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Frequently Asked Questions
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We expect people to have to sell an existing property before moving. Seniors Own Real Estate can usually organise it so a resident will move from their existing home directly into their new villa or apartment when it is ready, thus avoiding two moves.
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There are many reasons for people moving into a village. Social contact, low maintenance, lock-up and leave makes going away easy, enhanced personal security, access to care and support if needed and resort style facilities are just a few.
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In many cases you enter into a long term or life lease, which gives you as much security as if you had a title. When you leave you will usually receive the benefit of any capital growth but you leave something behind for the management organisation so they can continue to upgrade the houses and facilities in the long term and provide people with the many aged care services required.
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The upfront purchase price plus any application, documentation or settlement fees which maybe applicable to individual villages. Leases are exempt of stamp duty under current legislation. If your village offers a title on your residence then you will be liable for stamp duty.
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Leases are exempt of stamp duty under current legislation. If your village offers a title on your residence then you will be liable for stamp duty.
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Many villages will allow certain house pets under controlled conditions provided they don’t create any problems for other residents. You should check the village you are considering.
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Not normally as it will be included in the policy for the village and payable in the regular maintenance fees. You would need to take out your own household contents insurance. Insurance premiums are very attractive in retirement villages as there is a “Villagewise” policy through the Retirement Villages Association, which is very competitive. Our selling agents can provide a brochure to assist residents to get a competitive quote when they need it.
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Usually only the inside where you are living and your own private outdoor area. The rest of the outside is taken care of for you but this can vary from village to village.
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In most villages the residences will be equipped with an emergency call system. Details of operation are available from each village.
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This will depend on the village but in most modern villages, both Internet and Foxtel access are available should you require it.
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In relation to the Assets Test, a Lease is treated the same as if you owned the title to the property, if it is your permanent residence. Individual circumstances will vary and you should contact Centrelink to confirm your personal situation. www.centrelink.gov.au
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Some villages may provide additional parking for caravans.
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They are owned by private developers and church and charitable 'not for profit' organisations.
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Foreign Investment Review Board (FIRB) advice is that yes you can, however you must submit your offer to lease subject to FIRB approval and make application to them. Allow 30 days for application to be processed. This is for new properties only not re-sales of established houses. You should contact the FIRB to confirm your personal situation. www.firb.gov.au
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Not all, but most. If you have very little income, some of the retirement villages may offer you a unit and not ask for any entry contribution, but will charge a rental.
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Under the Act your deposit is refundable if you cancel within 5 working days after the date of the agreement and you are not occupying the unit.
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It might be. Centrelink considers the amount of entry contribution you have paid in assessing your pension. The rules for assessing your pension are complicated. If you receive rent assistance this may be affected also. Contact Centrelink to discuss your personal situation. www.centrelink.gov.au
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