Costs to consider
Our costs are not levied to generate a profit other than the Management fee component.
Whether it is costly to live here really depends on your means. We do have people on government pensions living here, but if that's your sole income then you would be on a very tight budget. You cannot obtain rental assistance either, as there is no rent, you buy your share of the village. The monthly contribution fees are not classified as rent. Harbourside is a private, non-subsidized lifestyle village with no connection to any government agency.
Your income must cover several costs: these are monthly fees, shire rates, water rates, gas, electricity, communications, and some forms of insurance. In addition, there is a cost to participating in the village's social life. We endeavour to keep these costs low. Typically, $25 to $40 covers the occasional catered meal, including entertainment sometimes. Self-catered affairs may cost less.
Whether it is costly to live here really depends on your means. We do have people on government pensions living here, but if that's your sole income then you would be on a very tight budget. You cannot obtain rental assistance either, as there is no rent, you buy your share of the village. The monthly contribution fees are not classified as rent. Harbourside is a private, non-subsidized lifestyle village with no connection to any government agency.
Your income must cover several costs: these are monthly fees, shire rates, water rates, gas, electricity, communications, and some forms of insurance. In addition, there is a cost to participating in the village's social life. We endeavour to keep these costs low. Typically, $25 to $40 covers the occasional catered meal, including entertainment sometimes. Self-catered affairs may cost less.
Deferred Fees
Deferred fees are monies paid to the village and the village management company when your estate is sold to someone else. The quantum of these fees is 0.3 percent per year of occupancy up to 10 years, which equals 30 percent thereafter. If there has been a significant capital appreciation, then the greater of 50 percent of the gain or the 30 percent amount will be payable. Therefore, you should not buy into our village with the view to it being an investment — you come here for the lifestyle.
Insurance
Some insurances are the village's responsibility, and some are yours. In general, the village insures the buildings, infrastructure, facilities, staff, and volunteers. You are responsible for insuring your villa's occupants, contents, domestic help, vehicle, home business and anything else not covered by the village's. Who to insure with is up to you, but the Retirement Villages Association's 'Village Wise' product provides appropriate coverage at a competitive price.
Levies
There are three circumstances that could give rise to a levy on residents.
- The first is when a disaster event occurs, which is not fully covered by the village's insurance. Then the shortfall could be levied on each villa in equal proportions.
- The second is when residents ask the Management company to provide funds to the 'Refurbishment and Improvements Contribution Fund'. In that case, the company may seek repayment via a levy at some point. The Residents' Committee intends never to ask the company for such funding.
- The third is when there is a budget blow-out. In that case the shortfall may be divided equally between the villas for immediate payment or covered by the Manager and recouped with subsequent years increased monthly fees. Our committees work closely with Management to ensure this does not happen.
Maintenance
As in any home you will have equipment that it is your responsibility to maintain. This will be anything inside your villa, garage and storage facility, plus hot water system, etc. The Manager can perform maintenance at your expense if you fail to have it done yourself.
Monthly Fees
The 'Residents Contribution' is a monthly fee paid into the village Trust Account. It is set annually and used to cover the running costs of our village. A budget is drawn up by each May and our fees adjusted from the first of July. Double occupancy villas pay 1.25 times the fee paid by a single occupancy villa. You become liable to pay these fees from the date you settle on your purchase of an estate until the date you settle the sale of your estate--this is your period of occupancy, which can go beyond the period you actually reside in the villa; however, amended legislation from 2014 limits the payment of fees payable following vacation.
Residents take an active role in overseeing the budget and ensuring a tight rein is maintained on costs and cost escalation. The Finance sub-committee reviews all expenditure and, together with Management, they negotiate the content and size of the budget that all residents get to query and vote on at the Annual Budget Meeting.
Residents take an active role in overseeing the budget and ensuring a tight rein is maintained on costs and cost escalation. The Finance sub-committee reviews all expenditure and, together with Management, they negotiate the content and size of the budget that all residents get to query and vote on at the Annual Budget Meeting.
Rates
City Rates and water charges are set for each villa in the same way they are set for any suburban dwelling. They therefore differ from villa to villa due to the differential rental rating system of valuation. You need to check the current rate notices for the villa of interest, but $1200 for rates and $800 for water is in the vicinity. Senior's discounts of up to 50 per cent do apply to both rates.
Sale Costs
Before an estate is sold the villa may need to be refurbished to a presentable standard agreed to by the management company at the time. You as seller will also have selling and settlement agents fees to pay. Basically, the same costs you'd pay when selling a suburban house.
Utilities
Your gas, electricity and telecommunications are separately metered and only your usage is charged to you directly by the provider. You can select any telecommunications provider, but wired connections are hosted on Telstra lines emanating from our clubhouse FTTN. Water usage, however, is a collective responsibility and included in the monthly Residents' Contribution.