Frequently Asked Questions
1. When is the right time to make a move into a retirement village?
2. Why move into a Retirement Village as opposed to just moving into a house?
Retirement villages can offer you all of the above along with a number of services and use of facilities.You can expect to receive 24-hour emergency assistance, which enables you to access assistance in the times of an emergency; day-to-day village administration and management, consisting of staff experienced with the retirement village sector; general village maintenance and gardening.
Many villages also offer residents the use of a number of community facilities such as a community centre or clubhouse, landscaped gardens, library, gymnasium, spa, craft/activities room, bowling greens, putting greens, games room and cinema room. You are able to use the communal facilities as often as you like. Some villages also have user pays services such as beauty salons, specialist consulting rooms (e.g. podiatry) etc.
3. What makes Cooranbong Gardens better than the other retirement Villages in the area?
Again, that’s up to you to decide? It may be the location, it may be the sound of the Bellbirds or it may be the facilities and the look that appeals to you but with only 71 approved homes Cooranbong Gardens is a spacious village offering the best of the best to the fortunate few who choose to live here. We have strived to think of everything to make living here as wonderful experience as possible from the small things such as sensor lights in the hallways for those who like a midnight snack, air conditioning, ducted vacuum systems and larger soft touch light switches and power outlets for easier accessibility to providing the highest level of service as far as lifestyle support and management.
4. Will the Village be constructed in stages?
The village is planned to be constructed over two major stages:
STAGE 1: Retirement Village
71 homes is to begin construction July 2017 and is aimed for completion by March 2021 (of course all timelines are subject to weather conditions). There will be five sub stages within the first stage which are outlined below.
Sub Stage 1) Consisting of 12 homes to be completed by February 2019 with the completion of the Lake and partial construction of the Community Centre.
Sub Stage 2) – Consisting of of 14 homes. This stage is aimed to be completed by May 2021 with the final stages of the community centre being completed.
Sub Stage 3 – Consisting of of 18 homes. This stage is aimed to be completed by August 2021.
Sub Stage 4 – Consisting of of 18 homes. This stage is aimed to be completed by November 2021.
Sub Stage 5 – Consisting of 9 homes. This stage is aimed to be completed by March 2022. This stage will include the Management office/residence.
STAGE 2 – Aged Care Facility. We aim to begin construction of stage 2 once stage 1 has been completed.
*Please note all above staging is subject to weather conditions throughout the construction stages.
5. How much does it cost to enter a retirement village?
6. How much will it cost me to live in the retirement village?
As a resident, you will be required to pay a “recurrent charge” or “maintenance fee”, which covers the running costs of the village e.g. day-to-day village management and administration, general village maintenance, council rates, insurance, security costs and gardening.
The recurrent charge generally also includes a contribution to a sinking fund that is used for major maintenance and repair of the retirement village’s capital items, ensuring that there are always sufficient funds available to cover repair and maintenance works.
Personal services are also available to residents and are usually those services such as laundry, meals and cleaning which are provided to residents, on a user pays basis.
7. Are there any other costs in addition to the Recurrent Charges?
home It is your responsibility to pay for electricity, water, NBN, telephone, gas and contents insurance.
8. Do I buy or lease my retirement village home?
The tenure available at Cooranbong Gardens is leasehold tenure. The Village is run under the Department of Fair Trading rules for Loan Licence Agreements. A lease terminates automatically on the death of the surviving resident or when the unit is on-sold to a new resident.
9. Do I have to pay Stamp Duty?
10. Can I bring my pet?
11. Can we have guests stay with us?
This is to ensure the safety and security of all residents. You should ask the Sales Consultant or Village Manager for the rules relating to the village of your choice.
12. What communal facilities are available at the Village?
13. Will the villages have a Residents Committee?
Committee members are nominated and elected by residents annually.
