Your retirement living costs explained
Our simpler, clearer new sales contract
We understand that moving into a retirement village is a big decision – and one that may take you many years to make.
It’s so important that you and your loved ones are informed and understand the costs involved. Certainty and peace-of-mind are key, as well as clarity on exactly what your financial commitments are.
That’s why we’ve listened to your feedback, and simplified our Village contract. It gives you a financial model that’s easier to understand, and provides you with the confidence you need.
Our contract features:
- Exit fee capped at 36% of what you paid
- Guaranteed buyback after 18 months
- No renovation costs when you leave
- No sales and marketing costs
- Market certainty with no capital losses or gains
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Examples of possible exit fees
It’s easy to calculate your exit entitlement for a villa at Renaissance Victoria Point.
1 Year
Entry Price $650,000
Exit Fee 9%: $58,500
Exit Entitlement: $591,500
2 Years
Entry Price $650,000
Exit Fee 18%: $117,000
Exit Entitlement: $533,000
3 Years
Entry Price $650,000
Exit Fee 27%: $175,500
Exit Entitlement: $474,500
4 Years +
Entry Price $650,000
Exit Fee 36%: $234,000
Exit Entitlement: $416,000
The examples above do not represent any particular accommodation unit. They are based on the assumption that the Ingoing Contribution paid was $650,000. Additional charges may be applicable for any legal, registration and/or other applicable fees.
Your investment when moving in
Of course, making big life decisions can be a complex process – and choosing a retirement living is definitely one of life’s big decisions! Yet we certainly believe that at Renaissance, the rewards outweigh any uncertainty you feel while deciding.
To make this process easier for you, we help you to simply determine the long term costs. Our exit fee is capped at 36% of the ingoing contribution you pay when moving in.
You can imagine how being able to calculate exactly how much money you’ll receive when you leave helps enormously when planning your finances for the future.
Also, remember there is no stamp duty payable on your retirement living unit. That’s a big bonus when you’re working through the sums of buying and selling.
Your lifestyle while living in the Village
Your new retirement lifestyle can have a hugely positive impact on your health and wellness. That’s why at Renaissance your monthly fees cover many essential services and thoughtful conveniences which will free up your time to spend on life’s pleasures.
The daily services and support you receive are funded by all village residents. We do not profit from our residents’ monthly fees. Instead, our budgets are designed so that income matches expenditure.
Services and conveniences included in your monthly fees:
- Use of the leisure centre precinct – open to residents 24/7
- Council rates – including all rates levied by Redland City Council and for the provision of services to the site such as water, sewerage etc.
- Refuse collection & disposal
- Emergency call facility (Tunstall Emergency Call System)
- Insurance for buildings (not contents insurance)
- Garden maintenance – including private courtyards and all common grounds
- Lawn mowing throughout the village
- Building and infrastructure maintenance & repairs
- Village bus service – weekly shopping trips & other excursions
- Management & administration
- Electricity to all common areas
- CCTV & security services around the village
Note that this fee does not include your personal expenses such as electricity, gas, contents insurance, telephone and internet services, pay TV, or healthcare.
Your peace-of-mind when you leave
No matter the circumstances, we understand that leaving your village home can be stressful for you and your loved ones. Rest assured you will not be burdened with preparing your villa for sale (except for normal wear and tear or damage). Our specialist team will take care of the renovation process and prepare the villa for sale at no cost to you.
Our team will also expertly market your villa and conduct a professional sales process in the shortest timeframe possible. There are no sales and marketing costs or miscellaneous fees charged to you.
Plus, in the unlikely event that your villa hasn’t sold in a certain timeframe, we’ll buy it back from you.
That’s sure to give you the peace-of-mind you need to enjoy your retirement to the fullest.
Discover the Renaissance lifestyle for yourself
If you have questions about our cost structure, or if you’d like to find out more about the Renaissance lifestyle, we invite you to come along and attend one of our Information Sessions.
