Page 14 - Understanding Aged Care
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UNDERSTANDING AGED CARE
WARNING: • Insurance costs (landlord’s or rental
If your spouse entered residential care before property insurance and home building
1 January 2017 but you move into care after insurance)
that date, some additional concessions may • Risks with tenants and potential vacancies
apply for the former home if they paid some • Time and effort to manage the upkeep
DAP instead of the full RAD. Financial advice and maintenance of the home or rental
will be important to determine the impact on arrangements.
your financial situation.
Rental agreement
Costs to consider You could choose to rent your home privately
to a friend or family member, or commercially
Before renting, you will need to consider through a real estate agent.
the upfront costs you may need to spend to
prepare your home for rent, the ongoing costs Once you have found a tenant, it is important
of maintaining the home and any other risks to put in place a rental agreement. If renting
associated with renting your property. commercially your agent will arrange this
process. This agreement should include the
Upfront costs could include: name of the tenant, the amount of weekly rent
• Renovation or repairs and the date that the property was rented.
• Advertising costs and upfront agent’s fees
The recording of regular rent and the existence
Ongoing costs and other issues could include: of a rental agreement is important evidence
• Agent management fees when determining your assessable income for
• Council and water rates Centrelink/ DVA and taxation purposes.
• Repairs and maintenance
• Land tax
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