Choosing an independent living retirement village can be a bit of a different process, so you no doubt have some questions about costs, fees and the contract.
Below we have listed some of the key fees you will need to consider. We believe transparency is key so if you would like to see a copy of the contract, get in touch and our sales representative will talk it through with you. We also recommend you seek financial and legal advice before making a purchase.
Edward River Village’s contract and supporting information are based on the NSW Retirement Villages Act, and includes a disclosure statement, village policies, costs and fees:
Construction Stage 1 Current floor plan entry fees:
$475k, $485k, $495k
Some of the costs associated with maintaining the Village are included in our service fees. Contact us & we can help walk you through this.
Reimbursement calculation on exit (Deferred Management Fee - DFM) - minimum of 65% of the Entry Fee - based on Council retaining 5% of the Entry fee per annum, up to a maximum of 7 years. This is the most common DFM for this type of village.
Capital gains on sale - shared 50% each after any costs such as refurbishment if required.
Great news! There are a stack of inclusions like all maintenance of homes and shared spaces including gardening, repairs, building insurance.
Ask our sales representative for the full list!
There are some things you are responsible for. Some of these include personal contents insurance, internet and telephone fees, electricity (noting all homes come with solar), gardening of the backyard which will be maintained by the resident.