Living in a Vital Community – How it works and what’s important to you.
The best part about a Vital Community is that the way you want to live is up to you. You choose an independent home that suits your budget and design. The gated Lifestyle Estate is safe and secure, with a manager and a resort style clubhouse at the heart of the community where you can relax with friends and family, be social, play games and keep fit, be mindful and explore wellness opportunities, use the cinema for your favourite movies, create something artistic, hang out at the hobby shed, play golf at one of the best regional courses in Victoria right next door, or just relax with a cup of tea reading a book in front of an open fire, enjoy cocktails by the pool in the alfresco courtyard, contemplate the natural environment in a serene garden space or the library. There’s an endless number of opportunities to pursue for your personal happiness and wellbeing.
What is a Vital Community?
A Vital Community is a planned Lifestyle Estate that is designed for over 50’s residents. The Vital Community model allows new, architect designed homes to be created at an affordable price when compared to new homes in the surrounding location.
Is a Vital Community a Retirement Village?
No – The real difference with a Vital Community is that you don’t have to be retired to enjoy all the benefits of our Lifestyle Estates. You can be working full-time, part-time, downsizing, rightsizing or retired. The key attribute to a Vital Community is that you can enjoy a lively, purposeful and exciting independent lifestyle within a safe, secure environment, supported by a community hub that offers a huge range of recreational, social and cultural opportunities, and all this is available at an affordable price point based on a Land Lease model.
So, what is a Land Lease community?
A Land Lease Community or Lifestyle Estate is now becoming the most popular form of downsizing lifestyle available for over 55’s in Australia. You buy your new home out-right, it’s your home and you pay a weekly site fee to occupy the land on which the home is situated. The weekly fee allows you to belong to the community, its facilities and activities. The fee contributes to community management, maintenance and future refurbishments, ensuring that your quality lifestyle experiences and value of your home is protected and benefits all residents. The Land Lease on your site will be for a long time – 90 years, so you have secure tenure until you sell your home to the next resident. The Residential Tenancies Act – Victoria, governs the lease arrangement for your home site.
Are there other benefits that a Land Lease Community gives me?
Yes, there is a unique benefit. One of the other special things about a Land Lease Community is that you could be able to obtain a significant subsidy for the weekly site fee from the Federal Government Rental Assistance scheme. You can check your eligibility for Commonwealth Rental Assistance by contacting Centrelink.
Do I have to pay Body Corporate fees, Council Rates or Stamp Duty when I buy a home at a Vital Community?
No, you don’t. This special arrangement is unique to a Land Lease Community and can save you considerable sums when you move to a Vital Community – If you buy a typical new home – a saving of around $10,000 could be made, even more for top of the range homes.
Are there any fees when I leave a Vital Community?
Unlike a Retirement Village which has very complicated rules and charges that could cost you a great deal of the value of your home, living in a Vital Community is a straightforward arrangement. Many Retirement Villages will charge you an entry and exit fee, maybe a compulsory refurbishment fee where you need to spend money on updating the inside of the home to the managers requirements and some will even want a proportion of any increase in value of your home.
With Vital Communities you will contribute a fee based on the value of your home when you sell – this is what is called the Deferred Management Fee or DMF.
Why is there a DMF charge and how does it work?
A Deferred Management Fee (DMF) is paid when you move out of the Estate.
Because we are not a property developer, we don’t seek a profit on the purchase of your home, this helps to make everything more affordable at the start. When you leave, the DMF is used to help keep the Community up to date and in tip-top shape which benefits all residents in the long-term. We have an incentive to help your asset grow in price, so you and the community benefits.
The DMF is capped at a maximum of 20% if you have lived in the Estate for more than 5 years. The DMF will accumulate at 4% of the selling price per year. It doesn’t matter how long you have lived with us you won’t ever have to pay more than 20%. Also, you won’t pay any DMF if you leave within the first year.
Things that are ok at a Vital Community
Having a pet. Our locations are great for long walks with your best friends, two or four legged.
Having family and friends over to stay for a while and use the facilities at the fabulous Clubhouse.
Its ok to lock-up and leave your home when you want to travel – the manager will look after things while you are gone.
Decorate and furnish the interior of your home the way you want.
Make your backyard an oasis, grow what you want and use your private yard the way you want.
Things that will be an issue at a Vital Community
Renting your home out to someone else.
Having more than two people live long term or permanently.
Changing the façade and front yard of your home and site without approval.
How do I secure a home at a Vital Community?
The best thing is, It’s an easy process.
Make an appointment with us – online or call.
Choose the home site and home that suits you, there is a big range of affordable homes and styles.
Pay an initial refundable $2000 deposit.
Choose your preferred façade design, interior finishes and fit-out specifications and consult with our designer
Complete the Site and Building Contracts and pay a further $8000 deposit.
Now you can be involved in the construction process and watch your home be constructed on-site.
We will give you up to six months to work out your settlement and move-in date.
Be invited to inspect your finished home with our dedicated customer service team
Pay the balance owing on your home and move in, be introduced to the Estate and all it has to offer and start having fun.
What happens when I want to sell my home?
When the time comes to sell your home, you can select any estate agent of your choice. You can even sell the home yourself. Or Vital Communities can help you, we will always have a list of people wanting to belong to a Vital Community. Like any real estate asset, an estate can sell a property on your behalf.