Ultimately, it is important for the client to understand that he or she does not usually buy property within a village for the elderly, but the right to stay in the property (according to the rental agreement). We understand that every retiree is unique, which is why we are committed to giving future residents of the village for the elderly, their families and their representatives the information they need to make this life change and rewarding. With so many amazing communities retreating to Australia, Compare Villages is here to help you answer any questions you have about moving to a village for the elderly. It can certainly be a difficult decision when it comes to choosing the right village of seniors, especially if you have important factors to consider, such as fees and contracts. No one wants to make the “wrong” choice and get stuck in a contract that you don`t understand or end up paying surprising costs. If a village operator has a waiting list in a village but is not the seller for a unit, you don`t need to sell to people on that list. The operator does not make the waiting list available to the seller or deliver it. In addition, the Pensions Act stipulates that you may not be invited to sign a village contract until 14 days after signing a village contract. If you have to move in before the end of the 14 days, you can do so by signing a short-term lease. On the other hand, you can sign a rental contract for a rental unit in a traditional village for the elderly where at least one resident has paid an entrance fee, a rental contract governed by the Law on Retirement Villages. The possession of community titles: This is a very rare form of rent for age villages and operates on a direct ownership structure similar to posts, except in the community title, the country is divided into “lots”.
This system is similar to a corporate securities scheme, except that you buy a unit/s from a trust that gives you the right to occupy a particular unit in the village and use community spaces and facilities. Loan and licensing contracts are another very common form of village agreement. They can be used by a few large suppliers such as Southern Cross Care or St Vincent`s Care Services. The PWC/Property Council Retirement Census 2017 (more than 56,000 age units across Australia) has a maximum carry-over rate of 30% or less for 60% of villages. At the time of the census, about half of the villages reached the maximum 5-year deferral percentage, with the remainder reaching the maximum percentage of 10 years. You must also pay recurring maintenance fees, usually monthly or quarterly. In some age villages, this tax is a fixed percentage of the old-age pension. The Retirement Living Council is Australia`s highest governing body for the pensioner sector.
Here you will find a useful planning checklist with important questions you need to ask before choosing to move to a senior village prepared by the Property Council of Australia. Note: You may have to pay for maintenance, repairs or replacement of your unit and personal garden/yard maintenance, and you must make your own requests with the village operator. Title ownership Strata: Like regular strata securities schemes where the property is divided into units, it functions as a direct ownership structure.