Finances for the time
of your life
What's involved
If you’re new to purchasing a home within a retirement village, you’re probably also new to the financial arrangements involved. There are various costs associated with entering, living in and leaving a retirement village community that need to be understood and considered prior to making final decisions.
We provide an outline below of the costs involved, but more detailed specific information can and will be provided by your Torrens Living consultant, including costs associated with a specific home you’re interested in.
Buying your Torrens Living home
Ingoing Fees
When buying a home with Torrens Living, you are entering into a licence agreement to occupy the premises, known as ‘Licence to Occupy’. Under this arrangement a ‘Licence to Occupy’ means you do not own the building or the land, but you do have the right to occupy the premises, either for the remainder of your life or until such time you choose to move (for whatever reason).
As a result, residents do not have to pay stamp duty, conveyancer, or land transfer fees on the purchase.
Living in your Torrens Living home
Ongoing Fees
Maintenance Fees are charged fortnightly and cover council and water rates, gardening to common areas, and buildings and property insurance.
Residents are responsible for contents insurance, public liability insurance, the connection and payment of accounts for gas, electricity, and telephone/internet.
Leaving your Torrens Living home
Outgoing Fee
The outgoing fee is commonly known as the exit fee and is the contribution our residents pay towards ensuring our villages are kept at a high standard. When the home is vacated/being vacated, it is valued by a professional, independent valuer to provide an ‘As Is’ market valuation. This valuation is then used to calculate the exit fee which consists of the following :
• The Deferred Management Fee
• The Refurbishment Capital Fund Fee
• Sinking Fund Fee
• Remarketing Fee
Your Torrens Living consultant can provide you with full details on all fees and how they’re calculated, if you’d like to know more. Please enquire below.