A nurse once told me she was amazed at the number of oldies in their last days who asked (if not demanded) for KFC ... chicken wings were popular as were the mashed spuds and gravy.
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Good observations
When I go the doctor I get him to prescribe 30 of the real stuff ....like 100mg .....to have on hand for emergencies. Only $5 that way and real pills
Suppose he can track my use of them but you generally only need 1 get rid of that sore back twinge.
Probably a discussion too complex to hijack the SUM thread. But in a nutshell - I do agree that we should not force opinions on others. But does this mean its ok to invest in whatever people want?
People want tobacco (and die smoking). People want weapons (and other people die from their use). People want diamonds and other people die as cheap labour providing them. People want cheap clothes and other people are basically enslaved manufacturing them. People want cheap service and quasi slaves (maids) are providing it in many countries.
But I agree - it is a very difficult subject, hard to avoid unintended consequences and hey - even the catholic church used to invest into brothels (and earlier into slave trading) ...
Lets enjoy the spoils of our investments ...
I currently will not invest in SUM, or any other companies in the retirement sector.
Selling "licence to occupy" is OK,however it should be mandatory that the village should have to buy back any unsold unit after 6 months.
One of Ryman's guarantees is they will penalise themselves if an occupier (or their estate) not paid back within 6 months.
To-date within Ryman, 6 months wait has been the longest any customer has had to wait.
Quote from Ryman's website, ref https://www.rymanhealthcare.co.nz/wh...ind-guarantees
Repayment protection
It is standard practice for retirement villages to repay your capital sum when the unit has been on-sold. However you will want an assurance that in the event the on-sale is delayed for some reason you will be repaid.
“We guarantee that if the new resident has not settled within six months of you vacating your unit, then we will pay you interest on your occupancy advance until it is paid in full.”
This gives us an incentive to on-sell your unit and repay you promptly. Did you know that in over thirty years the longest time a Ryman resident has ever waited is six months to be repaid their occupancy advance?
Disc: Not intending to put a RYM plug into the SUM thread. I hold both, but mostly RYM.
Thank you.
I thought Ryman too had stopped the guarantee.
However, should Ryman fail to find "a new resident" the waters remain murky.?
Why though?
You've bought it. It is yours to use. You are in the market long with a license to occupy - there's no reason for the village to have all the potential liability of buying back all the licenses. Yet alone the question of determining price.
At least they are going to help you sell it. And they are incentivised to do so - they don't want their village emptying out do they?
Title.
Licence to occupy to me is like a rental.You rent it only.No ownership title.
My over 60s unit I own, and have title.I die my estate can refurbish [straight away],and market it,stage it,auction it, and just meet the market.All under 3 months.
If I was in a retirement village my estate has no rights.No title,retirement village can decide to refurbish in their own good time,and be very lazy on marketing the right to occupy.My estate could wait two years or more to be paid out,for what is or has been a retirement village's "rental property"..
It therefore is/or should be the landlord's [retirement village] responsibilityto payout any estate, should they be unable to find a new resident.How can it be an estate's responsibility.?
I totally agree with you. This is one aspect of the retirement village business I don’t like. Not for me, as I will never be in a financial position to move into one, but for those who are, it seems like they get the raw end of the deal to me.
As someone working in a rest home I struggle with the concept of retirement villages. Given the age of the residents in the rest home I work in, I think the intense focus on units is misguided. There is going to be a huge need for more rest home level, hospital level and dementia care in the future and I believe these companies should be expanding their attention into these areas of aged care much more than they currently are. But then, I guess I am looking at it from a practical point of view rather than a money making one.