We have been looking at retirement villages in the past year and have seen some lovely ones and some not so appealing.
We have spoken to our Solicitor who is a specialist in these type of residences as well as a good advisor. He has explained all the legalities etc and told us of the pitfalls too.
Most have the usual fees some high some lower. It's the exit fees that we find hard to get our heads around, we do understand it all but it seems a bit much .
As Barry is having trouble maintaining our large home, we have a gardener who does the lawns and heavy gardening for us, it seems an option to sell up . We are both still healthy and love our travelling. Definitely want a home base though.
We have friends who have moved into one and they say its wonderful and one of their better decisions and they don't worry about the exit fees . Also met people on the road who have done it and are very happy knowing they can go away and everything is looked after.
I'd just like to hear other opinions about this option from fellow forum members.
Pam
Happywanderer said
04:34 AM Jul 27, 2013
I lived at Greenbank Gardens in Parkridge, Qld. When I sold there were no exit fees, there must be different types of retirement villages.
herbie said
04:44 AM Jul 27, 2013
A little while back there was a lot of discussion regarding this very question. If you type in retirement village in serch maybe that will bring up the answers you are looking for.
Duh said
12:18 PM Jul 27, 2013
I was just talking to an elderly couple yesterday who are living in a self managed (body corporate) strata title complex.
One particular owner (very wealthy) on the body corporate is trying to bulldoze through some changes that are very expensive and would have to be paid up front by each resident, most of whom are only on an age pension and can't afford it. A group of owners are in a legal tussle with this owner and his wife at the moment over his proposed upgrade of the facilities etc. The complex does not have any resort type facilities (eg: pool, workshop, community rooms etc) but the complex has it's own roads and fenced etc. They all pay for their own maintenance and gardens upkeep.
Prior to buying a strata titled unit there, the elderly couple had bought into a managed/resort type complex which seemed nice but proved to be very expensive and they had no control over the fees which the management just kept putting up all the time. They had to pay exit fees when they left which included re-carpeting and re-painting the inside, even though the home was spotless and didn't need this doing.
They only got what they paid for the home less the exit fees etc, although the places had increased in value since the bought any difference to the selling price to what they paid for it went to the owners of the complex.
Not all complexes are the same and you were wise having a solicitor look at the fine print for you. If I were a wealthy person (which I am not) and felt I could handle rising fees which I had no control over, was not worried about resale or exit fees, then I think these could be nice places to live in and would have their advantages.
We live in a strata complex of four villa's, our type of strata title also covers the land around the villa unlike some that it is common property. So whatever is inside our fence line is ours. We have a "dormant" body corporate which means under the terms of the Strata Titles act for units under a certain number, the owners can agree not to have annual meetings but has the option to hold "extra ordinary" meetings if we need to. We have no maintenance fees or body corporate funds, the only thing we have that is shared is our joint building insurance done via a broker, we each pay our share each year for the total.
In regards to maintenance, we made a resolution that we all pay for our own, including outside painting, with a few riders on what colours etc had to be used. It is actually cheaper to either do your own maintenance or pay to have it done with the money you save by not paying strata fees and you are way in front.
-- Edited by Duh on Saturday 27th of July 2013 01:26:08 PM
magraret said
01:32 PM Jul 27, 2013
hi i was in one for 3 years its easy to get in to but hard to sell i lost $50.000 on mine because of it
as i had remarried we brought a newhouse out side
also if you pass on your fees still have to be paid untill the home sells and that burden falls onto yourfamily
the village i was in was a good onebut the sale team where s==== and even nowwhen i passthe place thereare still at least 20 plus for sale
Grevo said
03:44 PM Jul 27, 2013
We have been looking at RV Homebase in Maryborough in QLD. It is a relatively new development with several homes built already and residents settled in. I like the idea of the oversize carports/garages for your RV parking. They have a website www.rvhomebase.com.au if you want to find out more.
kesue said
03:50 PM Jul 27, 2013
May be worth having a look at the CMCA site at Casino. When we were there a few years ago there were a lot of retirement type homes mostly with caravan parking. Keith
Yuglamron said
05:16 PM Jul 27, 2013
I don't know the details but check out Fraser Shores in Hervey Bay.
