VIC Market Guide
Choosing your new home
One of the most important factors
in deciding on your new home is
size. Are you keen to downsize, or
do you need just as much room? A
smaller home offers benefits such
as less housework, chores and
maintenance, while extra space
allows room for friends and family
to stay. We recommend you have a
think about your situation and talk to
the Sales Manager about the types
of homes available.
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.
That’s why we’ve minimised up-front
costs to help you get the most out of
our communities from the moment
you step through the door and are
welcomed into your new home.
The main costs are:
• Initial purchase price
• Monthly service fee
• Deferred Management Fee (DMF)
• Capital gain sharing (if applicable)
Initial purchase price
Every villa, unit 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. Government
charges and legal costs may also
apply. With the exception of strata
title homes, there is no requirement
to pay stamp duty or land transfer
fees.
Service fee
To cover day-to-day operating costs
and the upkeep of the community, a
monthly levy known as a service fee
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 community, including
salaries and wages for staff
• Covering the costs of running
community recreational facilities, for
example gas and electricity usage
• Building insurance
The monthly levy for Serviced
Apartment residents is higher than
what it is for other residents because
it covers the cost of additional
services such as meals and cleaning.
You may still need to pay for things
like your own telephone, gas and
electricity use, insurance, taxes,
water and council rates. If you are
currently receiving a concessional
rate, then you’ll need to apply to
your council to continue receiving it.
Deferred Management Fee
At Lendlease retirement
communities we charge a Deferred
Management Fee (DMF), which
is something you’ll find at many
retirement villages. It helps cover
our initial and ongoing investment in
the village and community facilities.
The DMF, sometimes known as a
departure fee or exit fee, is deferred
until after you sell your retirement
property, instead of being added
to the purchase price. This makes
buying a home in one of our villages
as affordable as possible whilst
allowing you more money to enjoy
your retirement.
Other costs
You should be aware that there
may be other costs incurred when
you sell your property. These may
include:
• Capital gain sharing (if applicable)
• Re-selling costs
• Costs to refurbish your home
• Government charges and
legal costs
• Sinking fund contribution
For more detailed information of
costs relating to a particular village,
please request a copy of the village
fact sheet.
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