What Are The Various Costs Associated With A Retirement Home? Can it be Rented or Resold?
Understanding the cost: Below is the main costs related to the retirement communities.
The initial steps:
In the initial investment stage, you can choose from the following options:
1) Direct purchase: You can buy the complete apartment for a lifetime
2) Lease: The lease can be purchased for a set number of years at a cost lesser than that of outright purchase.
3) Rent: You can move in the property on rental basis
Maintenance charges: These are monthly charges which residents have to pay. They cover all the additional services like home cleaning, society maintenance, water, maid/ caretaker, clubhouse and library use. The charges may be on square feet basis or on the types of services availed.
Resale and rent: These homes come with a restriction that they can't be sold or rented to a person who is not a senior citizen. This restriction makes the properties relatively less liquid. However, in some companies, the builder takes the responsibility of resale and finding a tenant.
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