If the idea of retirement village living is new to you, here are the most commonly asked questions.
Additional details can be sought by contacting the Village Supervisor through the “contact us” page.
How does ownership work?
Units in the Village are leased under a ‘Lease for Life’ concept. Residents enter into a licence agreement with Princes Court Homes Inc. which grants you a right to occupy the unit for 49 years or earlier if you terminate the agreement, but you do not own the unit.
A capital sum is paid at the commencement of the lease and you are later entitled to receive an amount back in line with the contract provisions. Such provisions include a monthly retention deduction which applies for a maximum of sixty months and a small capital contribution of 2.5% of the original capital sum on leaving the facility.
The initial arrangements for payment of the capital amount and contracts are managed by our leasing agent Collie & Tierney Real Estate. The balance of the deductions covered within the contract are managed by Princes Court Home Inc.
Other than the lease are there other fees and charges?
Yes, residents are responsible for the normal cost of living in and occupying a home, including municipal rates, electricity consumption, gas consumption, telephone consumption, contents insurance or any other fee for service you arrange for yourself such as Foxtel, Austar etc. Residents are not liable for the cost of water useage within their site.
There is also a daily maintenance fee, which is paid monthly in advance and provides for an equal share of the cost of services such as use of all common areas, 24 hour emergency call system and monitoring, security patrols, building insurance, maintenance of common areas and the administration, maintenance and management of the village.
Is there a waiting list to move into the Village?
Yes, there currently is a waiting list for properties in the Village. The waiting list is maintained by our real estate agent Collie & Tierney. It doesn’t cost anything to join the waiting list and our property managers will keep you informed of your progress and opportunity for gaining a property over time.
Is there anything else I need to know?
There are requirements to living in a retirement village, these include that a resident, together with their spouse or partner, must be 55 years of age or over, or retired from full time employment, and have the ability to meet the financial requirements of occupancy. Residents also need to be able to live independently and provide for their individual needs.