We’ve created a fee structure to help you enjoy the home, community and lifestyle you’ve always dreamed of in your retirement.
Purchasing your new home in a retirement village is a little different to buying a typical residential property and at Somerset Indooroopilly, we’ve created a fee structure to help you enjoy the home, community and lifestyle you’ve always dreamed of.
Somerset Indooroopilly is developed and managed by experienced Queensland retirement community operator, Aura Holdings. At Aura, we believe in being clear, transparent and fair in our approach so we want to take a moment to provide details about what your purchase will look like at our village.
We actively encourage all our future residents to seek independent financial advice to ensure they’re making the decision that is right for them.
We know that making the move into a retirement community is a big decision, so when you find the Somerset apartment that’s right for you, our dedicated team will be there to answer your questions every step of the way.
When securing your apartment or penthouse at Somerset Indooroopilly, your only commitment is a $5,000 fully-refundable deposit. This amount remains in a solicitor’s trust account.
When you settle on your apartment, your deposit will be applied to the purchase price or refunded if you don’t proceed with settlement.
At Somerset Indooroopilly, your apartment purchase can be subject to the sale of your existing home.
When you’re ready to make the official move into your new home at Somerset Indooroopilly, you will need to complete the payment for the apartment that you are purchasing. Somerset offers options from $820,000*.
*Prices correct as at May 2022 and subject to change
Your Village Manager will help you organise removalists, transfer your phone and other services, and introduce you to all your new friendly neighbours at Somerset Indooroopilly.
In fact, your friendly Village Manager will take care of everything so you can relax and make the most of life in our village.
Once you move in, you’ll enjoy a supportive, social and secure lifestyle while our dedicated team manages the home and garden maintenance. Our weekly General Service Charge covers these costs.
Similar to Body Corporate fees, the GSC covers the maintenance of facilities, common areas and apartments, building insurance, common electricity, Council and water rates. Unlike Body Corporate fees no special levies can be raised.
Under legislation covering retirement villages, operators are not allowed to profit from the GSC.
The GSC varies on the size of the apartment at Somerset Indooroopilly, and ranges between $160-$200* per week.
*Prices correct as at January 2022 and subject to change
While the GSC covers many of the expenses you would encounter living in a residential property, you are still required to pay for your own water usage and electricity, and any personal expenses such as phone, internet, contents insurance and domestic or in-home care services.
We know that it can often be difficult for you and your family when the time comes to leave our village, so we’ve made this process as straightforward as possible.
Like the majority of retirement villages, Somerset Indooroopilly retains a portion of the funds from the sale of your apartment when you exit our village.
The Deferred Management Fee (DMF) is calculated on the price you achieve when you sell your apartment and the length of time you reside in the village. At Somerset Indooroopilly, we have a maximum 32.5% DMF accrued over 10 years.
At Aura Holdings, when you sell your apartment you receive the majority of capital gain accrued over time.
The DMF helps cover the costs of refurbishment of your apartment when you leave, maintenance of the village’s buildings, gardens and the community facilities that all residents enjoy.
Click here to see how Aura Holding’s DMF compares with other operators.
To ensure there are no surprises when you exit our village, unlike other operators, we do not charge any additional fees for sales and marketing or the reinstatement or refurbishment of your apartment.
We will pay both your legal fees (up to $1,100) and our own legal fees.
By law, we will also buy back your apartment if it has been on the market for 18 months to give you the certainty to plan your next move.
Our DMF is calculated on the price you achieve when you sell your apartment and the length of time you reside in the village. Unlike other operators, at Aura Holdings when you sell your apartment, you receive the majority of capital gain accrued over time.
At Somerset Indooroopilly we have our own in-house sales and marketing teams that will handle everything from advertising and open homes through to paperwork and consultations – all free of charge and with regular communication.
You and your family will have peace of mind knowing that when it’s time to sell, we will organise and pay for any reinstatement or refurbishment needed to prepare your property for sale.
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Aura Holdings will not share your details with third parties.