Does anyone know much about the pitfalls and/or opportunities with purchasing units for the elderly in complexes which provide all meals and accomodation?
Being flogged by Cameron Bird in Cairns?
According to Ed burton: bad location, no proven resale value, you can only ever sell to other investors- ie small resale market, on site manager- don’t know how good they are.Unclear what the real value of the property is.
But, of some social merit.
Personally, having lost hugely, I avoid anything “managed” in QLD, its completely out of your control.Gidday Will16
I have read Regina hoeppner’s reply and look at your request differently.
My inlaws are in this type of situation in South Australia. They are in a complex that provides accomodation for the “I can look after myself people” right down to the “I need constant care people”. Their structure is such that the unit they purchased has gone up in value and when they leave it for more defined assistance then it is revalued at todays market and sold on to help cover the additional costs of care. They realise 80% of the purchase price and as property value has risen since they first moved in, then their return now is greater than their original purchase price. We all get older eventually so they have invested in their own aged requirements before they require it.
Hope this is of some help to you..
SpiderWhat it is that attracts the shonkies to Qld ?!?
Will16 – basically proceed with extreme caution and always spend the time and money to get the contracts thoroughly reviewed by independent legal advisors, the sharks circle around this one bigtime and hence lenders are v v wary to lend to these (and anything else ‘serviced’) for all the reasons Regina mentions.
Cheers,
Mel
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