John Wood, National Lifestyle Villages founder talks with Harvey Deegan about exit fees
Harvey Deegan here and we’re talking lifestyle with John Wood, founder of National Lifestyle Villages. John thanks for joining us. The hot topic in the media is exit fees can you explain the difference between retirement villages and Lifestyle Communities?
Yes Harvey, that’s a great question. Retirement villages have exit fees as high as forty percent. However what people need to understand is that a retirement village provides many other care and support services than just accommodation and facilities.
So John how does it work in a lifestyle community?
Well Harvey because our communities attract a younger generation who want for independent living and a simplified lifestyle and are not necessarily health motivated the cost of operating our villages are lower and therefore the exit fees are lower ranging from zero to fifteen percent. Our Lifestylers want to be able to access a greater share of the capital growth in their home over time.
John, what about on going pricing affordability?
Well Harvey land lease lifestyle communities are able to deliver a complete home and lifestyle solution for about forty percent less than the median house price in the suburbs. That means our clients get to downsize and free up capital to invest or fund just a more enjoyable lifestyle. There’s no hidden costs or refurbishment cost. There’s just one weekly affordable rental fee which is about one third subsidised by Centrelink for people who are on the pension. The only real extra cost is for people who want to store a caravan or a boat.