A new suite of proposed financial reforms for land lease communities introduced by the Queensland government is likely to have a major impact across the state and the country, bringing the popular
Your land lease community agreement is two contracts in one. The first is to purchase the home and any add-ons such as upgraded appliances, stone benchtops and alfresco areas. Home prices vary widely, with modest homes selling for as little as $80,000, to luxury homes that can cost more than $1.3 million.
The price of the buyback would be agreed between the operator and the resident. If they can’t agree, an independent valuation may be necessary. After 12 months, if the home remains unsold the operator would have to reduce their site fees by 25 per cent. If the home remains unsold after 18 months the operator would have to buy it back.
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