ABOUT THE VILLAGE
For many people, the decision to consider changing their current home to a retirement village raises a number of questions. To make this transition easier to understand, we have summarised some of the more common questions and answers below.
If there is anything you don’t understand, please don’t hesitate to contact our sales team, we are always happy to answer any questions you may have.
The first homes to be built will be two and three bedroom villas in Stage One, at the north east part of the site. The first of these villas is expected to be ready for their new owners in mid 2018.
We plan to build an interim Residents’ Lodge as part of Stage One for the exclusive use of our residents and their guests. The Lodge will include a fireside lounge, residents’ bar, pool table, library, BBQ area, meeting room, social dining, gym, spa and complimentary tea and coffee. Outisde a petanque piste, putting green and community garden will be provided. Later in the development the interim Lodge will be superceded by an expansvie 1000sqm community centre, which will include an indoor pool, craft space, cinema, restaurant and cafe – plus all of the amenities already offered in the interim Lodge. You certainly will enjoy a resort lifestyle while living at the village!
Dwellings in the village will be sold under Occupation Right Agreement – sometimes referred to as Occupation Licence. It is important for anyone intending to purchase a villa in the Arrowtown Lifestyle Retirement Village to fully understand the nature of the ownership of their home This is covered in much more legal detail in the Occupation Rights Agreement (ORA), but to summarise:
- When you buy a villa in Arrowtown Lifestyle Retirement Village, you sign an ORA.
- This gives you the right to live in your villa and enjoy the use of all the village facilities.
- The title to the land and building remains with the Arrowtown Lifestyle Retirement Village.
- The Occupational Rights Agreement does not carry any entitlement to capital gain when you move out and the villa is resold.
The ORA is the most common form of occupation and ownership in retirement villages in New Zealand. All villages are governed by the Retirement Villages Act 2003 and its regulations. The Act requires the appointment of a Statutory Supervisor whose role it is to protect the rights of the village residents, particularly so in the event of the village operator failing to honour its obligations under the RVA Act.
There is a lot of legal documentation around an ORA, all designed to protect you as a resident. For many it can be a little overwhelming, so it is important you ask your lawyer to review this and explain it if you have any queries – most lawyers are familiar with this type of contract as it is typical in the retirement village industry. If your lawyer is not, please get him/her to contact us, and we can put them in touch with other lawyers who can run through it with them.
There are three types of payments that you will make to Arrowtown Lifestyle Retirement Village:
1. The Entry Price – this is the amount you pay for your villa. Prices for an occupation licence are currently being finalised, but are expected to range from $585,000 for a two bedroom duplex style villa to approximately $1,200,000 for a larger three bedroom villa with double garage. Talk to our sales manager for specific villa pricing.
2. The Weekly Fee – this fee is charged for each villa and covers your share of all the village costs – in effect similar to a body corporate charge. This includes:
- Maintenance of your villa and the common facilities– including window cleaning
- Building insurance
- 24 hour emergency call response system
- Landscaping and garden maintenance, outside your villa and throughout the village
- Village management and operational expenses
- Complimentary tea/coffee in the Lodge (community centre)
- Maintenance, upkeep and power for the village and the common facilities within it
3. Additional Services – as your needs change, you may decide you wish to get more assistance and take up the offer of village-provided services delivered to your villa e.g. assistance with housekeeping, laundry, general living or meals. There will be a charge for these sorts of services – at the time, this can be discussed further with our Village Manager.
The only other costs you will have will be your normal personal living expenses e.g. food, power, gas, phone and internet, TV/Sky provider, and contents insurance. In our experience, many of these costs are lower than when you live in your own home e.g. power costs are lower as your home is new and very well insulated, and petrol costs are often lower as our residents enjoy more of the activities within the village.
The weekly will fee be fixed for the duration of time you spend in your villa or apartment (unless you choose to pay for additional services such as care or housekeeping). Each year the weekly fee will be set for residents who move in during that year. Residents of early stages will have a lower weekly fee than those who move into the village later on.
When you leave the village, there are no hidden costs or additional “extras” that will surprise you. The exit payment is a percentage of your original purchase price, calculated on a monthly basis at 5% per year for 5 years, to a maximum of 25%.
The Occupation Rights Agreement can only be issued in the names of the resident/residents occupying the dwelling. However, the funds used to purchase your villa can come from a Family Trust. In this case, a separate Deed will be drawn up between the parties involved to legally identify where the funds came from, and where they are later to be distributed when your villa is sold.
Once you move in, we encourage you to enjoy your garden – and if you want to keep your fingers green and help to maintain the garden – we are more than happy for you to do this.
We have a wonderful landscape architect who plans each villa’s garden, from an extensive range of hardy plants that thrive in the Arrowtown climate and don’t require too much maintenance. Because we are responsible for maintaining the gardens around your villa, we ask that you speak to us about any changes you would like to make to ensure they will be suitable. Depending on the extent of the changes, there may be additional cost for labour, plans and consultation with the landscape architect.
We are responsible for the exterior maintenance of your villa (excluding replacement of light bulbs). However, any repairs which are not attributable to fair wear and tear may be charged back to you. This decision is solely at the discretion of the Village Manager. The village will appoint a facilities manager to be the point of contact for all maintenance issues and enquiries.
Yes, our residents must be at least 65 years of age.
We understand the integral part pets can play in your family, so a small domestic animal is welcome to join you in your new villa, providing it is an adult animal suitable for village life. The only limitation to this is the possibility that your pet could become a nuisance to others living at Arrowtown Lifestyle Retirement Village and as a precaution, we will need to “meet” your pet beforehand! Approval is at the discretion of the Village Manager.
No. The Occupation Rights Agreement can only be issued in the names of the resident/residents occupying the dwelling. To protect the village and other residents, your villa cannot be rented out to others. Part of moving into a village is the peace of mind which comes from knowing who your neighbours are, and having confidence that the village will remain a pleasant and peaceful place to be.
Of course – this is your home. Your family, grandchildren and friends are very welcome to stay with you for short periods of time. However, they may not move in on a permanent basis without prior approval from the Village Manager. You will also need to be in residence when your guests stay.
Your personal and general security is very important to us. While security is not as great an issue here in Arrowtown as it is in larger cities, the village will be a gated community. The entry gates are closed in the evenings, with code access for residents and their friends. Between the hours of 9am and 5pm a staff member will be on site monitoring the comings and goings of visitors to the village giving total security.
Your personal security is also protected with strategically placed emergency call buttons in each villa that are monitored 24 hours a day.
The first step is to complete an Expression of Interest form for the village by making contact with our sales manager. Please call 03 442 1050 to arrange a meeting to discuss your requirements.
In terms of paying for a villa, once you have reserved your villa, a refundable $2,500 deposit will be payable. The balance isn’t due until the Settlement Date, which is once the villa is completed and ready for occupation.
Once construction is underway we will let you know the updated completion date for your villa at Arrowtown Lifestyle Retirement Village. We recommend listing your house with an agent three months prior to the completion date for your villa.
Please note: The questions and answers above are provided for your convenience. We have attempted to be as accurate as possible, but it does not replace the need for you to read and understand the Occupational Rights Agreement and Disclosure Statement. Where a conflict arises between the interpretation of this paper or these documents, the ORA and Disclosure Statement shall take precedence.