Strata Title Retirement Villages
Rylands communities are like any other suburban community, in the sense that people are simply going about their lives as they choose! The main difference is that a Rylands village comprises of people at a similar stage in life who are all seeking security, a sense of community and facilities that a retirement village offers.
Retirement village ownership structures come in a few different shapes and sizes.
Rylands communities are based on strata title retirement village model.
ABOUT OUR FEE STRUCTURE
There are three main fees to consider when buying into a retirement community; ingoing, ongoing and outgoing.
Also referred to as the ‘the asking price’, ‘entry cost’ or ‘in-going contribution’, this is the advertised price for our apartments. At Kew, they start from around $550,000 and at Hawthorn from $680,000 depending on availability at the time of looking.
It’s important to remember that the Rylands apartments are under the highest form of ownership being strata title and stamp duty is payable on top of the ingoing fee.
The ongoing fee is also referred to as the ‘service fee’, ‘maintenance fee’ or ‘body/owners corporation fee’. This is a monthly fee that is paid by residents to ensure the smooth operation of the communities.
At Rylands, we offer a little more in terms of lifestyle and support services and this fee covers things like;
24-hour staffing and seven days per week concierge services, cleaning and maintenance of all the amazing shared community spaces like the heated pools, allied health consulting rooms, restaurants, lifts, gardens, activities, emergency call button in all apartments and much more.
Ongoing fees are very reasonable and are comparable to those of maintaining a large, 40-50-year-old home in the area. The fees are calculated on the size of the apartments and start from $942 per month at Hawthorn and $1,134 per month at Kew. In addition, residents pay their own rates and utility bills.
Just about all retirement living operators charge a fee when a resident leaves the community.
Whether it’s a not-for-profit or profit organisation, they are an operating business that is about fulfilling needs of older Australians, creating secure environments and fantastic places to live.
In order to keep doing that or develop other missions in the business, what’s commonly know as a ‘deferred management fee’, ‘exit fee’ or ‘departure fee’ is part of the agreement.
Our outgoing fee is simple and is a percentage of the sale price (taken from the sale price once sold) with the capital gain going to the departing resident. This is a maximum of 33% after five years (28% to the operator and 5% to the long-term maintenance fund to ensure the building and facilities are always in excellent condition).
In addition, all apartments need to be brought back to a saleable standard, this includes re-painting, re-carpeting and making sure everything works. This cost along with a standard marketing and selling costs are payable in the outgoing process.
Interested to find out more?
Our Sales Consultant, Rob Macpherson understands that this can be a difficult process for anyone that doesn’t understand how retirement living works and is always keen to have a coffee or tea with anyone that would like it explained in simple terms.
Please feel free to call him anytime on 0420 947 151 to discuss over the phone or at Kew or Hawthorn or fill in your details below.
The Retirement Living Council has put together the Book of Wise Moves – your one stop shop with everything you need to know about retirement living options, from costs to contracts, onsite services and so much more. Written to be accessible and easily understood it is also packed with examples to help you make an informed decision.
Or enquire below for a Rylands info pack