Buying A Home
Buying a retirement home can be a big decision. Some people see it as a bit of an adventure, an opportunity to move into a new home, make new friends and ensure they can continue to play an active part in the local community.
We understand the challenges and the opportunities moving creates, and we will work with you and your advisors to help ensure you can make your decision with confidence. We strongly recommend prospective residents come and visit the village, meet with our village manager and talk to some of our residents about how they found the move and their experiences living at The Falls Estate.
Only by visiting The Falls Estate will you get to experience the uniquely friendly and welcoming atmosphere that is at the heart of our village community.
Apartments and homes come up for re-sale on a regular basis and are refurbished with each sale (i.e. floor coverings, paint, new appliances and where appropriate complete new kitchen and bathroom etc). Every home is priced individually when it comes up for sale, however homes currently range in price from $470,000 for a 1 bedroom apartment to $700,000+ for a home with 3 bedrooms. Many homes and apartments in the Village are two bedroom/one bathroom and they currently range in price from $490,000 upwards, depending on location, size and facilities (depending on availability).
A number of the village homes have conservatories, double garages, en suites or an additional computer/sewing room, which all reflect in the selling price. Buying a home at The Falls is not a difficult process. However, there are some significant differences between buying a retirement village property compared with buying a freehold property outside of a retirement village. We recommend you seek the advice of a lawyer with previous experience in purchasing a retirement village property.
Buying a home and The Retirement Villages Act
The Falls Estate is a “Resident Funded Village”, which means the resident’s ingoing “Entry Payment” and the weekly maintenance fee secures their selected accommodation and the right to the use of the facilities and services provided in the village. Your payment is protected by an act of parliament called the Retirement Villages Act.
When you purchase a home in a Retirement Village your interests will be protected by an independent Trustee, this a requirement of the law and the Trustee is there to ensure that we the operator comply with all requirements of the act. The “Entry Payment” includes a refundable deposit and a Deferred Management Fee.
In each case, on termination of the licence, the licensee is repaid the full refundable deposit plus any unamortised portion of the facility fee when the licence is resold. If you are interested in becoming a resident at The Falls Estate you will be given:
Retirement Villages have different requirements than ordinary residential housing. Prospective residents and their advisers need to be assured that not only will the occupation of the house be available but that all of the other facilities that have been promised will also be available.
Because an ordinary unit title or cross lease does not provide for a mechanism to enforce the provision of promised services within the village or afford the benefit of trustee supervisor, an “occupation right” was finally chosen as being the best option for The Falls Estate. With this system, the residents have the benefit of the Trustees Executors Ltd as Trustee, acting in the interests of the residents. Only four Trustee companies are recognised by the Government as being able to act in the capacity of Trustee for Retirement Village residents.
The Management of The Falls Estate is responsible and answerable to the Trustee. The Trustee ensures all of the facilities promised are provided and that the village management perform their tasks correctly. When the money for a home is paid over through the Trustees Executors Ltd, the Trustee supervises the transaction. The interests of the purchaser are secured against the Falls Estate Village complex through a Mortgage held by the Trustees Executors Ltd.
Moving into a lifestyle village is not a financial investment, but rather an investment in your life. The effective security, companionship and full use of all the community facilities for friends and family make The Falls Estate the ultimate living experience in your retirement years.
The Village Manager is available anytime to discuss the financial plan with you in more detail.
Weekly Service Fee
The Falls Estate Management has a very firm commitment to keep the weekly running cost to an absolute minimum. The service fee being charged monthly will be increased annually, only when necessary where increased costs are experienced. The weekly service fee includes:
- Land and general rates
- Water rates
- Security/security patrols
- 24/7 emergency call assistance monitoring
- Statutory Supervisors fees
- Street lighting
- Exterior home maintenance
- Insurance of all homes and buildings plus public liability cover
- Grounds and gardens maintenance
- Village centre operational and maintenance costs
- Cleaning of exterior of homes – from the roof down to the pathways (annually)
- Roof treatment for moss and mould – every second year
- Cleaning of windows twice per year (outside only)
Full disclosures of the accounts relating to the weekly fee are presented to each of the residents annually.