MySwag.org The Off-road Camper Trailer Forum
General => General Discussion => Topic started by: DaveR on June 14, 2014, 08:56:48 AM
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Hi there swaggers.
Been playing on the net for a few days now looking at retirement villages for my Dad, it is a very difficult task I am finding, that is, to get the details of the prices for these places.
For an example, with in 5 min drive of my home there is a choice of 2 complexes with self contained units. Each has the same 24/7 call button help system with nice grounds and activities. Yet, for a 2 bed, 1 car, 1 bath dwelling, there is a $200,000 price difference. From what I can find, there is no justification for the 200k difference.
To get information on these prices, I must go and visit these people at an appointed time to get the pricing details.
Does anyone know of an easy way to get this information. Some sort of online info site for comparisons perhaps?
I've had no luck finding info on the net so far.
We have appointments in place now to visit 2 places. When dragging an old bloke about, this is time consuming......
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PM sent
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Iam interested in swaggers thoughts here too. My mum is (very reluctantly ) needing this and you want the best care for them.
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A good place to start in this area is talk with your (or your parents) local Pharmacist or Church minister. They will be able to give you references on any local aged care facilities they either service or have customers/patrons based in. There will be a level of confidentiality that they will not pass on, but depending on your relationship, may be able to put you in touch with other customer's/patrons families of theirs already in the facility.
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Read conditions carefully. The one my mother in law bought into has conditions like they get percentage of any capital gains when you sell and you pay for it to be renovated. No a good investment but not much choice when you get old.
On the other side the emergency button and 24hr nurse on site is great.
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Dave,
If you are limited to a few in the area .
Have a walk around and ask a few of the residents.... if theres something not good they will let you know-lol.
especially if they are doing a assets cash grab.
My mums one made a cool million in one year off of 40 units.
( previously aka you inheritance)
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Hi,
I'm a bit of a fan of Noel Whittaker, always seems to have sound advice.
Link1 (http://noelwhittaker.com.au/newsletters/view/noel_news_22_may_2014/#topic-4)
Link2 (http://www.agedcarewhocares.com.au/#about-book)
The book is one I must get from the library at some stage.
Usual disclaimers - no pecuniary interest in any way.
cheers
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Thanks Swaggers
I have had many messages, plus these posts, all are most helpful.
For now, just come inside from tinkering in the shed for the day, which also means several beers consumed ;D
I will check the links out in the morning and also with some of the other info I should be able to assemble a logical list of questions to ask the folk we'll be meeting on monday.
May even put the list on here if it is any good.
Cheers
Dave
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Definitely, definitely check the wording on the contract that will have to be signed. I call the system of aged care "legal theft". All will cost you a "reduction" in capital value each year for probably the first 5 years on something you may not actually "own" anyway and most will "share" with you any capital gain when they onsell the unit. As well as that, you will almost certainly have to pay body corporate fees for some time after you leave. Make sure that period is as short as possible and is not "until sold" again as the owning entity may put an unreasonable price on it. Oh, by the way, don't be fooled into thinking that so called charitable bodies will do a better deal for you.
Cheers
S.O.
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It sounds like I need to do some more research, Thanks for that.
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Yep. Read the fine print. They all get their money one way or another, so a cheaper initial price will mean a greater amount taken later on. The exit fees can be creative and surprisingly large. Also check the costs for the extra services- for example, does it cost if the nurse is called?
Be aware that even if you agonise over choosing the best one today, it might not be the best in a years time when the activities person changes, and someone moves in next door that dad doesn't like, etc. so don't over stress about it being perfect.
When you meet them, get a copy of the contract that you can read at leisure and maybe get advice from a trusted person who is experienced at reading contracts.
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A thought I'd give this a bit of an update.
We have looked at a few places now. Some are very upfront about how prices work, and some ........ well, they have to be poked to get answers, even then, there is little specifics.
There seems to be a few common ways of doing this self contained retirement living thing.
eg 1.
A place near me wants just over $400,000 and that is it. There is a rent on the land your dwelling you own sits upon which is like a body corp fee. This fee goes to the grounds and service maintenance costs. Because there is a rent for the land, dad can get rent assistance on his pension, this reduces the cost by a 3rd. The place is a 5 star resort, and 5 star it certainly is. Dad was well impressed. Other costs are your own building and contents insurance, electricity and what ever. No rates as your not strata title.
eg. 2
Another place offers a similar dwelling but less then half the price to purchase, the monthly fee is reduced compared to the other place but is strata titled so you pay rates as well as the fees for the grounds etc. When selling, there is a large fee, a slice of capital gains, and other costs which must be paid to the owners. A lot of folk like it this way as they keep a large sum of money in thier pocket to live with and the dept are..... well, someone elses problem. This place must be renovated on sale, to the standards set by the grounds management.
I also found another place which has a different variation on the above, they rent you the land but you pay them big fees when leaving.
The 1 gent I spoke with who had trouble giving clear answers, I just told him that his outfit may be ligit, but his answers are dodgy so we are not interested.
My dad is preferring the first option, as he's the sort of bloke who is old school and rather pay for things now.
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Hi Dave
Is he after one of the gated community type ones or the intensive aged care.
Bet its a hard decision.
All the best!
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It is a gated community type he is looking for, haven't figured out the transition into a place with help as yet.
I am looking at a place which has it all, you can start of in your own home, move across to places with different levels of help if required. All at 1 address.
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It is a gated community type he is looking for, haven't figured out the transition into a place with help as yet.
I am looking at a place which has it all, you can start of in your own home, move across to places with different levels of help if required. All at 1 address.
Surely Bunnings have one now?
Isle 28 - Patio furniture, retirement home, aged care facility.
Well most of the workers seem to be from retirement homes >:D