The Costs of Retirement
At Riverside Gardens, we want to make sure there is complete clarity on the costs involved in entering and living in a retirement village.
When considering moving into a retirement village, it is important to read all available information, including fact sheets from NSW Fair Trading, and seek independent expert advice. Patricia Campbell, the Village Manager will be able to help answer any questions you may have throughout your decision making journey.
Riverside Gardens is an independent living retirement village for over 55’s and does not provide aged care facilities. Residency in this village is available under a 99 year lease, and as such, the fee structure, rules and regulations reflect this.
Step by Step Guide
Make an Enquiry
Receive a General Inquiry Doc
Receive a Disclosure Statement
Receive a Village Contract
Seek Independent Expert Advice
Enter into a Village Contract
Move In
STANDARD FEES
There are three phases where fees and charges will occur. The breakdown of fees and charges will vary from each property and is detailed in the General Inquiry Document you will receive after an enquiry.
Moving In
If you have made the decision to move into Riverside Gardens, there are a number of initial costs to consider, including the purchase price and legal costs. There is no stamp duty payable.
If you enter into a village contract, a 7 business day cooling-off-period will generally apply if you change your mind where no penalty fees will apply.
The law also provides a 90 day settling-in-period during which you may terminate the contract without penalty fees. All you will need to pay are the service fees, utilities and any legal costs for the duration you were living at the village.
Living Costs
Whilst living in a retirement village, a service fee is required to cover the village staff and maintain the services and facilities provided. Riverside Gardens prides itself on continually operating at high standards whilst keeping costs in check, ensuring the residents are getting great value for money.
The service fee covers costs including, village staff, cleaning and maintenance of shared areas, insurance and council rates and organised events. These fees are determined in line with the Retirement Villages Act. Every day living personal living costs are at the residents own expense.
Departure Costs
When permanently departing a village, it is standard practice for a Deferred Management Fee (DFM) to be charged.
A DFM is the main source of revenue for a village and enables capital improvements to be made to the village and facilities, infrastructure upgrades and support staff. It also allows for lower service fee charges and greater flexibility on entry prices, making it more accessible to enter retirement villages.
Upon departure, you will receive a share in the capital gains of your residence and benefit from avoiding the traditional real estate expenses when selling a house; including sales commission, marketing costs, refurbishment costs*. Avoiding these expenses will give added peace of mind when the time comes to make your next move.
