Land Lease Living Affordable Lifestyle Living | Page 13
Type of Contracts
Land Lease Community vs. Retirement Village
TYPE OF COMMUNITY TYPE OF TENURE
Land Lease Community Leasehold – a lease of the land on which your home
is located, which can only be terminated in limited
circumstances.
Average weekly site fees range between $120–$300 pw.
Occupants also purchase a manufactured home.
Average home prices range between $100,000–$300,000+
depending on size and location, new or ‘preloved’.
(Leasehold)
Contract:
Site Agreement
Retirement Village
Contract:
Loan/Licence or Loan/Lease Agreement
Retirement Village
(Strata scheme)
Contract:
Freehold ownership of a ‘lot’ which includes the residence
plus ownership of common property within the village
Enjoy an affordable lifestyle in your retirement
Residents purchase a right to occupy a unit or villa within a
retirement village.
Incoming contribution ranges between $300,000–
$1 million+. Exit fees apply which can be up to 35% of the
original entry price.
In addition service and maintenance fees range between
$120–$300 pw.
Residents buy a unit or villa within a strata scheme
retirement village. And, as members of the owners
corporation jointly own common areas and are responsible
for maintenance and capital replacement of the common
property.
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