The first question many people ask when enquiring about a retirement village is how much will it cost? We recognise the importance of giving you a good understanding of buying, living and the resale of your home and to provide options when you need it most.
What is the initial cost of moving into a retirement village?
The initial cost is basically the “price” you pay for your home. There are a wide variety of Stockland retirement villages and home types which will give you a good idea of what is available and the applicable price ranges.
We encourage you to speak to a Stockland Sales Professional to gain a clear understanding of the financial aspects of moving into your chosen village. We also recommend that you seek independent legal advice on the form of contract you will be required to enter into.
We know you want peace of mind and certainty when it comes to your finances. That’s why we work with you to keep the financial side of things easy to understand and give you options when you need them most.
What are the costs along the way?
You will be charged an ongoing amount (usually monthly) which will be applied towards the payment of costs relating to the ongoing operation, maintenance and management of your village.
In addition, just as you would before moving into a retirement village, you will pay for your personal consumables such as electricity, gas, telephone and internet.
What happens when I leave the village?
An advantage of retirement village living is, in many cases, the ability you have to defer a large part of the costs until after you leave a village, which may be well after you have a need for significant financial resources.
When it’s time to leave the village, there may be reinstatement and/or renovation works carried out to your home to prepare it for sale to the next resident. You will be required to pay all or part of the cost of these works. You will also be required to pay an “exit fee”, which is generally calculated as a percentage of the “price” you originally paid for your home.
Both the cost of works and exit fee payments are typically deducted from the amount you are entitled to receive once your home has been sold to the next resident. If your home is sold to the next resident for more than what you originally paid, the amount you are entitled to receive could include a share of the capital gain achieved.
Please note that this is not intended to be an exhaustive summary of the amounts you may be entitled to receive or required to pay when you leave the village. If you have any further queries, we recommend that you speak to a Stockland Sales Professional or seek independent legal advice.
What is the Change of Mind Money Back Guarantee*?
Stockland offers a Change of Mind Money Back Guarantee* for residents moving into our retirement villages. If, within six months of moving into one of our villages, you change your mind and notify Stockland that you want to move out, we will refund all payments you have made to Stockland for your home. The only fees that you will be responsible for are the costs payable for your home to third parties, such as stamp duty, removalist fees, solicitor fees and utilities like electricity and gas.
*Stockland will refund all amounts you have paid to Stockland for your home (and if applicable the purchase price paid to the previous owner for a strata title purchase) if you notify Stockland that you want to move out of the village within 6 months of moving in. Offer excludes any amounts payable to third parties for upfront costs (e.g. removalist fees and stamp duty) or ongoing costs (e.g. strata levies and utilities) in relation to your home. Offer applies to reservations made on or after 18 August 2014. Offer is subject to terms and conditions to be included as part of the applicable residence contract. For more information speak to a Stockland Sales Professional.