My ex lives very near to it and when I visit the kids I pass the place and there are at least 50 or so motorhomes and caravans parked up in the place. They are also about to double the size of the development so it's a popular place so must have something going for it..
pambaz said
06:20 PM Jul 27, 2013
Thank you for your replies everyone. We are looking at one village in Sydney and its lovely and affordable for us ,caravan and boat storage available, country outlook and separate houses (which we like). It is probably the best solution for us in our situation . I would love to hear from others who live in one and how they cope and are you happy.
Yes the exit fees is one thing that turns us off from making the final decision. Guess we won't be around when that time comes anyway.
We have done our homework and are not rushing in to it.
Yes happywanderer there are some with no exit fees but I am under the impression they are relocatable homes .
Grevo what are your opinions on the exit fees or don't you have any?
Pam
Roving-Dutchy said
06:44 PM Jul 27, 2013
Have a look at The Grange Waitara I have friends that are moving in shortly, it is Strata title and the whole complex is owned by the residents http://www.grangevillage.com.au/
Cheers
David
Duh said
07:22 PM Jul 27, 2013
Roving-Dutchy wrote:
Have a look at The Grange Waitara I have friends that are moving in shortly, it is Strata title and the whole complex is owned by the residents http://www.grangevillage.com.au/
Cheers
David
David, reading that link, the owners have contracted an office and management of the complex which I imagine would not be cheap as far as their body corporate fees go, the contractors would have to pay their staff wages/salary and holiday/long service leave/sick pay, office expenses etc which would all be passed onto the owners in their body corporate in one way or the other.
Cruising Cruze said
08:36 PM Jul 27, 2013
wow if I could afford a place like that I would get a 5e wheeler and a tug and spend the rest of the money on a house in Hervey Bay with still money in the bank left
Cheers John
villatranquilla said
10:40 PM Jul 27, 2013
Yes the exit fees is one thing that turns us off from making the final decision. Guess we won't be around when that time comes anyway.
Exit fees may become an issue if you need to go into a nursing home - no guarantee you will die in the unit.
Another question to ask is "does the ongoing service charge reduce if there is only one person living in the unit" ?
pambaz said
11:09 PM Jul 27, 2013
It's good reading all the different comments and opinions. We are open minded about it all.
At the particular village we are looking at there is a reduced fee if only one occupant.
You can use your own Real Estate agent if you want to sell out as well.
It is brand new and sold out for stage one. We are looking at stage two if we go ahead.
I guess the same applies if one person has to go into a nursing home as it does if you were living in a normal house.Rules are changing about that too so I hear.
Just another question to put on the list
We have been in this home for 43yrs and it will be a big decision whether we go to a resort village or buy another house, so it is not being treated lightly. Couldn't bear the thought of a townhouse or villa at this stage but stairs are not an option for Barry .
Pam
Cloak said
11:22 PM Jul 27, 2013
I'm looking for a retirement village that's full of widows so I can get heaps of cakes and biscuits but I can't find any.
The closest thing is a block of 5 units in Wentworth.
Duh said
12:07 AM Jul 28, 2013
pambaz wrote:
Just another question to put on the list
Couldn't bear the thought of a townhouse or villa at this stage but stairs are not an option for Barry .
Pam
The villa we are in is a single level street facing one with no common walls and the driveway faces the street. We have a verge the size of a postage stamp that our lawnmower bloke cuts when needed during his rounds for $10 (that includes the edges and carting the cut grass away).
As we are one of four on a corner block (two facing one street and two facing another) they are more like duplexes and have small paved easy care yards back and front. These days they are building some villa's and duplexes on green titles so no body corporate is involved. An alternative would be a small house with little yard back and front. We have great neigbours who keep an eye on our place/mail etc when we go away.
There was a house behind our fence on the old quarter acre block, that has been pulled down and three green title houses built down the length of the block, all with their own driveway and double garages, 3 Brm, bir's, kitchen, dining room, two bathroom/wc's, laundry, TV room, patio etc, etc. They will be going on the market for around $800,000 plus the agent told me. Just to give you an idea, when they are advertised for sale I will try to post a link to them.
