George, 85, had lived comfortably in a retirement village in Melbourne’s south-eastern suburbs for nine years – in a unit that cost $595,000 – but when the time came for him to move into aged care he and his three children received two sizeable shocks.
The retirement village operator took two years to sell his unit, which meant his family was unable to pay the $1 million refundable accommodation deposit (RAD, formerly known as the bond) that was required by the aged-care facility. George was able to move in but his family had to pay an annual fee, known as the daily accommodation payment (DAP), which amounted to 5.73% of the outstanding amount of the RAD. (The DAP is paid on a regular basis, up to a month in advance, and is similar to paying rent. This fee is set by the federal government. If a person has no asset base, the DAP equates to about 80% of the pension.)
This dramatically stretched the family’s cash flow. His family’s efforts to speed up the selling of George’s unit in the retirement village by engaging a real estate agent were firmly rejected by the retirement village management, which pointed to a clause in the contract – signed 10 years earlier – that only management could sell the unit.
There were also clauses that prevented the family bringing in their own painters and providing replacement whitegoods.
When the unit finally sold, George’s family received their second shock. Subtracted from the unit’s $1.02 million sale price was a deferred management fee (32.5% of the sale price) of $331,500, a long-term maintenance fund fee (4%) of $40,800, reinstatement costs (new kitchen, painting the unit, etc) of $70,440, a releasing assistance fee (2.5%) of $25,500 and legal costs of $970.
George’s $1.02 million had rapidly become $550,800. In nine years, George’s family had lost more than $400,000, despite the fact the unit had nearly doubled in value.
ãã®èšäºã¯ Money Magazine Australia ã® November 2017 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã ?  ãµã€ã³ã€ã³
ãã®èšäºã¯ Money Magazine Australia ã® November 2017 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã? ãµã€ã³ã€ã³
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.