Costs and Ownership
Things to consider before buying a retirement property
Like any big change in life, moving into a retirement village takes some consideration. We’re committed to ensuring you have all the information you need to make your decision as straightforward as possible. Here are a few things to consider when making the decision to buy a retirement property with Lendlease:
Ownership & Tenure
There are a number of different sale or tenure agreements used for retirement village properties. Some of these are the same as general property agreements such as Strata Title, while others may be a Loan Lease, a Leasehold or a Loan Licence. When you decide to purchase a home in one of our retirement villages, the Sales Manager or Village Manager will meet you face-to-face and provide you with a contract, as well as further explain the costs involved.
Please take the time to review the contract thoroughly, obtain independent legal advice and talk to your friends and family. Of course, we are also here to answer any additional questions you may have.
When is the best time to make the move?
Everyone’s situation is different, so there’s no right answer for everyone. If you’re over 55 and like the idea of living within a welcoming community, there’s no reason why you shouldn’t consider a retirement village. These days, perceptions of what a typical retiree looks like have changed. In fact, plenty of people who live in retirement villages are not retired at all!
While there are no disadvantages of moving too early, waiting too long may mean you miss out on making the most of the facilities, convenience and friendships that can be formed at a retirement village. Our villages offer an environment in which you can make the most of everything you've worked towards, no matter whether you have retired or are still working.
Consider the property type that suits your lifestyle
When it comes to choosing a property type, consider how you plan to spend most of your retirement to make sure your new home will suit your needs. Whether you plan to spend it golfing, gardening, visiting family or taking up a new hobby, your new home should give you easy access to whatever you enjoy most. The same applies for the size and layout of your home.
Downsizing to a smaller property offers the benefits of less maintenance, while extra space allows room for your hobbies, office work or storage. If you have lots of family who you know will be coming to visit, make sure you’ve catered for them with the space you have.
No matter which option you choose, it’s important to note that you will pay ongoing service fees that cover the day-to-day operating costs of the Village. Lendlease does not profit from these service fees, but they are a standard part of retirement village living and include things such as the village staff, utility costs for common areas, and garden and property maintenance. If you choose to live in a Serviced Apartment, your service fees also cover your meals, weekly cleaning and heavy laundry.
Know when your service fees stop*
Ongoing service fees are a standard part of retirement living. These fees cover the day-to-day operating costs of the Village. With Lendlease, you can rest assure that within 90 days of vacant possession and listing your property, you won’t pay any more ongoing service fees, no matter how long it takes for your property to be resold. For more information on the Service Fees of the village you’re interested in, contact the Village Manager.
Change your mind with peace of mind*
We want you to be confident that you’ve made the right decision. That's why if you decide retirement living is not for you within your first 6 months of living in your property, you can end your contract, move out and we guarantee to refund the price you paid, free of DMF charges. All you’ll pay is fair market rent and service fees for the duration of your stay and costs to repair any damage above fair wear and tear.
Questions to ask your sales team
Some questions are best directed to the Sales team for your chosen retirement village, as some answers may vary from village to village. Here are some questions to make the most out of your time with them:
- What is the process of buying a property in this village?
- What are the upfront, ongoing and exit costs?
- Will any of these costs change?
- How long will it take to reach settlement?
- What if I can’t sell my current home before settlement?
- What exactly do I get for my money?
- Can I make changes to my home?
- Do I have to pay for maintenance?
- What if I decide I don’t want to stay?
*This offer is subject to terms and conditions which are available from our Village Sales Managers. Lendlease reserves the right to amend or discontinue this offer at any time, without notice. This offer applies to new residents only and excludes strata or purple title villages. Lendlease upholds residents' statutory rights under the Retirement Villages Act applicable in each state.