I think that being independent of body corporates or whatever has a lot going for it.
freehazzas said
04:13 AM Jul 28, 2013
Hey Cloak, you dont need widows for that. Lol
My hubby made the best double choc cake today. Yuummmmmyyyyyy.
Cloak said
07:09 PM Jul 28, 2013
Did he?
Is he seeing anyone?
George said
09:58 PM Jul 28, 2013
pambaz wrote:
We have been looking at retirement villages in the past year and have seen some lovely ones and some not so appealing.
We have spoken to our Solicitor who is a specialist in these type of residences as well as a good advisor. He has explained all the legalities etc and told us of the pitfalls too.
Most have the usual fees some high some lower. It's the exit fees that we find hard to get our heads around, we do understand it all but it seems a bit much .
As Barry is having trouble maintaining our large home, we have a gardener who does the lawns and heavy gardening for us, it seems an option to sell up . We are both still healthy and love our travelling. Definitely want a home base though.
Hi
I would consider a flat/unit/townhouse where I am in control instead of people dictating exit fees, and probably how I should live my life.
Money saved I would store my motor home and cop the expense. One day I might not be able to travel, but I still would need somewhere to live without people dictating to me. Then I can recoup expenses with sale of my motor home. Hope this is some help, another opinion.....
Sincerely
George
-- Edited by geojen on Sunday 28th of July 2013 10:01:12 PM
freehazzas said
10:57 PM Jul 28, 2013
He has me, sorry. Cake almost all gone too. Lol
pambaz said
02:41 AM Jul 30, 2013
It's been interesting reading all the opinions and ideas. Thank you all.
We have plenty of time to make our decision but were looking at mid next year to move. We are still contemplating a house on a smaller block . Ther retirement resort looks lovely and in a beautiful area but its the exit fees that don't sit comfortably with us .
We have spoken to our Solicitor who is a specialist in these type of residences as well as a good advisor. He has explained all the legalities etc and told us of the pitfalls too.
Most have the usual fees some high some lower. It's the exit fees that we find hard to get our heads around, we do understand it all but it seems a bit much .
As Barry is having trouble maintaining our large home, we have a gardener who does the lawns and heavy gardening for us, it seems an option to sell up . We are both still healthy and love our travelling. Definitely want a home base though.
We have friends who have moved into one and they say its wonderful and one of their better decisions and they don't worry about the exit fees . Also met people on the road who have done it and are very happy knowing they can go away and everything is looked after.
I'd just like to hear other opinions about this option from fellow forum members.
Pam
A little while back there was a lot of discussion regarding this very question. If you type in retirement village in serch maybe that will bring up the answers you are looking for.
I was just talking to an elderly couple yesterday who are living in a self managed (body corporate) strata title complex.
One particular owner (very wealthy) on the body corporate is trying to bulldoze through some changes that are very expensive and would have to be paid up front by each resident, most of whom are only on an age pension and can't afford it. A group of owners are in a legal tussle with this owner and his wife at the moment over his proposed upgrade of the facilities etc. The complex does not have any resort type facilities (eg: pool, workshop, community rooms etc) but the complex has it's own roads and fenced etc. They all pay for their own maintenance and gardens upkeep.
Prior to buying a strata titled unit there, the elderly couple had bought into a managed/resort type complex which seemed nice but proved to be very expensive and they had no control over the fees which the management just kept putting up all the time. They had to pay exit fees when they left which included re-carpeting and re-painting the inside, even though the home was spotless and didn't need this doing.
They only got what they paid for the home less the exit fees etc, although the places had increased in value since the bought any difference to the selling price to what they paid for it went to the owners of the complex.
Not all complexes are the same and you were wise having a solicitor look at the fine print for you. If I were a wealthy person (which I am not) and felt I could handle rising fees which I had no control over, was not worried about resale or exit fees, then I think these could be nice places to live in and would have their advantages.
We live in a strata complex of four villa's, our type of strata title also covers the land around the villa unlike some that it is common property. So whatever is inside our fence line is ours. We have a "dormant" body corporate which means under the terms of the Strata Titles act for units under a certain number, the owners can agree not to have annual meetings but has the option to hold "extra ordinary" meetings if we need to. We have no maintenance fees or body corporate funds, the only thing we have that is shared is our joint building insurance done via a broker, we each pay our share each year for the total.