14. What is the responsibility of the Village Manager?
15. What happens when/if I want to leave the village?
There are many reasons why you might want to move from your accommodation home. They include changing health, family and financial circumstances. You must provide the operator of the village with a written notice of your intention to vacate your home. Most villages have a pro-forma document that you complete and return. If not, you can write a simple letter advising of your decision. You and the operator of the village must agree on the resale price of your accommodation home. If there is no mutual agreement, the operator must obtain an independent valuation from a suitably qualified valuer. You must also agree on any reinstatement work that may be required to return your accommodation home to the condition it was in when you moved in. This may include work such as painting, for example. Reinstatement work also works to ensure that the resale process is undertaken as expeditiously as possible and that the best possible resale price is obtained. Naturally, the age of your accommodation home and the village itself must be taken into consideration when working out what work is required. Depending on the nature of the contract that you entered into when you first moved to the village, we will have the first right, for a period of 6 months, to re-sell your home. We must on-sell the accommodation unit to a suitable person and one who meets the criteria of a resident – e.g. must be 55 years of age or older. This ensures that the integrity of the village is upheld. You have the opportunity to introduce to us people whom you think may be suitable for residency during this period. If we have not sold your unit within 6 months, you may appoint an independent real estate agent to sell your unit for you. Obviously, the person found by the real estate agent must also meet the criteria of a resident. We must provide you with an estimate of Exit Entitlement, noting proceeds that may be expected upon the sale of your home and detailing any deductions, such as the Exit Fee or Departure Fee.
16. What is a “Deferred Management Fee (DMF) and what is it used for?
The “Exit Fee” or” Departure Fee” (sometimes referred to as a ‘Deferred Management Fee’ or DMF) is the return to us for our initial investment in the village infrastructure and is intended to reimburse for the provision of all the up front infrastructure and community facility costs which go into creating the village. These costs include things such as underground power, sewer, town water and NBN to your home site, building the community centre, roads drainage, car parks, BBQ areas, mens shed etc the fee is It is capped at a percentage at 35% based on the resale price of the premises calculated at the following rates;
- Year 1 – 8%
- Year 2 – 8%
- Year 3 – 8%
- Year 4 – 4%
- Year 5 – 4%
- Year 6 – 2%
- Year 7 – 1%
Once your accommodation home is resold, you must receive your Exit entitlement within 10-14 days.
17. What about Capital Growth or Depreciation?
The developer takes responsibility of any growth or loss of capital upon sale of the residence depending on the market at the time of sale. Any profit from capital growth is shared 100% to the purchaser.
18. How do people secure or purchase a unit, apartment or home?
Effectively you purchase a guaranteed right to occupy the home for as long as you need. It means that there are no individual titles for individual homes. A deposit is required to secure your choice. The Sales Consultant or the Village Manager will discuss with you, the details of the deposit, how it is appropriately held and how it is refunded. Most villages generally allow up to three months for you to sell you own property. This should be sufficient time to market your property and they will keep in communication with you during this time to discuss any matters as they might arise.
What if I change my mind after I move in?
20. Can we make alterations to our home?
You can make alterations to the interior or exterior of your home, within reason. Obviously there are policies in place to protect the safety and comfort of all residents and to safeguard the aesthetic qualities and integrity of the retirement village. These must be complied with. Alterations involving electricity, gas, plumbing or building structure and external appearance must be approved by management before any work is carried out and all work must be carried out by qualified, registered tradespeople. You can, of course, redecorate the interior of your home more or less as you choose although the village manager must be kept informed.
21. Do we need household insurance?
22. Can I store a boat/caravan at the retirement village?
Wake up every morning and hear the beautiful sounds of Bellbirds chiming in the distance, while you breathe in the clean crisp smell of country air. An environment that allows you to escape the distractions and explore life in a way that feels completely right for you.
The vision of Cooranbong Gardens is quite simply to provide our residents with a comfortable and affordable country lifestyle with an array of luxuries, entertainment and inclusions that will create a trouble free existence.
To visit our on-site display home
Cooranbong Gardens 383 Freemans Drive, Cooranbong NSW
Images of interiors and exteriors, photographs and rendered images may depict fixtures, fittings and features including soft furnishings not supplied and are representative only. Changes may be required to be made during the development to dimensions, fittings and finishes. Specifications are subject to change without notice. The information contained herein is to the best of our knowledge correct at the time of publishing. Prospective purchasers must rely on their own enquiries. This website is a guide only and does not constitute an offer or contract.