How does the retirement village work?
At Karaka Pines Regency Park our aim is for you to be better off in every way. A village that’s safe, secure, takes away the worries of home ownership and provides the friendship of a village community.
How do we do that?
We ensure your financially better off through giving you the capital gain from the sale of your unit. If your unit rises in value then you – not the village operator – gain the benefit of that, leaving you with the financial ability to make choices.
Knowing you get to keep most of the sale price of your unit, and not lose all the capital gain, you can relax and enjoy village life. The facilities fee charged by Karaka Pines Regency Park is 20% and is deducted from the sale price of your unit. At most other villages you only get back your buy price less the facilities fee (often called a deferred management fee) no matter how long you have lived in the village.
We also remove the worry caused by the problems and responsibilities of home ownership through having a manager to fix your concerns, giving you the time and space to enjoy life. You can take part in the many community groups in the village or use the great facilities and amenities on offer within and around the village.
How does this financial model differ from the norm?
In most retirement villages you will lose between 20 and 30% of the purchase price of the unit, and if the value of the unit rises over time you will receive none of this increase in value. These deductions provide a profit to the owner of the village and not to you or your family. By comparison at Karaka Pines Regency Park you receive the sale price of your unit (set by you) less a facilities of 20%.
There is no need to sell through a Real Estate Agent as the Village Manager can handle this for you, although the choice is still yours. The Village Manager will not charge a commission to sell your unit – only the costs of advertising and marketing.
The only legal fees incurred will be for your use of your own lawyer.
What other fees/costs will we incur?
You are required to pay for your own utilities and telecommunications. Our weekly fee to cover the costs of running the village is $185 p.w., including the long term village maintenance fund costs.
Refurbishment of your Unit
The only other cost you incur when selling is a cost to refurbish your unit. Refurbishment is important in a village environment for the village to be maintained to a high standard. The more appealing the village is to other people, the more valuable the units in the village will be. The Village Manager will take care of keeping the grounds and facilities maintained to a high standard, but you will need to play a part in this, in the way that your unit is presented. The refurbishment requirement is necessary so that every unit that becomes available for sale is presented to the highest standard possible. The unit needs to be in a near new condition. You or your family receive the benefit of this through a higher selling price.
How is the Village Weekly fee set?
The $180 Village Weekly fee is set based on the property running costs. At Karaka Pines Regency Park all of these costs have to be paid for by the Residents of the village. These are reviewed each year and set according to any changes in actual running costs.
- Land Rates
- Full replacement Insurance
- Rubbish Collection
- Gardening & lawns
- Repairs & Maintenance
- Village security and lighting
- Management costs
- Legal compliance required by the Retirement Villages Act
- A long term village maintenance fund to cover major village costs
What are the facilities at the Club House?
The facilities provided at the Club House include:
• Spa pool
• Dining area and kitchen
• Bowling Green
• Pool Room
How involved do I need to be?
The choice is entirely yours. Some residents like to be totally
involved while others prefer to live quietly. Our villages are
a community of similar aged residents with varying interests
and different circumstances so you decide just how much
you want to be involved in the life of the village.
Can I rent out my Unit or let my children live in it?
Your right to live in the unit is personal to you. Your family
may visit you and even stay for long periods (maximum 40
days), but they may not live permanently with you.
You may have other guests stay with you for up to 40 days.
You may also allow other people to look after the unit while
you are away, but they may not rent the unit, and they must
be suitable residents for a retirement village.
Will my unit be safe if I go away for a while?
We ask that you notify us of the duration of your absence
and leave a contact address or phone number. Because we
are regularly moving around the village, your home is kept
Can I keep a pet?
The Village rules don’t allow pets that are likely to cause a
nuisance. Normally birds and cats are acceptable. Small
dogs may be permitted but will need to be approved by
the Manager. If you already have a small dog, you will
be allowed to bring her/him with you if approved by the
Village Manager, however, requests for replacement dogs
are normally declined.
Can I make structural changes to the Unit I have chosen?
Structural changes to units are not allowed.
Can I redecorate the inside of my unit?
You may decorate your unit to suit your preferences,
within reasonable boundaries.
Can I sell the Unit whenever and to whomever I want?
You may sell the unit whenever you want. You get to set the
selling price and whether to accept an offer. You can choose
to use a Real Estate Agent or to use our village manager.
However, you may only sell the unit to a person who is
approved by the village manager as being suitable for