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Costs: Moving in, living in, leaving
Costs and contracts

Costs: Moving in, living in, leaving

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Costs: Moving in, living in, leaving

The costs of moving in, living in, and moving out will vary between villages and depend on the living options, amenities and services you choose.

Independent retirement living expert Rachel Lane says an easy way to break it down is by reviewing and comparing all costs for the retirement villages you’re interested in. It’s a good idea to approach an independent financial advisor to go over these figures with you.

Moving in costs

Waitlist fee

Some retirement villages will have a waitlist fee for people wishing to join the community. Check with the village you’re interested in to find out if this applies. Waitlist fees may be around $200, but can differ widely. Some villages will have no fee.

Deposit

Some retirement villages will ask you to provide a deposit before you move in, which will be part of the ‘ingoing contribution’ or ‘entry fee’ (see below).

Entry fee

The entry fee (sometimes also referred to as an ‘ingoing contribution’) set by a retirement village is what you’ll pay to secure your property at a retirement village. Generally, you’ll need to pay this before you move in.

This fee will likely include the unit/villa/apartment purchase price. Depending on the village contract, it may incorporate other costs like stamp duty and title registration fees. Always check the contract when you’re looking at entry fees and what they cover.

The fee may be refundable in whole or in part upon departure from the village.

This cost can differ widely depending on the contract for your retirement village property. For some contracts with some retirement village operators, you can choose to pay a greater ingoing contribution which may mean you won’t need to pay an exit fee, or you will pay a reduced exit fee.

Third parties - your representatives

You’ll likely need a lawyer, or in some cases a conveyancer, to handle the contract for you. It’s a good idea to contact a few to get an understanding of their fees.

You could also consider engaging an independent financial advisor to support you. Their fees will differ, too, so always ask upfront what the costs are.

Pension, government assistance

It’s a good idea to contact Services Australia (Centrelink, Australian Tax Office) to set up a meeting with its Financial Information Service (FIS). The FIS Officers can help you learn more about how any government payments, such as the Age Pension or rent assistance, can be impacted by a move into a retirement community.

Moving in costs checklist:

Here are some questions to help you better understand your potential moving in costs:

  • What is the purchase price of your retirement village property?
  • Can you choose to pay different ingoing contribution amounts according to your contract? If so, how does that impact on exit fees?
  • Are there any deposits or payment installments required?
  • Are there any transaction costs; stamp duty, registration on title, contract preparation fees?
  • How might your pension or other government support be affected?

Living in costs

General service charge, ongoing fee or maintenance fee

In retirement villages, residents will pay a weekly or monthly fee to cover costs associated with running the village. This is often called a general service charge or a maintenance fee.

This cost contributes to day-to-day life in the retirement community; which may include the upkeep of communal facilities, social activities and events, council rates and community staff.

Different factors can influence the pricing of a general service charge.

Independent retirement living expert Rachel Lane says that a larger retirement community with more facilities such as a pool, tennis court and a lake, may have higher ongoing fees compared to a community with fewer amenities.

Costs can also depend on the number of residents living in the community. Residents are responsible for meeting the budget of village expenses, and the costs of community upkeep are split among residents.

Your village comparison information documents and the contract will include what the village maintenance fee will cover.

Care and support services

Personal services may be available to residents in addition to general services. These services can include things like meals, cleaning, laundry and personal care.

These services can often be provided through the village which may have its own on-site care team, or you might source your own supports from outside the village. If you are considering using care and support services, you should factor this into your budget for ‘living in’ costs.

Retirement communities can often help you arrange care and support services on a fee-for-service basis, or you may be eligible for government-subsidised support through Home Care Packages or the Commonwealth Home Support Programme. Home care services are offered based on your care needs, availability, and eligibility.

Personal expenses

In addition to the general service/maintenance/ongoing fee, you will have your own personal expenses to consider when living in a village.

The cost of utilities including phone, gas and electricity could be separately metered and charged to your property – you should check this carefully in the disclosure material and contract. In most cases, you will be required to obtain your own home contents insurance.

Other costs to account for are your day-to-day living expenses, including food, medication, and vehicle costs. There will also likely be various one-off expenses from time to time, like going on holiday and other entertainment expenses.

Living in costs checklist

Here are some questions to help you better understand your potential ongoing retirement village costs:

  • What are the ongoing fees, what do they cover?
  • What additional services are available, and what do they cost?
  • Is care available in the community? How do you access it? What does it cost?
  • What will be your personal expenses? Will these change over time?

