How retirement living works
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About the financial side of village life, including the costs and fees. ...
The differences between buying a home and buying within a retirement village explained. ...
Let’s talk legals
Understand your legal obligations and rights when moving into a retirement village. ...
The Capital Sum is the price paid for the Occupation Right Agreement (ORA)* to secure your right to occupy the unit of your choice within any Metlifecare village. The Capital Sum varies according to the size and location of the unit you choose. Once all the conditions have been met, the Capital Sum is required to be paid on settlement.
* An Occupation Right Agreement is a legal document that gives you the right to occupy that unit and sets out the terms of your occupation.
The Management Fee, also referred to as the Deferred Management Fee (DMF), provides you with a raft of essential village and dwelling services. These include:
- The refurbishment of your unit after you leave
- The re-licensing of your unit including all marketing activity
- Legal and settlement fees
- Long-term village maintenance
- Community facility chattels
For independent living units and serviced apartments, the Management Fee is capped at 30% of the original Capital Sum of your unit, with the 30% being accrued monthly at 10% per year for the first three years of occupancy. It is payable on the termination of your ORA, by way of deduction from the original price (i.e. the Capital Sum) of your unit.
Fixed Village Fee for life
When you live in a village you pay a Village Fee. This is a consolidated fee that captures costs such as council rates, water rates, building insurance, the upkeep of community facilities, gardening services, salaries and wages of the staff and village operations.
By paying a Village Fee, the hassle of paying existing multiple bills is eliminated – one fee takes care of it all. What’s more, Metlifecare assures this fee will not increase, thus it is fixed for life, irrespective of any increases in costs experienced by Metlifecare. This means you will always know what you are paying now and in the future, and no longer have to worry about unpredictable cost increases.
Your own costs
You are responsible for the cost of the internal maintenance of your unit, power, phone and contents insurance.
When you live at an established Metlifecare village you pay a village fee to cover costs, such as council rates, water rates, building insurance, external maintenance, the upkeep of the community facilities, gardening, salaries of the staff and village operations. This simplifies your expenses into one easy to manage weekly fee, leaving you free to select your own phone, personal contents insurance and electricity providers according to your preference.
Lock up and leave with peace of mind and the freedom to come and go as you please. We will maintain the grounds, clear your letterbox and manage security while you're away.