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I’m planning my next retirement move in Sydney NSW and have seen a couple of over 55’s complexes. One is still on paper plan only. What are the pros and cons of over 55’s. Are they hard to sell later on? Are they good to live in because noisy kids (unless they are visiting grandkids) generally don’t live there? Can I get some honest feedback because I feel bewildered by the whole thing, and am not sure where to go from here or what questions to ask of the selling agent.
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I think it would depend on the scheme. Some are better than others. The worst are run by superannuated autocrats who just love interfering in other people’s lives or, just as bad, do everything on a nod and a wink or are too scare to pull residents into line.
Others are easy-going and just let people get on with their lives and only occasionally feel the need to pull strata newbies into line.
For an established scheme, ask the existing residents how things work. For an off-the-plan project, make sure you get on the committee.
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You do have a limited market for re-sale but that’s probably reflected in the price you pay in the first place. Swings and roundabouts! I would just avoid blocks where sales are slow and look somewhere where demand is a bit higher (but that will push prices up too). Your comment on an ageing population is valid, though. That limited market is growing.
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Yes, purchase prices in “over 55’s” complexes do appear to be cheaper, whether buying newly built or years down the track.
As these complexes are often a way for developers to build on land not zoned for the density of strata, such as a suburban street of free standing houses, the location may not be the best for retirees. It could be not near shops and amenities, or lack good access to public transport or even be a steeply sloping site with lots of steps.
The recent controversial article concerning elderly owners unable to afford a special levy had me wondering what happens in these “over 55’s” complexes with multiple owners on limited incomes when the infrastructure ages? Attention would need to be given to budgeting from the beginning to ensure the owners could collectively afford the repairs and maintenance required, especially if there is a lift.
what happens in these “over 55’s” complexes with multiple owners on limited incomes when the infrastructure ages?
The answer, as with so many similar questions, is not to make the mistake of living too long.
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I’ll pop my two cents in here.
Purchased over 55s apartment in 2010. Lived there 4 years then moved back to my home & leased over 55s. Good rental return. Paid $390k. Now probably worth $850k. Asked Strata Manager before last AGM to advise how i list a suggestion re putting in a new DA to council changing from SEPP5 to normal Strata. At AGM, Strata Manager voted the item ‘out of order’. I’m not sure how to go about relisting it for consideration at next AGM without it being ‘out of order’? Value of apartment would increase from $850k to $1 million.
2. At last couple of AGMs, increase in Levies not going up sufficiently to cover ongoing maintenance & repairs. Most owners are on pensions. I suggested that making it normal strata allows younger people to buy who can afford ongoing building maintenance & repairs. Building now 12 years old. How do we manage when it gets to 20 years old? Most owners in mid 70s to mid 80s now. Next 10 years will be interesting. I’m now considering selling next year. Good suburb.
Hi
is it possible to convert an over 55’s to a normal strata?
I’m not sure how to go about relisting it for consideration at next AGM without it being ‘out of order’?
Take it to mediation at Fair Trading with a view to resolving via a Section 237. That should remind the chair that they are not the be-all and end-all. Meanwhile, check with your local council to see if this will have any chance of success, hypothetically, so you can go to the next AGM fully informed and armed.
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