There are numerous advantages to live in a retirement village:
- Frees you from the burdens of maintaining a larger home;
- Surrounded by a like-minded community with whom you can forge deep and long-lasting friendships;
- Dedicated staff members on-call 24 hours a day and 7 days a week to provide assistance should you require it;
- Free to travel the world knowing that things will be just as you left them when you return;
- Able to unlock an enormous amount of equity when you sell;
- Resort-style services and facilities.
No, you do not need to pay stamp duty. This is one of the key advantages of downsizing to a retirement village compared to other homes.
As the residents need the operator to provide ongoing maintenance and services, it is important that the operator retains the title to the village. This ensures the operator will always be engaged with the community to meet their needs and maintains the village in the best condition.
You will still enjoy many of the same rights afforded under freehold title as residents are “Registered Interest Holders” on the title of their property. This entitles you to set your own sale price and you may select your own sale agent when you depart.
Apart from the sale price (also known as the ingoing fee), you will need to pay a recurring service fee as well as an exit fee (also known as a deferred management fee).
The service fee covers the maintenance of the communal areas, buildings, gardens, property and public liability insurance, council rates and staffing costs. Only the costs of operating the village are passed on through this fee. The Residents’ Committee determines whether surpluses are returned to residents or rolled over into future periods. The operator covers any deficits. The Residents’ Committee may also vote to add or remove services with their corresponding change in costs.
You are responsible for your own electricity, gas, water, phone, internet and pay TV services. You are also responsible for any insurance covering your residence and contents should you choose to.
The exit fee is a portion of your resale price retained by the operator when you depart the village and sell your residence. By charging an exit fee, the operator is able to reduce the ingoing price and thereby make retirement village living more affordable.
No, you do not need to pay council rates, body corporate fees or strata fees.
Yes, you may make changes to the interior finishes of your residence. The operator must provide prior approval to ensure proposed modifications do not impact other residents and do not present a safety hazard.
The Residents’ Committee convenes to discuss the budget and has the opportunity to raise concerns or suggestions to the operator. You are also free to discuss any matters concerning the operation of the village with staff members at any time.
Yes, the unit is your home and you are welcome to share it with friends and family as you see fit. Should you wish to have guests staying for an extended period, please inform village management so they are informed in the event of an emergency.
Similarly, please inform village management if you will be away for an extended period.
If you have resided in your residence for a number of years, we will refurbish your residence to freshen it up. This will be done at our expense except where damage was a result of you or your guests’ actions.
You will have the option of appointing the village operator to conduct sales or appoint a licensed real estate agent of your choice. The operator will have access to a waiting list of potential new residents and will be best positioned to discuss the best attributes of the village with potential new residents but the choice is yours.
For the duration your residence is left on the market, your estate will continue to incur recurring fees. This is similar to a strata residence still incurring council rates and strata fees even if left vacant.
If you are still capable of independent living, the village manager will help to put you in touch with outside service providers to help ensure you are able to enjoy an independent lifestyle for as long as possible. These service providers include meal providers, home cleaning services and visiting medical practitioners. You will incur the cost of any outside services required.
For Marston Living Beacon Hill, there is a public bus stop on McIntosh Rd, within a 3-minute walk from the village. Buses depart to Mona Vale, Many, Chatswood, Cromer Heights and Wynyard.
For Marston Living Galston, there are public bus stops 170 metres away on Galston Road, and 20 metres away on Mid Dural Road, within a few-minute walk from the village. The buses link Berowra Waters and Berrilee to Pennant Hills, and Glenorie to Castle Hill.
You retain all the capital gain on your residence but are also exposed to any capital loss. Irrespective of whether you enjoy a capital gain or incur a loss, you pay an exit fee calculated on the resale price of your residence.
Yes, we believe pets are members of the family for many pet lovers. Small pets are welcome subject to the approval of the village manager.