About the Village
What is a Retirement Village?
Thank you for visiting and enquiring about the village. The disclosure statement will clearly explain the provisions which will be formalised in any future contract that you may be desirous of entering into.
You are not the first who may be thinking or considering entering a retirement village. In fact many Australians have embraced the retirement village way of life. Currently there are around 184,000 Australians living in retirement villages, which represents approximately 5.8% of the over 65 population and this is expected to increase to 7.5% by 2025.
The main attraction of the retirement village concept is the feeling of security, community and worry-free life that we can offer. Many people who are retired or are nearing retirement are keen to downsize from the large family home in order to achieve a more manageable living situation with less upkeep responsibilities. There is also the appeal of freeing up some capital to help boost retirement income.
The security of living in a close knit village atmosphere with communal facilities on your doorstep is an enticing option for many people who may be increasingly uncomfortable with the relative isolation in a suburban home. Villages like ours also provide opportunities for social interaction and stimulation through organised activities with fellow village residents.
Are there any short comings in making a move to a village?
Any decision you may make must be balanced against the costs involved. The recent media focus over the way the retirement village financial arrangements are structured has put this issue in the spotlight. Independent research has shown that our exit fees and recurrent fees are the most competitive in this area. Regardless of whether those concerns are valid or not, it is vital that you who are considering such a move to our retirement village or possibly another village take the time to fully understand how the financial aspects work for this village, which are clearly set out in the disclosure statement.
The fundamental principle to recognise is that moving into a retirement village should be a decision based on your life needs and desires and not your investment position. In today's society we are conditioned into thinking that all property is an investment, but any expectation that financial gains can be made from this retirement village or another would be misplaced. Your first consideration needs to be whether a retirement village is going to suit the way you want to live. If it does you then need to weigh the advantages up against the financial sacrifices that are involved.
Cost structure
Every retirement village will have its own variations on the way it structures costs. Generally speaking these costs will fall into three areas and they are,
• Entry fees
• Service/ maintenance fees or recurrent fees.
• Exit fees
These are clearly set out in the disclosure statement.
The contract that is offered by this village is a lease arrangement, which is the most commonly used type of arrangement in most villages.
The complexities surrounding the contractual and cost obligations of becoming a retirement village resident with us or any retirement village make it essential that you seek legal and financial advice to ensure you fully understand how the arrangement will work. We strongly recommend that you obtain professional advice and that you do not hesitate to question us over any issues of concern before you commit to anything.
In conclusion we thank you for your interest in our village and we look forward to you residing in our village at a future date.
Chairman
Johannes Bootsma AFSM