The retirement village/rest home industry needs serious reform and regulation, they are exploiting vulnerable people and making huge profit.
Also the majority have buyback contracts where they have to sell back to the village below market value.
I have a friend whos wife had to move into a rest home and he is now having to buy a 1 bedroom apartment nearby for well over 1 million dollars.
Should she die and he decides he no longer wants to live there, he wont get much back if he sells. The village will then on-sell to the next person for even more money.
Also the majority have buyback contracts where they have to sell back to the village below market value.
I have a friend whos wife had to move into a rest home and he is now having to buy a 1 bedroom apartment nearby for well over 1 million dollars.
Should she die and he decides he no longer wants to live there, he wont get much back if he sells. The village will then on-sell to the next person for even more money.