Retirement Units

Viewing 5 posts - 1 through 5 (of 5 total)

dyes30400
Member
@dyes30400
Join Date: 2003
Post Count: 2
March 23, 2004 - 5:32 am
Have any readers any experience (to share) in purchasing retirement units that are sometimes for sale? Are these worth looking at? Some appear quite CF+. Any pitfalls?
Thanks.
woodsman
Member
@woodsman
Join Date: 2004
Post Count: 714
March 23, 2004 - 5:52 am
Dyes30400,
Try these topics, should be plenty of food for thought.
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=6565&SearchTerms=retirement,units
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=6102&SearchTerms=retirement,units
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=7151&SearchTerms=retirement,units
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=3968&SearchTerms=retirement,units
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=3708&SearchTerms=retirement,units
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=3482&SearchTerms=retirement,units
James
dyes30400
Member
@dyes30400
Join Date: 2003
Post Count: 2
March 23, 2004 - 6:23 am
Thanks for the links, James.
I’ve found a broker who will loan 80% with me putting the equity in my place as the other 20%. They are at 185k and are resalable at any time.
I hear that appreciation is slow and that management costs are high, but still a very healthy return making them cf+.
Does the location (these are close to Brisbane) really matter?
It will be my first one – is it wise?
I hear both sides out there from past postings.
Thanks.
JetDollars
Participant
@jetdollars
Join Date: 2003
Post Count: 2,435
March 23, 2004 - 6:37 am
My lender told me that if I have a retirement village then I can’t use it equity as a security to purchase other property. The only way to get the equity is to sale it.
I still don’t believe them, but I don’t have any retirement village at the moment therefore I can’t say whether it is ok or not.
Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]
woodsman
Member
@woodsman
Join Date: 2004
Post Count: 714
March 23, 2004 - 6:39 am
Given, that you are in large part dependent upon the individual/organisation managing the property, then I would suggest due diligence on them as much as on retirement villages in general, location etc
Do the people who currently manage have a good reputation?
Do they manage other sites?
Do they have feedback (from customers)on their service?
Are the employees happy working for them?
James