Don't Buy Your Retirement Home Without Me! E-Book

Richard Andrews

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch
• Veröffentlichungsjahr: 2015

Seitenzahl: 272

Beschreibung

Invaluable advice for making a sensible purchase on a retirement home Like most retirees, you've worked hard your whole life and now you're looking forward to starting a new chapter of your life in a retirement home community. However, purchasing a retirement home can be a daunting experience and the cost of making a bad decision can impact your entire family. That's where this helpful book comes in. Retirement-savvy author Richard Andrews offers straightforward advice on making wise financial and lifestyle decisions that could change your life for the better. Covering everything from what to expect from your lawyer and accountant to negotiating with retirement home community operators, this guide dives into the basics of purchasing a home in a retirement home village, and adapting to your new lifestyle. * Walks you through complicated retirement village contracts and what they mean * Offers useful tips for choosing a retirement village that suits your needs * Includes suggestions for selling your current home, downsizing your possessions and adjusting to a new life * Looks at the perks of living in a retirement village community: great company, security, and homes that are designed for easy living

Leseprobe

Don't Buy Your Retirement Home Without Me! Avoid The Traps And Get The Best Deal When Buying A Home In A Retirement Community

Table of Contents

Part I: The retirement living industry

Chapter 1: The evolution of retirement living in Australia

The ageing population

Penetration

Turnover

Considering average age

Chapter summary

Chapter 2: What is a retirement village — in legislation and practice?

The difference between aged care and retirement villages

Supported living

So what is a retirement village?

Retirement village legal framework

Registered and accredited retirement villages

Chapter summary

Part II: Assessing your options

Chapter 3: Working out what you want

What does your retirement lifestyle look like?

Should I stay or should I go?

Should I move into a retirement community or just a smaller house?

Why move into a retirement home?

Preference questionnaire

Chapter summary

Chapter 4: Choosing a location

Location considerations

Retiring overseas

Why retire overseas?

Overseas retirement destinations

Pension impacts

Chapter summary

Chapter 5: Affordability

Purchase capacity

Valuing the family home

Spending capacity

Chapter summary

Part III: Doing your research

Chapter 6: Retirement home research

Considering your options

Research and investigation

Gathering information

Making your list

Researching your list

The purchase

Chapter summary

Chapter 7: Types of retirement accommodation

Villas and apartments

Serviced apartments

Studio apartments or hospital rooms (high-care facilities)

Chapter summary

Chapter 8: Retirement village operators

For-profit operators

Not-for-profit operators

Chapter summary

Chapter 9: Retirement home purchase arrangements

Freehold

Leasehold

Company title

Rental

Deferred management fee

DMF summary

Chapter summary

Chapter 10: Investing in the retirement living sector

Indirect investment

Direct investment

Investment facts

The resale market

Chapter summary

Part IV: Analysing your research

Chapter 11: Fees and Charges

Purchasing costs

Expression of interest

Deposit

Ingoing contribution

Contract preparation costs

Stamp duty

GST

Living costs

Village fee

Body corporate fee

Personal services (or services) charge

Exit costs

Refurbishment costs

Sales commission or marketing costs

Deferred management (or exit) fee

Share of capital gain on sale

Maintenance reserve fund

Chapter summary

Chapter 12: Analysis and evaluation

Analysing the purchase price

Analysing your DMF contract

DMF review

Key DMF contract variables

Examples of key contract variables

Front-loading the deferred fee

The impact of capital growth

Comparing different contracts

Chapter summary

Chapter 13: Capital growth

What is capital growth?

Factors influencing capital growth

Location

The dwelling

Village size

Sharing capital gains

Impact of capital growth on your DMF contract

Assessing potential for capital growth

Residex

Australian Property Monitors

RP Data

Chapter summary

Chapter 14: Buying off the plan

Advantages of buying off the plan

Disadvantages of buying off the plan

Off-the-plan contracts

Accepting handover of your new unit

Chapter summary

Part V: The purchase

Chapter 15: Selling your home

Making the decision to sell

The market is flat — should I sell?

Selling your home — DIY or use an agent?

Real estate agents

Chapter summary

Chapter 16: Contract time!