Leaving costs

Exit fees or Deferred Management Fees

When you leave, your retirement village will arrange the sale of your home. Depending on your contract, you’ll likely pay an exit fee - which may also be known as a Deferred Management Fee (DMF).

Exit fees change, and will depend on a number of factors. These include:

  • How much of the ingoing contribution fee you paid when you moved in (for example, this may be 100%, 90% or 70% of the contract price)
  • How long you have lived in the retirement village for.

Exit fees are calculated up to a specified maximum percentage that's stated in your contract.

Other costs and charges payable when you leave (not to be confused with the exit fee or DMF) can include paying renovation costs, sales commissions, and sharing capital gain or loss.

It’s really important to be fully aware of the exit fees as stated in your contract.

Some retirement village operators will let you pay greater entry fees and no, or reduced, exit fees. These contract options can differ widely, so independent finance expert Noel Whittaker says it is important you fully understand your exit fee obligations.

Additional selling costs

Once you leave, there are likely to be other costs associated with selling your property that you need to cover or share. This may include sales commissions, repairs, reinstatements and renovations, and advertising and other marketing costs.

Some villages may pay for the cost of renovations and some villages may add these costs into exit fees. Any additional fees will be stated in your contract.

Capital gains

Once you leave and your retirement village sells your property to its next owner, they may do this at a higher amount than what you paid when you moved in. Depending on what was stated in your contract, you may get a share in this capital gain, or you might not.

Carefully review the terms and conditions of any retirement village contract before signing.

Deceased estates

If you pass away while living at a retirement village, the executor of your will is responsible for managing the exit process. They will handle any exit fees and property removal. It’s important you have a legally valid and recent will and that your executor understands your residence contract and obligations, to help your executor manage this process smoothly.

Leaving costs checklist

Here are some helpful questions to sort your potential outgoing retirement village costs:

  • What are the exit fees as outlined in the contract?
  • What does the contract state about capital gains?
  • Do exit fees cover everything? Or are there additional costs?

 

The information provided is current as at April 2024 and is subject to change. It is general in nature and is not personalised for your unique needs, objectives or financial situation. Some information may be provided by a third party. Aveo encourages you to seek independent legal and financial advice about your particular circumstances before moving to an Aveo retirement village.

The costs of moving in, living in, and moving out will vary between villages and depend on the living options, amenities and services you choose.

Independent retirement living expert Rachel Lane says an easy way to break it down is by reviewing and comparing all costs for the retirement villages you’re interested in. It’s a good idea to approach an independent financial advisor to go over these figures with you.

Moving in costs

Waitlist fee

Some retirement villages will have a waitlist fee for people wishing to join the community. Check with the village you’re interested in to find out if this applies. Waitlist fees may be around $200, but can differ widely. Some villages will have no fee.

Deposit

Some retirement villages will ask you to provide a deposit before you move in, which will be part of the ‘ingoing contribution’ or ‘entry fee’ (see below).

Entry fee

The entry fee (sometimes also referred to as an ‘ingoing contribution’) set by a retirement village is what you’ll pay to secure your property at a retirement village. Generally, you’ll need to pay this before you move in.

This fee will likely include the unit/villa/apartment purchase price. Depending on the village contract, it may incorporate other costs like stamp duty and title registration fees. Always check the contract when you’re looking at entry fees and what they cover.

The fee may be refundable in whole or in part upon departure from the village.

This cost can differ widely depending on the contract for your retirement village property. For some contracts with some retirement village operators, you can choose to pay a greater ingoing contribution which may mean you won’t need to pay an exit fee, or you will pay a reduced exit fee.

Third parties - your representatives

You’ll likely need a lawyer, or in some cases a conveyancer, to handle the contract for you. It’s a good idea to contact a few to get an understanding of their fees.

You could also consider engaging an independent financial advisor to support you. Their fees will differ, too, so always ask upfront what the costs are.

Pension, government assistance

It’s a good idea to contact Services Australia (Centrelink, Australian Tax Office) to set up a meeting with its Financial Information Service (FIS). The FIS Officers can help you learn more about how any government payments, such as the Age Pension or rent assistance, can be impacted by a move into a retirement community.

Moving in costs checklist:

Here are some questions to help you better understand your potential moving in costs:

  • What is the purchase price of your retirement village property?
  • Can you choose to pay different ingoing contribution amounts according to your contract? If so, how does that impact on exit fees?
  • Are there any deposits or payment installments required?
  • Are there any transaction costs; stamp duty, registration on title, contract preparation fees?
  • How might your pension or other government support be affected?

