Over 50's Lifestyle Resorts......?

Question

My current home is way too big for my needs and I have just turned 50. I need to downsize and have been seriously thinking about buying one of these small 2-3 bedroom houses inside a 50+ village. (Not a Retirement Village) I have checked out many websites and these places appear to be exactly what would suit me. They are also quite cheap (around $200,000) which would leave me money left over to do some travelling. Im hoping you know the kind of place I'm talking about, very similar to the Big 4 Caravan Parks whereby they have a pool, a spa, tennis courts etc., and low maintenance.  

So I was wondering if anyone has had any experience with these places - any useful info, pro's or con's I may not have thought of. I am aware that I would still have to pay monthly fees, although I would own the property outright. This is obviously for maintenance, rates etc., 

My ideal place would be around the Sunshine Coast / Hervey Bay area. As many of you know I have a daughter and her family in Queensland.

For anyone who doesn't know the type of place I'm referring to, here is an example:
http://www.noblelakeside.com.au/h_howitworks.asp

I would appreciate any input you have to offer - Thanks

dave · Accepted Answer

Never known anyone who has bought into these resorts and hasn't had trouble if they need to leave.
Get a lawyer to go through contract, so you know exactly what you are buying, how much on going fees are, whether you can do your own gardening or must have it done by resorts staff.
Medical and administration fees can be very high per year.
Get things checked out before you regret.
The company could change at any minute and your site rent might double overnight or you might find they might decide to develop the land for other purposes and give you 6 months to vacate the site with your house, so many variations, it's all happened before, gullible people rush in and then find lots of pitfalls in very small print.

curious1 · Answer

Be careful as in some of them you do NOT own the property outright, even though you have paid its true value.

Also if you are used to having just 2 neighbours with a good distance between you then having many neighbours at very close proximity will be something to adjust to.

Over 50's Lifestyle Resorts......?

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