Are You Retiring?
Manufactured home estates and residential parks – a great option.
Manufactured home estates and residential parks provide a much needed source of self-care retirement housing that is not always available in the “Bricks and Mortar” sections of the market.
Self-care housing estates for seniors provide a wide range of services, facilities and lifestyle choices, including leisure and recreational opportunities, that are not restricted to define “retirement villages” but extend to communities united by age and need.
Compared with legally defined retirement villages, manufactured homes estates and residential parks offer a number of significant advantages including:
- no council rates or taxes
- generally, there is no deferred management fee on departure
- new homes are half the cost of comparable retirement village self-care units
- no legal or hidden costs, no stamp duty
- rent assistance reduces weekly fees for eligible pensioners
- NO stamp duty, NO entry fees, NO exit fees
Importantly in the manufactured home estates and residential parks the well accepted concept of home ownership continues in to retirement, as distinct from the variety of legal and financial arrangements offered by retirement villages.
For those who decide to leave a manufactured home estate and residential park at a later stage, the only deduction from the sale price will be the commission if management acts in the sale of the home. This is significantly less than the deferred management fees applied under many retirement village contracts, where a deduction can be as high as 50% of the original contribution. This difference can amount to tens of thousands of dollars to a departing resident or their estate.
Manufactured home estates and residential parks put high quality homes within the reach of seniors, even those with limited means.
Manufactured home estates and residential parks can also work for those who currently own a substantial residence by allowing them to sell and capitalise.
The available funds can finance their new home and free up more money for them to enjoy their new retirement lifestyle.
For those eligible for a pension, site fees in manufactured home estates and residential parks almost always mean qualification for rental assistance from the Government. There is a qualifying amount of pension above which rent assistance is paid. This figure is adjusted quarterly and up-to-date information can be obtained from Centrelink. Please click here for details on Rent Assistance.
While still within the Residential (Land Lease) Communities Act, manufactured homes and residential parks provide a large percentage of elderly citizens with high quality housing and comfortable retirement lifestyles.
Macquarie Shores Home Village, on the Central Coast, should be at the top of your list when investigating and inspecting this retirement lifestyle option.