Retirement Living Fees Explained
A guide to retirement living fees and charges
We understand Retirement Living costs can be confusing. Here at Garden Village, we are happy to guide you through the process. If you buy-in to an apartment at Garden Village, you enter a loan licence agreement. You pay zero stamp duty and when you leave there are no refurbishment or relisting costs. There are a few costs for you to consider.
These are:
– The Ingoing Contribution
– Non Refundable Component
– Deferred Management Fee
– Recurrent Charges
The Recurrent Charges are monthly fees for maintenance, rates, insurance, water, rubbish removal, emergency call monitoring and the upkeep of the Village.
Garden Village offers three options to buy-in to our community at The Cascades and The Banksia. Let us explain with some examples and this helpful animation explainer.
(For information on The Classics Retirement Living Costs please contact us directly.)
Three options explained
Garden Village offers three options to buy-in to our community. Let us explain with some examples. We hope this gives you a good idea of the costs involved when moving into a Garden Village Retirement Living Apartment.
Option 1 is an upfront payment – for peace of mind.
Let’s say the Ingoing Contribution is $550,000. You pay the Ingoing Contribution PLUS the Deferred Management Fee at the time of moving in.
We also deduct the non refundable amount at 9.5%.
Option 2 is for those who would like to pay the deferred management fee over a longer period of time.
You pay the Ingoing Contribution of $550,000 at the time of moving in. Each month you pay a Deferred Management Fee of 2.6%. We also deduct the non refundable amount at 9.5%.
Option 3 offers a capital gain or capital loss component.
You pay the Ingoing Contribution of $550,000. Each month you pay a Deferred Management Fee of 3.1%. When you leave the apartment if there is a capital gain you will receive 50% of that gain. Or….. if there is a loss over time, you would pay the full capital loss.
Start a conversation with our Retirement Living Manager
- Sarah Ogilvie
- Phone 02 6582 8923
- Mobile 0418 467 614
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