What does retirement living cost?
The cost of retirement living depends on a variety of factors: the type of home you want, its location, facilities and services available, and more.
At Lendlease, we have minimised our up front costs to ensure you get the most out of village life from the moment you step through the door of your new home.
What are the main costs?
- Initial purchase price
- Monthly service fee
- Deferred Management Fee (DMF)
- Capital gain sharing and reselling fees
Below you’ll find a brief explanation of these costs. For more information, please don't hesitate to speak directly to the Sales Manager at the specific village you’re interested in.
Initial purchase price
Like any property on the market, every villa, apartment or serviced apartment that is available to buy in one of our villages will have a specified sale price. The price will vary depending on the size, style, condition and position of the home.
Some government and legal fees may also apply, but for many of our homes, you are not required to pay stamp duty or transfer fees. Please ask the village Sales Manager directly about specific external fees and charges which may potentially be involved.
Also known as a recurrent charge, maintenance fee, service fee or maintenance levy, the service fee is a monthly amount which covers the day-to-day operation and upkeep of the village. It also contributes to covering valuable services including:
- Monitoring the emergency call and response system
- Maintaining and cleaning recreational facilities and common areas including gardens
- Managing the village, including salaries and wages
- Covering the costs of running communal recreational facilities, for example gas and electricity
- Building insurance
You may still need to pay additional personal expenses including for your own telephone, electricity, and contents insurance. If you’re currently receiving a concessional rate, you'll need to apply to your council to continue receiving it. For more information about these costs, speak to your Sales Manager.
Deferred Management Fee
The deferred management fee (DMF) contributes to Lendlease’s initial investment in the land and the construction of the village infrastructure and community facilities.
Sometimes known as a departure fee or exit fee, the DMF is deferred until after you sell your retirement property, rather than being added to the purchase price. This means buying a home in one of our villages is as affordable as possible, ensuring you have more money upfront to enjoy your retirement.
It’s important to be aware that there may be other costs incurred when you sell your retirement village property. These may include:
- A long-term maintenance fund contribution
- Capital gain sharing
- Re-selling costs
- Costs to refurbish your home
- Government and legal costs and charges
For more information about potential additional costs, please speak to the Sales Manager directly.