No exit fee living proving popular
As house prices in Australia’s capital cities boom, many downsizers who are asset-rich but cash-poor, are missing out on an opportunity to unlock their existing home equity and improve their lifestyle.
Author of Downsizing Made Simple, Rachel Lane, said everyone had the option of staying in their own home, but many found it to be too much maintenance or too lonely if they had lost a spouse.
“A lot of people look at downsizing to either a land lease community or retirement village, however they are distinctively different and can be hard to compare.
“The greatest confusion often comes from the exit fees. These are standard in retirement villages and are normally a percentage accrued over a period of time, typically between 25% and 40% but they can be anything between 0% and 100%, and there can be sharing in capital gains, renovations costs and selling fees to factor in as well.
“Land lease communities have no government charges (stamp duty or council rates), and there are no exit fees, and with your ongoing cost of leasing the land being reduced through government assistance – it is a very popular and affordable housing option. Being part of a like-minded community significantly enhances quality of life too,” Rachel said.
Ingenia Lifestyle Lara’s unique land lease model provides downsizers the opportunity to purchase a brand new home with no exit/DMF fees, no stamp duty fees and residents keep 100% of any capital gains.
Project Sales Manager, Dianna McGrath, said the community was designed to meet the demand from keen downsizers looking to improve their finances and their lifestyle.
“Homes at Ingenia Lifestyle Lara start from just $299,000 – this is significantly lower than the average price of homes in the same suburb, which average around $525,000, freeing up more equity for downsizers,” Dianna said.
The popular lifestyle community has welcomed over 250 residents and is now selling into the last stage with an exciting range of brand new home designs.
“I urge those thinking about purchasing at Ingenia Lifestyle Lara to move quickly as a number of the homes have been reserved already.
“A major feature of the design has been the position of the homes, lower to the ground, with just one step up in the front and back and a zero-level transition from the garage to the house without steps.
“This in addition to our resort-style facilities and location – in between Melbourne and Geelong – enables our residents to live their dream lifestyle and feel like they’re on holiday all year-round,”
“Whether you choose to lock up and leave to travel or embrace community events and activities, one thing is for sure, more happy days are ahead!”
For more information, please visit www.liveinlara.com.au or contact Dianna McGrath on 0476 839 644.