PEACE OF MIND
There are no hidden surprises in our financial arrangements with you!
Guarantees
We guarantee to you that:
- Your house or apartment service fees or contributions to the village will not alter during your occupancy, unless your level of care changes. This effectively means that expenses such as rates, insurance, outside maintenance of your house, or apartment, or gardens, are fixed for the life of you or your spouse, or for the period of your occupancy.
- All fees [such as the service and village contribution fees] will cease to accrue when you leave the village, and will not be delayed until your unit is sold.
Financial Security
You will be purchasing an occupational right agreement (ORA) to your own individual house or serviced apartment. This is the most common form of occupation and ownership in retirement villages in New Zealand. The ORA entitles you and your spouse [or partner] to use the house or apartment for Life [conditions apply] and have access to the village amenities. The rights will be sold when you Leave the village, to a new occupant and you will be refunded your purchase cost, less the village contribution fee.
Your financial security is covered by an Act of Parliament - the 2003 Retirement Villages Act. We guarantee that no-one - not us, a bank, or any other party or institution has priority over the village residents. We suggest that you confirm this with your solicitor:
The interests of the village residents will be protected by a Statutory Supervisor who will be appointed for the Village - who monitors our audited financial accounts and has a significant say over how we operate the village.
If within 3 months from the date of occupation, you decide that you no longer wish to remain in the village, we guarantee to refund your purchase price without any deductions for village contribution fees.
We guarantee that all fees [such as the service and village contribution fees] will cease to accrue when you leave the village.
A code of practice applies to the day to day operation of the village and a code of rights outlines the rights and obligations of residents, village management and staff.
Weekly Service Fee
The weekly service fee includes insurance on your home and apartment, rates, exterior maintenance, upkeep of common grounds and property, security including CCTV monitoring and the activities programme.
We guarantee not to change your weekly fee while you are in residence (and you remain on the same level of care).
Commencement Fee and Deferred Management Fees
On entering the village there is an initial Commencement Fee that is your contribution to the existing village amenities and facilities. Once you are in the village there is a Deferred Management Fee for the on-going management of the village, and the sale and refurbishment of your house or apartment. These fees are deferred until you leave the village.
We guarantee not to change this fee while you remain in your house or apartment.
Please note, we are happy to accept your expression of interest however, firm applications cannot be accepted until the company applies for registration under the Retirement Villages Act 2003. This will not occur until construction of the facility is well underway.