Living in costs

General service charge, ongoing fee or maintenance fee

In retirement villages, residents will pay a weekly or monthly fee to cover costs associated with running the village. This is often called a general service charge or a maintenance fee.

This cost contributes to day-to-day life in the retirement community; which may include the upkeep of communal facilities, social activities and events, council rates and community staff.

Different factors can influence the pricing of a general service charge.

Independent retirement living expert Rachel Lane says that a larger retirement community with more facilities such as a pool, tennis court and a lake, may have higher ongoing fees compared to a community with fewer amenities.

Costs can also depend on the number of residents living in the community. Residents are responsible for meeting the budget of village expenses, and the costs of community upkeep are split among residents.

Your village comparison information documents and the contract will include what the village maintenance fee will cover.

Care and support services

Personal services may be available to residents in addition to general services. These services can include things like meals, cleaning, laundry and personal care.

These services can often be provided through the village which may have its own on-site care team, or you might source your own supports from outside the village. If you are considering using care and support services, you should factor this into your budget for ‘living in’ costs.

Retirement communities can often help you arrange care and support services on a fee-for-service basis, or you may be eligible for government-subsidised support through Home Care Packages or the Commonwealth Home Support Programme. Home care services are offered based on your care needs, availability, and eligibility.

Personal expenses

In addition to the general service/maintenance/ongoing fee, you will have your own personal expenses to consider when living in a village.

The cost of utilities including phone, gas and electricity could be separately metered and charged to your property – you should check this carefully in the disclosure material and contract. In most cases, you will be required to obtain your own home contents insurance.

Other costs to account for are your day-to-day living expenses, including food, medication, and vehicle costs. There will also likely be various one-off expenses from time to time, like going on holiday and other entertainment expenses.

Living in costs checklist

Here are some questions to help you better understand your potential ongoing retirement village costs:

  • What are the ongoing fees, what do they cover?
  • What additional services are available, and what do they cost?
  • Is care available in the community? How do you access it? What does it cost?
  • What will be your personal expenses? Will these change over time?

Leaving costs

Exit fees or Deferred Management Fees

When you leave, your retirement village will arrange the sale of your home. Depending on your contract, you’ll likely pay an exit fee - which may also be known as a Deferred Management Fee (DMF).

Exit fees change, and will depend on a number of factors. These include:

  • How much of the ingoing contribution fee you paid when you moved in (for example, this may be 100%, 90% or 70% of the contract price)
  • How long you have lived in the retirement village for.

Exit fees are calculated up to a specified maximum percentage that's stated in your contract.

Other costs and charges payable when you leave (not to be confused with the exit fee or DMF) can include paying renovation costs, sales commissions, and sharing capital gain or loss.

It’s really important to be fully aware of the exit fees as stated in your contract.

Some retirement village operators will let you pay greater entry fees and no, or reduced, exit fees. These contract options can differ widely, so independent finance expert Noel Whittaker says it is important you fully understand your exit fee obligations.

Additional selling costs

Once you leave, there are likely to be other costs associated with selling your property that you need to cover or share. This may include sales commissions, repairs, reinstatements and renovations, and advertising and other marketing costs.

Some villages may pay for the cost of renovations and some villages may add these costs into exit fees. Any additional fees will be stated in your contract.

Capital gains

Once you leave and your retirement village sells your property to its next owner, they may do this at a higher amount than what you paid when you moved in. Depending on what was stated in your contract, you may get a share in this capital gain, or you might not.

Carefully review the terms and conditions of any retirement village contract before signing.

Deceased estates

If you pass away while living at a retirement village, the executor of your will is responsible for managing the exit process. They will handle any exit fees and property removal. It’s important you have a legally valid and recent will and that your executor understands your residence contract and obligations, to help your executor manage this process smoothly.

Leaving costs checklist

Here are some helpful questions to sort your potential outgoing retirement village costs:

  • What are the exit fees as outlined in the contract?
  • What does the contract state about capital gains?
  • Do exit fees cover everything? Or are there additional costs?

 

The information provided is current as at April 2024 and is subject to change. It is general in nature and is not personalised for your unique needs, objectives or financial situation. Some information may be provided by a third party. Aveo encourages you to seek independent legal and financial advice about your particular circumstances before moving to an Aveo retirement village.

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