Property would sell for about $360-380k

    The property is a new unit in a location close to family and faclities

    2 bedroom and study for $280k

    Additional fee’s of $223 p/mth as a service charge, this includes;

    Access to facilities such as Gym, Pool etc
    Monitoring and Responding to Alarms
    Staff and Admin Wages
    Recreational activities
    External Maintenance
    Comprehensive Insurnace
    Security Lighting
    Water Consumption

    When it comes time to sell, I believe you have to sell through them and they get 3% of the sale price for up to 10 years (30%) This goes back to the community for road repairs etc etc

    Not having had much to do with these types of places I presume this sort of deal is the norm……..?

    Appreciate any feedback


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    Profile photo of ecattecatt
    Join Date: 2005
    Post Count: 40

    Our next door neighbour works in a similar setup sort of thing. Its more expensive when they have response alarms etc in the unit, as you pay a fee for all that. I guess it depends on how old your parents are as to whether they need that type of care now, or in a few years.
    All the figures you have quoted are similar to what happens here in Sydney.
    It would be interesting to know what goes into deveoping a site like this, as I am sure the original builder would get a kick back on that 3%… Does anyone out there know?
    Good luck!

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