Waiting lists

Interview

Deposits

Contracts

Disclosure statements

Contract process

Cooling-off or settling-in period

Chapter summary

Chapter 17: Negotiating tips and key contract terms

Negotiating your contract

Understanding your negotiating position

Key terms for negotiation

Deposit

Purchase price

Inclusions

Deferred fee percentage

Share of capital gain on resale

Refurbishment costs and level of refurbishment

Sales commissions and marketing costs

Sale price

Moving the resident

Village fee

Termination

Names on lease

Age of spouse

Chapter summary

Part VI: Living and leaving

Chapter 18: The big move!

Timing your move

Choosing a removal company

Researching removalists

The quote

Checking credentials

Moving

To speed things up at the other end

Furniture and larger appliances

Keep a small set of tools with you

Beds first

Exit checklist

Chapter summary

Chapter 19: Assimilating into village life

Getting to know your neighbours

Residents’ committees

Village rules

Disputes

Sustainability

Keeping active

Filling the void

Post-retirement anxiety and depression

Leaving the village

Setting a sale price

Selling your unit

Chapter summary

Chapter 20: Links and resources

Queensland

Legislation

Administration

Disputes

New South Wales

Legislation

Administration

Disputes

Other

Victoria

Legislation

Administration

Disputes

Other

Australian Capital Territory

Legislation

Administration

Tasmania

Legislation

Administration

South Australia

Legislation

Administration

Western Australia

Legislation

Administration

Northern Territory

Legislation

Administration

Other resources

Find My Retirement Home

Aged care brokers

Capital growth forecasts

Home inspections/handovers

Moving day

Real estate

Retirement villages

Seniors

Where to retire

Chapter 21: The final word

Appendix A: Preference questionnaire

Appendix B: Individual village questionnaire

Appendix C: Research comparison worksheet

Appendix D: Moving house checklist

Appendix E: Change of address checklist

DON’T BUY YOUR RETIREMENT HOME WITHOUT ME!

Avoid the traps and get the best deal when buying a home in a retirement community

RICHARD ANDREWS

First published in 2012 by Wrightbooks an imprint of John Wiley & Sons Australia, Ltd 42 McDougall St, Milton Qld 4064

Office also in Melbourne

Typeset in Bembo Regular 11.5/14

© Richard Andrews 2012

The moral rights of the author have been asserted

National Library of Australia Cataloguing-in-Publication data:

Author:

Andrews, Richard.

Title:

Don’t buy your retirement home without me!: avoid the traps and get the best deal when buying a home in a retirement community / Richard Andrews.

ISBN:

9780730377702 (pbk.)

Subjects:

Retirees — Australia — Housing.

Retirement — Australia — Planning.

Retirement communities — Australia.

Retirees — Australia — Economic conditions.

Dewey Number:

363.59460994

All rights reserved. Except as permitted under the Australian Copyright Act 1968 (for example, a fair dealing for the purposes of study, research, criticism or review), no part of this book may be reproduced, stored in a retrieval system, communicated or transmitted in any form or by any means without prior written permission. All inquiries should be made to the publisher at the address above.

Cover design by Peter Reardon, Pipeline Design www.pipelinedesign.com.au

Cover image: © DSGpro/iStockphoto.com

Printed in China by Printplus Limited

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Disclaimer

The material in this publication is of the nature of general comment only, and neither purports nor intends to be advice. Readers should not act on the basis of any matter in this publication without considering (and if appropriate, taking) professional advice with due regard to their own particular circumstances. The author and publisher expressly disclaim all and any liability to any person, whether a purchaser of this publication or not, in respect of anything and of the consequences of anything done or omitted to be done by any such person in reliance, whether whole or partial, upon the whole or any part of the contents of this publication.

This book is dedicated to my beautiful kindred spirit, Nicole. You complete me.

About the author

Richard Andrews is a property investment professional who has spent much of his career in senior roles in the property funds management industry. In 2009, Richard started the company Find My Retirement Home to provide specialist advice and buyers agency services to retirees looking to purchase a retirement home. Richard also provides training and accreditation to professional advisers, such as accountants, solicitors and financial planners, so they can give advice to their own clients around retirement home transactions.