I went to a seminar cum lecture cum info session on the tricks and traps of exiting a retirement village. Stockland is stretching the definition of the renewal clause into an upgrade clause. The gist is, to get the unit back to something like new for the incoming lessee, the current lessee's estate must pay that cost of approximately $15000. Only Stockland have been charging $55000. So the key points are
- Know your contract (eg Government changes post 2006)
- Attempt the renewal yourself or get some quotes before signing the vacant possession release
- Challenge the Stockland cost of works for the renewal
- Keep informed of similar unit values in the same village
- Negotiate the units' resale price and agree on it.
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| Packed house at Burnside |
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