This is a very unique opportunity to move into your own over 55's Retirement Community in this small park-side villa. As a lease for life property the owners can enjoy the benefit of full property ownership, with just a fraction of the responsibility;
Disclosure Document Frequently Asked Questions
What costs are there to purchasing the unit lease?
When you purchase a unit lease there will be the following costs:
- The ingoing payment (inclusive of GST).
- A non-refundable Administration Fee of $1,000.00.
- Monthly Maintenance fee. This is an ongoing monthly fee paid by all residents, to cover
direct costs of running the village which are common to all residents. The maintenance fee is reviewed annually. The maintenance fee covers the following: Audit Fees, Administration Fees, Annual Pest Control, Building Insurance, Water & Electricity for common area only, Lawns & Gardens for common area only, Rubbish & ESL, Planned & Unplanned maintenance.
- All charges for utilities, water consumption, electricity, gas, telephone or other services related to the unit are to be paid by the resident.
What do I look after in my unit?
Residents are responsible for maintaining and repairing their individual unit, which includes all fixtures and fittings (internal and external).
The resident must not, without advance written consent from Retirees WA, replace or dispose of any item of the Original Fixtures.
In summary:
The resident is responsible to maintain and repair from the back fence to the outside of the front door.
Retirees WA is responsible for arranging the maintenance of everything in the common areas, including the front garden of the unit, the cost of which will be paid from the village maintenance account.
Does Retirees WA's insurance cover my unit?
The Unit, Original Fixtures and light fittings are insured by Retirees WA. However, you must insure the contents of the unit.
Can I have pets?
Yes, you can have pets, at the discretion of Retirees WA. If you'd like to have a pet, you can complete the "Request to Keep a Pet" form from Section 9 of your Disclosure Document.
Disclosure Document Frequently Asked Questions
How is the Outgoing Refund calculated?
The Outgoing Refund is calculated by deducting the following from the Subsequent Resident's Ingoing Payment (Re-selling Price):
- Deferred Management Fee (DMF)
This is calculated as 2.5% of the Subsequent Resident's Ingoing Payment (re-selling price) for each year the outgoing resident has lived in the unit (or part thereof), capped at 25% from the 10th year onward.
- Major Refit Contribution (also known as the Sinking Fund)
This is calculated as 1% of the Subsequent Resident's Ingoing Payment (re-selling price) for each year that the outgoing resident has lived in the unit (or part thereof), capped at 10% from the 10th year onward.
- Additional Costs effecting your Outgoing Refund
- Any outstanding maintenance fees or water usage.
- Any unpaid selling agents' fees (including advertising and valuation fees if applicable)
- Settlement fee of $1,000.00
- Refurbishment Costs - these include but are not limited to:
- painting,
- replacement of floor coverings,
- repair of the unit where required, o cleaning of the unit
- rekey of all locks
Once the Subsequent Resident has paid for the unit lease, the Outgoing Resident (or the estate of the Outgoing Resident) will be paid within 7 business days.
Residents must be aware that the value of the unit lease and accordingly the amount of the outgoing refund will depend on market conditions at the time of the termination of the lease. The Organisation does not express any opinion or give any warranty in relation to such value.
Whilst every care has been taken with the preparation of the particulars contained in the information supplied, believed to be correct, neither the Agent or the client, guarantee their accuracy. Interested persons are advised to make their own enquiries and satisfy themselves in all respects. The particulars contained are not intended to form part of any contract.
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