How the Costs Work
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.