We anticipate that your villa or apartment will grow in value at around the same rate as residential property in City Beach. However, when you sell your villa or apartment, a significant part of the sale proceeds will go to Ocean Gardens under the Lease Agreement.
Ocean Gardens' main source of income is its share of the proceeds of sale of villas and apartments. Most villages in Australia operate this way. This money funds all major works and preventative maintenance in the village, and the upkeep of villas and apartments.
The fabulous facilities that you will enjoy as a resident of the village were paid for by previous residents, who contributed a share of their sale proceeds to the village. When you sell your villa or apartment, you will contribute a share of your sale proceeds to our future residents.
When the time comes to sell your villa or apartment, we will do our best to achieve a sale as quickly as possible, but the timing of the sale will depend upon how much refurbishment is required, the state of the property market in Perth and whether the purchaser has to sell their own home to fund the purchase.
Ocean Gardens is a not-for-profit organisation, which means that all its income is spent on the village. No dividends or other payments are made to investors or shareholders.
Purchasing an apartment or a small lot development will usually be a far better financial investment than purchasing a home in a retirement village. If you are in your 60s, in good health and expect to stay in good health, moving to a retirement village may not be the best option for you at this time.
Regardless of your age, you should give serious consideration to the financial consequences of purchasing a home in a retirement village and seek financial advice if you are unsure what to do.
You should also consider the following factors:
- In nearly every case, the home you buy in Ocean Gardens will cost significantly less than purchasing a home in City Beach. For some people this will make City Beach affordable; for others it means that they will have extra funds for their retirement.
- Entry costs are relatively low because your contribution to the facilities, which will be substantial, is charged when you leave the village. This means that you will have extra funds when you enter the village but, when you leave the village, your payout will be reduced by sharing the sale proceeds with Ocean Gardens.
- You will be purchasing not just a home in City beach but a part of a clubhouse, restaurant, swimming pool, extensive gardens and many other facilities.
- Our extensive communal facilities enable people to live in smaller, easier to manage and cheaper to run homes.
- The costs of running our facilities and providing our services are shared between a large number of residents, which is much more cost-effective than living alone.
- The common service fees are substantially lower than those charged in modern coastal apartment buildings.
- You will not be required to contribute to capital works or a sinking fund. All major maintenance works and upgrades to the village are funded by Ocean Gardens, as is the refurbishment of your dwelling when you sell it.
- You will have access to 24 hour onsite emergency care. We are also working on increasing the range and level of care services in the village, and the introduction of a wellness program for residents.
Buying a home in Ocean Gardens Village is an investment in a lifestyle. It will not be the best financial investment you will ever make and it is not intended to be. But it may be the best investment that you can make for yourself at this time in your life.