Be Clear About What You Are Buying

Credit: Downsizing
Be Clear About What You Are Buying
Written by: Ron Reed


When searching for retirement property, you should be aware that not all 'over 55' property is freehold or strata title. It is not uncommon for retirement villas or units to be offered for sale on a long term leasehold or license to occupy basis.

You may in fact be purchasing a legal right to occupy the unit, rather than purchasing the property itself. In some cases, you may be purchasing a relocatable villa set on a leased site.

You also need to be fully aware of any ongoing fees and charges which may apply while you are living in the property, including any deferred fees or exit fees due upon departure.

These arrangements and associated costs vary significantly from one village or community to another, and it is important to seek legal advice before you commit to purchase a retirement property.

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