If you are looking at moving into a retirement village, it is beneficial to know what’s involved – both all the great benefits, as well as the fees. While you may never have to pay exit fees, it is still important to understand what happens if you choose to leave a retirement village.
A retirement village may have a number of ongoing costs, as well as exit fees. In most cases, your exit fee is usually based on a proportion of either the ingoing contribution you paid for the unit when you moved in, or the price you sold it for. Generally, the proportion you pay will depend on how long you lived in the village.
Details around exit fees can be different from place to place, so make sure you read your contract carefully when choosing a retirement village.
It is important to note you may have other fees along with the exit fee when you leave a village, such as:
- Outstanding general service charges, maintenance reserve fund contributions, or personal services charges,
- A share of expenses from reselling the unit, and
- Costs associated with reinstating the accommodation unit
The exit fee is calculated on the day you leave. You will get a statement that outlines your total fees and charges.
BallyCara calculates your exit fee as a percentage per annum of your original ingoing contribution (cost of your Villa or Apartment).
When looking at retirement villages to live in, make sure you ask what exit fees may be included and check the fine print before signing to make sure it fits your needs. If you have any other questions, feel free to talk to our team.
Categorised in: BallyCara Blog
This post was written by Tanya Grimward