(03) 9720 2922

Jansen Walsh and Grace

 


We have 15 years' experience in providing advice to incoming, current and outgoing residents of retirement villages and their estates.


If you are looking for a good investment, then a unit or an apartment in a retirement village is not a good investment.  People enter retirement villages not for the capital growth, but for other reasons. 




Most retirement villages are a loan and title or a loan and lease or licence.


No land transfer duty

No land transfer duty is payable if you are purchasing an apartment or a unit in a retirement village.


Exiting the retirement village

There are two stings in the tail when you leave.  They are in addition to the normal outstanding service charges and the like, which will be payable.




The first sting in the tail will be the cost to reinstate, refurbish or renovate the premises (depending on the terms of the contract).

Some agreements do not allow you to receive any part of the capital gain.  Other agreements allow you to retain any capital gain or any capital loss.  However, the deferred management fee charged by the operator will take a large percentage of any capital gain.  Retirement villages are certainly not a good investment.


Death of your spouse or partner dies

If you and your spouse or partner are residing in a retirement village and your spouse or partner dies, then, if it is a lease or license, you can still continue to reside there.  If it is a title, you can become the sole owner by survivorship.

Death of your parent

If your parent dies without a surviving spouse or partner, the executors of your parent's will must obtain a grant of probate, or, if there is no will, the administrators of your parent's estate must obtain letters of administration.


Free advice

We are one of the few firms listed on the website of the Residents of Retirement Villages Association Inc.  If you are a member of the Association, we offer you a free 30 minute appointment free of charge.





























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