Financial Cost of living in Oceania Healthcare Retirement Villages
Choosing to live in a retirement village marks a pivotal shift in both lifestyle and financial planning. Oceania Healthcare Retirement Villages, renowned across New Zealand, cater to the varied preferences of retirees with an array of accommodation options.
For those considering this move, understanding the financial aspects is fundamental. This summary aims to clarify the costs associated with residing in Oceania Healthcare Retirement Villages, including initial fees, regular charges, and potential exit fees. Armed with this knowledge, future residents can strategically plan their retirement, aligning their desired lifestyle with their financial capabilities. Also we consider the long term costs of living in a Retirement Village, especially when it come to deferred management fee and the lack of capital gains, and how this will impact your future estate value.
The entry costs at Oceania Retirement Villages are primarily centered around the purchase price of a licence to occupy. This price varies widely depending on the location of the village, the type of accommodation chosen (e.g., apartment, townhouse, or serviced apartment), and the specific amenities and services provided. The licence to occupy grants the resident the right to live in the property but does not convey ownership of the property itself.
Potential residents should consult directly with Oceania Retirement Villages for the most current and accurate pricing based on their preferred village and living arrangements.
At Oceania, the Deferred Management Fee is capped at 30% after 3 years.
No. Oceania Healthcare has fixed weekly fees, giving you the certainty that there won’t be any unexpected costs to deal with. Please check your terms and conditions.
Yes
Oceania takes care of marketing and selling your apartment or villa for you. Better yet, we’ll also cover the refurbishment costs – but you may need to contribute if there are any damages that are over and above general wear and tear.
Please verify with your contract.
Oceania Healthcare allow you to use your apartment or villa’s equity to fund your Care Suite purchase. Even if the value of the Care Suite is more than the refund from your abode, you won’t need to find additional funds. You can move into your Care Suite whilst you’re waiting for your apartment or villa to resell. Please verify this and any other fees.
When your villa or apartment is vacated, a new incoming resident can be offered the Occupation Right Agreement. Once the new resident has paid their Occupation Licence Payment you, or heirs to your estate, will receive a refund. The amount we refund is called the Net Refundable Amount.
Here’s an example to demonstrate how the Net Refundable Amount would be calculated for a villa priced at $300,000:
Capital amount of the Occupation Right Agreement: $300,000
3 year Deferred Management Fee 30%: $90,000
Total paid to resident on exit: $210,000
Calculating the total cost of living in Oceania retirement village
Below is a calculator designed to help potential Oceania residents compare the costs of living in an Oceania Retirement Village compared to living in your own home. By inputting key financial data such as the entry fee, weekly fees, and the estimated length of stay, users can get a clear picture of the total costs associated with each option. It shows the long term impact of living in an Oceania retirement village. This tool is particularly useful for evaluating how different fee structures and DMF policies impact the overall financial commitment to a retirement village. For other tools and more info return to Retirement Village Finance Essentials.
Understanding the costs associated with an Oceania Retirement Village is essential for effective retirement planning. It involves assessing initial payments, regular management fees, and any potential exit fees. These financial elements are critical for those considering their retirement living options. Prospective residents need to carefully evaluate these costs in relation to their retirement objectives and financial capacity. Though the expenses might initially seem overwhelming, they contribute to a secure, comfortable, and community-oriented living environment. Armed with a thorough understanding of these financial factors, individuals can make a well-informed decision about moving to an Oceania Retirement Village, ensuring it matches their long-term retirement plans. Another retirement village to consider is Bupa. Learn more about the cost of living at Bupa here.