Thread: Retirement Villages.

My brother was resident in a one bedroom unit in a retirement village ,with call button facilities in Sunnybank Qld.
The owners decided to redevelop the one bedroom units , by building a new building, and he was paid about what he put in 10 years prior. AFAIK he has no rights of moving into the new units.

His daughter signed the contract with obvious retention fees, but he has had NO capital gain over 10 years on one of the most sought after blocks of land in Qld adjacent to the Sunnybank Mall.

So check the contract VERY carefully.

Regards Philip A

We've been thinking the same way Ausfree, and really don't like the management fees or the fact you have to sell it back to the owners or you don't actually own both building/land anyway. All very shonky to me.
We've got friends (friend now as his mrs. of 70 years passed away not long ago) and he doesn't care who takes what after he's gone. Actually that's not a bad attitude as he's still getting around at 92 so really why worry about what happens when you've gone.
I think we'll go for a small unit in a block close to transport and pub until we're really forced to go into a retirement place.
Anyway, hope you'll both be happy and most importantly, healthy, with whatever decision you make.
AlanH.