Retirement villages typically charge a range of fees to cover the cost of living in the community. Here are some common fees to consider:
- Entry fee: Also known as an ingoing contribution, this fee is paid upfront to secure the right to live in the retirement village. It can range from tens of thousands to hundreds of thousands of dollars, depending on the village.
- Recurrent charges: These are ongoing fees paid by residents to cover the costs of maintaining the village, such as gardening, maintenance, and security. Recurrent charges can include utilities such as water and electricity, council rates, and insurance.
- Exit fees: Also known as a departure fee or deferred management fee, this fee is paid when a resident leaves the village. It can be a percentage of the entry fee or the sale price of the unit.
- Additional services: Retirement villages may offer additional services, such as meals, housekeeping, and personal care. These services may be provided for an additional fee.
- Legal fees: Residents may be required to pay legal fees associated with entering into a contract to live in the village, including conveyancing and document preparation fees.
It's important to carefully review the fees associated with a retirement village before making a decision. You should consult with financial advisors to ensure that you understand the costs involved and that your retirement plan is sustainable.
Search for retirement villages in:
- Australian Capital Territory
- New South Wales
- Northern Territory
- Queensland
- South Australia
- Tasmania
- Victoria
- Western Australia
Article posted:Jun 18, 2022 Category: Finance
