The lower entry cost, community lifestyle and access to a range of other onsite facilities makes retirement villages an attractive proposition for many prospective residents seeking to downsize or transition into a low maintenance lifestyle.
Villas/units in our retirement villages are purchased under a Lease for Life arrangement.
Under Lease for Life, residents pay an ingoing contribution or purchase price for the villa which gives them exclusive rights to live in the property for their lifetime from the commencement date of the lease. Upon vacation of the unit the lease is to be sold. It is important to note that Lease for Life is not the same as entering into a rental agreement.
The cost of retirement living depends on many things, including the type of home required, it’s location, facilities and services available.
The main costs are:
– Low monthly service fees all-inclusive of rates etc
– Exit cost
– One-off Deferred Management Fee (DMF)
– Reserve fund contribution
– Reselling fees