Understanding the Monthly Services Fee
Breaking down the monthly service fee to discover how it helps keep your village running smoothly.Breaking down the monthly service fee to discover how it helps keep your village running smoothly.
Life in a retirement village is full of opportunities, with a range of leisure and community facilities on your doorstep. Lendlease village teams take pride in running each village smoothly, ensuring residents are able to make the most of the village lifestyle each and every day. Just like life outside of a retirement community, understanding the financial requirements of your lifestyle is key to living worry-free.
While no-one enjoys paying bills, they are an inevitability that allows us to enjoy the services we love. At Lendlease, the goal is to make it simple for future and current residents to understand the costs involved with living in a village. Each individual resident’s fees and costs are set out in their individual contract, and not everyone’s contracts are the same. Depending on the terms of your contract, these will often include: ongoing contribution (sometimes paid in monthly instalments), the upfront or deferred management fee, reselling fees, reinstatement costs and monthly services fees. This month, we explore the monthly services fee to help current and future residents understand how their money is being used to cultivate the ideal village environment.
The monthly services fee is a monthly amount paid by each household to cover the day-to-day operation and upkeep of the village. While it’s most commonly referred to as a monthly services fee, it’s also occasionally referred to as a recurrent charge, a maintenance charge, service fee or a general services charge.
These fees are calculated based on the running cost of the village and differ depending on the services and facilities offered by the individual village. The Village Manager prepares the village budget for each year in consultation with the resident committee. From there, the monthly services fees are determined. While this fee may differ slightly each year, take comfort in knowing that within Lendlease villages, resident voting on the services is mandatory when the increase is above CPI (consumer price index).
Monthly service fees include expenses like rates, water, building insurance and body corporate fees, as well as covering the everyday running costs of the village. The monthly services fee also covers the maintenance of gardens within the village (and your front yard) as well as facilities such as a swimming pool and electricity for the village community buildings.
If you found this information helpful, feel free to share on your social media. For more information about the lifestyle and support offered at Lendlease retirement villages, call the Lendlease Retirement Living Customer Service team on 1800 550 550.