What is the financial benefit of buying a home in a Collet Barker Court?
Homes at Collet Barker Court are ‘Self-funded homes’, known as ‘Lease-for-life’. These types of leases are widely used by Retirement Village not-for-profit operators as being the most practical and cost effective method for residency contracts. There is no GST payable on the lease, and there is no stamp duty payable. The result is a lower purchase price for you.
Your lease provides a secure and legally binding investment that is protected by your rights under the Retirement Villages Act. Unlike Retirement Homes located in Caravan Parks, the Village cannot be sold for any other purpose than as a Retirement Village so your investment is secure.
So you can just relax and enjoy the lifestyle.
What are the benefits of selling a home in Collet Barker Court?
As with all retirement villages, a portion of the purchase price is non-refundable when the property is relinquished, the balance of the purchase price (after deductions - see below) is then refunded to the resident within 7 days on re-leasing your unit.
What do we get back if we sell?
When you move out the unit is revalued and if the resident has been an occupant for 10 years or more the refund is calculated out and the Deferred Fee and Reserve Fund Contribution deducted from the settlement to the resident.
Deferred Fee calculation: 0.8% if you enter the village before the Club House is available, 1.8% afterwards. Capped at 18% after 10 years occupancy.
Reserve Fund Contribution: starts at 0.7% and is capped after 10 years at 7%.
How much are the maintenance fees?
The annual service fee is $4,200.00 per unit. This is paid in monthly instalments of $350.00
What does the service fees cover?
Shire/Council rates, water rates, common garden areas, insurance of the building, security lighting and village administration.
What doesn’t the service fee cover?
Payment of telephone, gas, electricity, personal water usage and contents insurance are the responsibility of each individual resident
Can I have family/friends come and stay with me?
Of course, this is your home, they are welcome to stay anytime for a short time. Visitors are allowed for up to 12 weeks in any year, with extensions granted at the discretion of PVH. If the times comes that you require a live-in carer to reside with you in order for you to continue living independently, they are able to live with you in your home to provide you with care services.
Are pets allowed?
Existing pets can be approved by PVH as long as there is no impact on quality of life for other residents.
Can we make any modifications to the garden/landscaping?
We encourage residents to maintain their own personal gardens, PVH maintain all communal garden areas for you.
Do Village staff live in the Village?
No, staff do not live on site. However, generally speaking, Village Administration Staff are available business hours during week days in the Administration Office on Langton Road. If you need to contact them out of office hours, we provide an Emergency contact number to you.