{"id":1594,"date":"2022-12-05T02:37:25","date_gmt":"2022-12-05T02:37:25","guid":{"rendered":"https:\/\/blog.villages.com.au\/?p=1594"},"modified":"2022-12-05T02:40:08","modified_gmt":"2022-12-05T02:40:08","slug":"will-i-own-my-unit-in-a-retirement-village","status":"publish","type":"post","link":"https:\/\/blog.villages.com.au\/retirement\/will-i-own-my-unit-in-a-retirement-village\/","title":{"rendered":"Will I own my unit in a retirement village?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1594\" class=\"elementor elementor-1594\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a7a59b4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a7a59b4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c4f1a61\" data-id=\"c4f1a61\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7817e60 elementor-drop-cap-yes elementor-drop-cap-view-stacked elementor-widget elementor-widget-text-editor\" data-id=\"7817e60\" data-element_type=\"widget\" data-settings=\"{&quot;drop_cap&quot;:&quot;yes&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>W<strong>hen moving into a retirement village, it\u2019s easy to become overwhelmed by contracts and fees. To help you out, here\u2019s a quick rundown of the types of occupancy and ownership arrangements villages have to offer.<\/strong><\/p><h2><strong>Leasehold arrangement<\/strong><\/h2><p>Under a leasehold, the village operator owns the unit, and you take out a lease (commonly for a term of at least 99 years). If your lease is over 50 years, you\u2019re a \u201cregistered interest holder\u201d \u2013 meaning you have more control over the property and likely higher expenses \u2013 and if it\u2019s under 50 years, you\u2019re a \u201cnon-registered interest holder\u201d.<\/p><p>You\u2019ll need to pay an entry payment depending on market conditions, similar to if you were purchasing the unit outright, as well as ongoing charges to cover the village\u2019s running costs.<\/p><h2><strong>Loan or licence arrangement<\/strong><\/h2><p>This is similar to a leasehold, but usually offered by charitable or Not For Profit operators. You\u2019ll be considered a \u201cnon-registered interest holder\u201d.<\/p><h2><strong>Strata or community scheme<\/strong><\/h2><p>Under a strata or community scheme, you buy the unit outright: you own it, not the operator, and are automatically granted membership in the owners corporation or community association for the village. You\u2019ll still need to pay ongoing charges, but the unit is legally yours, and you\u2019re a \u201cregistered interest holder\u201d.<\/p><h2><strong>Company title scheme<\/strong><\/h2><p>This is an uncommon arrangement where you actually buy shares in the village itself. These shares give you the right to occupy your unit as a \u201cregistered interest holder\u201d, with similar selling rights as under strata title, with a Board of Directors that manages the site and a company constitution you must abide by.<\/p><h2><strong>Rental<\/strong><\/h2><p>We\u2019ve covered rental units before \u2013 <strong><a href=\"https:\/\/www.villages.com.au\/blog\/retirement\/rental-an-affordable-option-for-retirement\/\">see here for the full article<\/a><\/strong> \u2013 but in case you need a quick reminder, renting a retirement unit works exactly the same as renting a normal house or apartment: you pay a bond and regular rent, and there are no fees or charges when you eventually leave the village.<\/p><p><strong>Remember \u2013 before you sign that retirement village contract, it\u2019s important to know what you\u2019re getting into! If you\u2019d prefer to own your unit outright, then look into strata or community schemes \u2013 or consider a <a href=\"https:\/\/www.villages.com.au/blog\/lifestyle\/is-a-land-lease-community-right-for-your-retirement\/\">land lease community<\/a> instead.<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>When moving into a retirement village, it\u2019s easy to become overwhelmed by contracts and fees. To help you out, here\u2019s a quick rundown of the types of occupancy and ownership arrangements villages have to offer. Leasehold arrangement Under a leasehold, the village operator owns the&#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"_mi_skip_tracking":false,"footnotes":""},"categories":[70],"tags":[119,83,95],"class_list":["post-1594","post","type-post","status-publish","format-standard","hentry","category-retirement","tag-property","tag-retirement-villages","tag-tips"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/1594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/comments?post=1594"}],"version-history":[{"count":4,"href":"https:\/\/blog.villages.com.au\/wp-json\/wp\/v2\/posts\/1594\/revisions"}],"predecessor-version":[{"id":1599,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/1594\/revisions\/1599"}],"wp:attachment":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media?parent=1594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/categories?post=1594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/tags?post=1594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}