In regards to maintenance, we made a resolution that we all pay for our own, including outside painting, with a few riders on what colours etc had to be used. It is actually cheaper to either do your own maintenance or pay to have it done with the money you save by not paying strata fees and you are way in front.
-- Edited by Duh on Saturday 27th of July 2013 01:26:08 PM
hi i was in one for 3 years its easy to get in to but hard to sell i lost $50.000 on mine because of it
as i had remarried we brought a newhouse out side
also if you pass on your fees still have to be paid untill the home sells and that burden falls onto yourfamily
the village i was in was a good onebut the sale team where s==== and even nowwhen i passthe place thereare still at least 20 plus for sale
We have been looking at RV Homebase in Maryborough in QLD. It is a relatively new development with several homes built already and residents settled in. I like the idea of the oversize carports/garages for your RV parking. They have a website www.rvhomebase.com.au if you want to find out more.
I don't know the details but check out Fraser Shores in Hervey Bay.
My ex lives very near to it and when I visit the kids I pass the place and there are at least 50 or so motorhomes and caravans parked up in the place. They are also about to double the size of the development so it's a popular place so must have something going for it..
Yes the exit fees is one thing that turns us off from making the final decision. Guess we won't be around when that time comes anyway.
We have done our homework and are not rushing in to it.
Yes happywanderer there are some with no exit fees but I am under the impression they are relocatable homes .
Grevo what are your opinions on the exit fees or don't you have any?
Pam
Have a look at The Grange Waitara I have friends that are moving in shortly, it is Strata title and the whole complex is owned by the residents http://www.grangevillage.com.au/
Cheers
David
David, reading that link, the owners have contracted an office and management of the complex which I imagine would not be cheap as far as their body corporate fees go, the contractors would have to pay their staff wages/salary and holiday/long service leave/sick pay, office expenses etc which would all be passed onto the owners in their body corporate in one way or the other.
Cheers John
Exit fees may become an issue if you need to go into a nursing home - no guarantee you will die in the unit.
Another question to ask is "does the ongoing service charge reduce if there is only one person living in the unit" ?
At the particular village we are looking at there is a reduced fee if only one occupant.
You can use your own Real Estate agent if you want to sell out as well.
It is brand new and sold out for stage one. We are looking at stage two if we go ahead.
I guess the same applies if one person has to go into a nursing home as it does if you were living in a normal house.Rules are changing about that too so I hear.
Just another question to put on the list
We have been in this home for 43yrs and it will be a big decision whether we go to a resort village or buy another house, so it is not being treated lightly. Couldn't bear the thought of a townhouse or villa at this stage but stairs are not an option for Barry .
Pam
The closest thing is a block of 5 units in Wentworth.
The villa we are in is a single level street facing one with no common walls and the driveway faces the street. We have a verge the size of a postage stamp that our lawnmower bloke cuts when needed during his rounds for $10 (that includes the edges and carting the cut grass away).
As we are one of four on a corner block (two facing one street and two facing another) they are more like duplexes and have small paved easy care yards back and front. These days they are building some villa's and duplexes on green titles so no body corporate is involved. An alternative would be a small house with little yard back and front. We have great neigbours who keep an eye on our place/mail etc when we go away.
There was a house behind our fence on the old quarter acre block, that has been pulled down and three green title houses built down the length of the block, all with their own driveway and double garages, 3 Brm, bir's, kitchen, dining room, two bathroom/wc's, laundry, TV room, patio etc, etc. They will be going on the market for around $800,000 plus the agent told me. Just to give you an idea, when they are advertised for sale I will try to post a link to them.
I think that being independent of body corporates or whatever has a lot going for it.
My hubby made the best double choc cake today. Yuummmmmyyyyyy.
Is he seeing anyone?
-- Edited by geojen on Sunday 28th of July 2013 10:01:12 PM
We have plenty of time to make our decision but were looking at mid next year to move. We are still contemplating a house on a smaller block . Ther retirement resort looks lovely and in a beautiful area but its the exit fees that don't sit comfortably with us .