The fastest growing seniors housing option is land lease communities.
Australians in their mid-50s and into their late 60s are discovering this new, affordable housing where you can own a new home in a gated estate loaded with lifestyle facilities in great coastal and regional locations, from as little as $300,000 in some communities.
In Queensland, some homes are selling for over $1 million.
So what is the attraction?
As the land lease communities name suggests, you don’t own the land your home sits on – you lease it.
This means you only pay upfront to buy the house itself, making the whole transaction significantly cheaper.
Even better, you don’t pay stamp duty and unlike retirement villages, in most cases you don’t pay a fee when you sell like a deferred management fee. You keep all the profit.
And if you are a pensioner it is probable that Centrelink will help pay the rent on your land every fortnight.
The companies that own the land lease communities are expanding as fast as they can, buying up the best locations next to the ocean and in big country towns before their competitors get in first. Then to attract customers they are building big resort features like clubhouses, cafes and bars.
Customers are 10 years younger than you would find for a retirement village and they are seeking an active lifestyle at an affordable price - which land lease communities deliver.
They are a great alternative to age well.