Making the move into a new home can be an exciting but confusing process. There is a lot to be across, and plenty more to consider. Life in one of our Centennial Living communities is not run exactly the same way as it is in private real estate. But it doesn’t have to made stressful!
The team here at Centennial Living can step you through every step of the way, and we’re going to give you a brief overview here!
Understanding Your Contracts
Units and serviced apartments in Centennial Living Villages are not bought outright by our residents. Rather, they’re leased – and entering the village means entering into contracts directly with us. These contracts involve a loan agreement, a lease agreement, and a management contract.
These agreements grant you the right to live in the unit of your choice and enjoy the wonderful facilities and services we provide – along with granting you the benefits of living among a tight knit community. Important to note as well, as the contract is for a loan/lease, you won’t have to pay any stamp duty on entry to the village.
Understanding these contracts is important, and we recommend you take your time to consider them in detail. If you’re not confident in interpreting these yourself, then you may want to consider enlisting the assistance of a legal professional. For any questions you might have, we’ll always be here to help.
Understanding Your One-Off and Ongoing Expenses
There are some expenses that you should familiarise yourself with – both one-off fees and ongoing levies. The first is an entry payment (also referred to as an ingoing contribution or purchase payment). This is the name given to the sum that is exchanged in securing the long-term lease, and it is usually less than the amount you’d expect to pay for a similar residential property outside the village.
The other expenses to consider are the monthly levies. These are an amount that goes toward the maintaining the standards our community expects, and other operational costs. You can think of these monthly levies as being a rough equivalent to body corporate fees in apartment living.
You can learn more about how these costs work here.
Love your Retirement Lifestyle with Centennial Living
Whether it’s Burnside Village, Keilor Village, or Taylors Hill Village, we’re immensely proud of the communities we host here at Centennial Living. To learn more about life in one of our retirement communities, don’t hesitate to get in touch!