Costs & Ownership
We will walk you through the costs involved, ownership and tenure agreements used for retirement properties, and things to consider before buying. There are also questions to ask your Sales Manager, and things to review when selling your current home - and your retirement village home, when that time comes.
Sometimes of course it's best to just talk to someone, either over the phone or face to face. Just call 0800 774-635 and we'll answer any questions you have, or talk to the Sales Manager of a village you're interested in.
What does retirement living cost?
The cost of retirement living depends on a lot of things. They include the type of home you want to live in, its location, the facilities and services available, and more.
It's why we've minimised up-front costs to help you get the most out of village life from the moment you step through the door and into your new home.
The main costs are:
- Initial purchase price
- Monthly service fee
- Deferred Management Fee (DMF)
To follow, you'll find a brief explanation of these costs. If you'd like to know more, please don't hesitate to ask the Sales Manager at the village.
Initial Purchase Price
Every villa, apartment or serviced apartment that is available to buy in one of our villages will have a specified sale price. Like any real estate, this price will vary depending on the size, style, condition and position of the home. However, unlike most other real estate, the price you see is the price you pay.
To cover day-to-day operating costs and the upkeep of the village, a monthly levy sometimes known as a recurrent charge, maintenance fee, service fee or maintenance levy is charged. This levy is used to cover services such as:
- Monitoring the emergency call and response system
- Maintaining and cleaning recreational facilities and common areas available to all of the residents, including gardens and lawns
- Managing the village, including salaries and wages
- Covering the costs of running community recreational facilities
- Building insurance
The monthly levy for Serviced Apartment residents is higher than for other residents because it covers additional services such as meals and cleaning.
You may still need to pay for things like your own telephone, gas and electricity use, content insurance, sky TV and so on.
Deferred Management Fee
We charge a Deferred Management Fee (DMF), something you'll find at many retirement villages. It helps cover our initial investment in the land and buildings, village infrastructure and community facilities. This is only paid upon Exit as an amount deducted from the agreed initial purchase price.