General Discussion
In reply to the discussion: The new risk for residents of senior living communities - private equity's search for profits [View all]SWBTATTReg
(26,059 posts)these sorts of places and I always wonder, didn't the original residents put in safeguards to prevent this sort of thing from happening? Surely, they can't be that dense or not think that unscrupulous investors would step in a heartbeat and stir up things for these seniors who had bought their places thinking that their purchases were a lifetime deal, something to be passed down in family wills or trusts to their children or heirs.
Just what does someone get, when they buy one of these places? Do they get an all in one package, the estate/apartment itself, the things included w/ the purchased apartments, such as ride share to doc's appts, to the grocery store and/or other shopping venues (well planned out, in advance, each and every week), regular appointments by doctors and/or nurses to such facilities on a per weekly basis or such, and other items that come in handy, such as swimming pools, spas, etc. Of course, such things are probably provided on a sliding scale, and you pick and choose what you want, perhaps on an annual basis.
What gets me too, is that so many bought into places that have such giant outstanding future bills (a new roof, other such giant expenses), and that these places didn't already have some sort of set aside, for these regular upgrades/updates needed on every place
that is out there, not just in Florida either, but everywhere.