Oak Tree Retirement Village Norman Gardens aims to ensure our villas are affordable. This allows more people the opportunity to enjoy a care-free retirement lifestyle with Oak Tree. Many Oak Tree residents have capital left over from the sale of their family home when they purchase at Oak Tree.
Your costs to purchase a home at Oak Tree Retirement Village Norman Gardens include:
- Purchase price - payable upfront
- Deferred Management Fee (often referred to as an Exit Fee) - payable when you sell your villa
- General Service Charge - payable throughout your length of stay.
The Deferred Management Fee structure is the most commonly used structure for Retirement Villages in Australia. The primary benefits of the Deferred Management Fee include:
- Purchasing at a lower price today to enjoy the benefits of village living now
- The Deferred Management Fee model is normally offered as part of a Lifetime “loan/licence” agreement and as such means that no GST or Stamp Duty is payable on the purchase of your villa. This may translate into a considerable saving over traditional strata-titled units by way of example
- The Deferred Management Fee is not payable until your villa is sold to a new resident after you have decided to leave
- The lower cost of your retirement villa may allow you to realise and enjoy part of the proceeds from the sale of your home (e.g. buy a new car or enjoy a holiday)
- Given that Oak Tree (as operator) does not profit from the day to day running of the retirement village business and will receive its return over the long term through the Deferred Management Fee structure, Oak Tree will remain motivated to maintain and improve the village to the highest possible standard.
For a detailed explanation on the Deferred Management Fee Structure at Oak Tree Retirement Village Norman Gardens please contact our Village Manager Desley today.