How the Costs Work
Luxurious but Affordable Living in Retirement
At Centennial Living, we make finding a home among like-minded seniors simple. Our communities are filled with those who have committed to making the most of their retirement years. And we know that you’ll just love the location, resort-style facilities and modern styling of Centennial Living apartments and villas.
Retirement is a big step to be taking. It marks the end of our working lives and the beginning of something new! While it’s easy to become wrapped up in the emotion of it all, it is still important to understand the financial details that make life in our villages possible.
There are three main costs associated with leasing/buying into a retirement village community and they are summarised below.
This payment for your retirement village unit or apartment is often referred to as an ingoing contribution or purchase payment. It is usually less than the purchase price of a similar residential property in the same suburb.
These monthly payments contribute to the running costs of the community. Think of them as you would body corporate fees when purchasing an apartment or as the maintenance costs you occur in your own home. Call us for further detailed information on the levies.
This is the amount paid by the resident or the resident’s estate after they have left the village and the property has been sold to a new resident. It is typically calculated as a percentage of the entry payment and will be based on how long a resident has lived in a village. Call 1300 098 000 to find out more about Centennial Living’s contracts and deferred management fees.
We strongly recommend you discuss these fees with a legal and or financial adviser so you can consider them in the context of your own personal financial situation.
Enjoy the Safety and Security of Life Among the Communities of Centennial Living
Taking up residence in one of our Independent Living communities is the choice to make for those seeking the security and comfort of a community of like-minded retirees. Each day holds something new, and we’re sure you’ll quickly come to love the life you’ve built here with us.
Residents in each of our retirement communities are treated to a lifetime lease that provides security in your tenure. Residents living in any of our Home Options are entitled to the ongoing benefits of the village lifestyle. Further, your investment in a home in one of our villages is fully protected under the Retirement Village Act (1986) and its subsequent amendments.
In order to provide you with flexibility, and an arrangement that meets your needs, we offer a choice of contract. These are broken into two categories, Simplicity and Participation. To learn more about these contract types, please do not hesitate to get in touch.
Understanding the Costs Involved in Independent Living
The costs and fee structures that we have in place can be a lot to handle alone. We strongly recommend you discuss these fees with a legal and or financial adviser so you can consider them in the context of your own personal financial situation.