The initial purchase price of an independent living unit (ILU) can vary widely depending on the location, size, and amenities of the unit. Independent living units are typically sold under a leasehold or strata title arrangement, where the resident purchases the right to occupy the unit but does not own the underlying land.
In Australia, the initial purchase price of an ILU can range from around $200,000 to over $1 million, with the average price being around $500,000. The price of an ILU will often depend on the location of the unit, with those in desirable urban or coastal areas often commanding higher prices. The size and layout of the unit can also affect the price, with larger units generally costing more than smaller ones.
In addition to the purchase price, residents of ILUs may also be required to pay ongoing fees, such as maintenance fees, service fees, and council rates. These fees can vary widely depending on the village and the level of services and amenities provided.
Overall, the initial purchase price of an independent living unit can be a significant investment for seniors who are looking for a comfortable and engaging living environment. It is important to do your research and consider your budget and preferences when choosing an ILU.
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Article posted:Jun 20, 2022 Category: Finance
