Buying into a Retirement Village can be a costly mistake
There is no doubt that retirement villages can be a great option, however it can come at a high cost. On top of the purchase cost, there are transaction costs such as stamp duty and legal fees as well as the future costs of council rates, strata levies, exit fees, refurbishment costs, capital gain sharing fees and the like.
So before you decide to buy into a retirement village, you should know that there is another proven retirement living option available with huge financial advantages.
So what ’ s the secret?
There is a more affordable alternative!
A more affordable alternative
A more affordable retirement living alternative is a community now known as a lifestyle village or land lease community. They have previously been known as manufactured home villages or residential parks.
When you consider both the financial and lifestyle advantages, lifestyle villages are a compelling option that could save you thousands of dollars in your retirement.
In lifestyle villages residents own their own home and lease the land from the village in which the home is located. The fact that you are not paying any part of the purchase price for the land component immediately represents a significant saving on your purchase price. Depending upon your preferred location this could be a 6 figure saving upfront compared to a smaller home or strata property. Also, because you are only buying the home and not the land, there is no stamp duty payable on the purchase and no ongoing council rates to pay. A manufactured home is an appealing option as the homes are built in a controlled factory environment and then transported to and installed in a land lease community. Not only is the quality of the build outstanding but they represent excellent value for money.
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