Retirement Villages Explained
Arcadia Waters villages are like any other suburban community in the sense that people are simply going about their lives as they choose. The main difference is a retirement village community comprises people at a similar stage in life who are all seeking security, a sense of community and facilities that a retirement village offers.
Retirement village ownership structures come in a few different shapes and sizes. Arcadia Waters communities are based on a ‘lease for life’ financial model. A lease gives you the security of tenure you’d reasonably expect and ensures that the whole village is maintained to a continually high standard by the Village Managers.
This type of agreement also keeps down the cost of developing such a village as there are no separate titles, no GST payable on the lease and no stamp duty. The result is a lower ingoing contribution to the new premium. Your lease provides a secure and legally binding interest that is protected by your Resident Agreement, the Retirement Villages Act 1992 and a Memorial which is lodged over the title of the Village land protecting your rights under the Retirement Villages Act. The village cannot be sold for any other purpose than as a Retirement Village, so your investment is secure.
Interested to find out more?
If you would like to read more about retirement village living and the comparisons with General Residental Living, click here to read an independant study conducted by Built Environment Informatics & Innovation Research Centre, University of Technology Sydney.
The Retirement Living Council has put together the Book of Wise Moves – your one stop shop with everything you need to know about retirement living options, from costs to contracts, onsite services and so much more. Written to be accessible and easily understood it’s also packed with examples to help you make an informed decision.
The Retirement Living Code of Conduct is an initiative of the two peak bodies representing retirement living across Australia – the Retirement Living Council (RLC) and Leading Aged Services Australia (LASA). Through their collective membership, they represent more than 50% of retirement communities across the for-profit and not-for-profit sectors, including Arcadia Group. The Code is particularly focused on the wellbeing of residents, through fairness in marketing and sales practices; maintaining good relationships with residents and stakeholders; and specific processes when residents move out. There is a particular emphasis on improving the handling of complaints and reaching resolution in disputes.
Arcadia Group has signed up and are proud to support the Code of Conduct. To read the Retirement Living Code of Conduct, click here