Like all real estate the cost of an apartment at Bougainvillea will vary depending on size, the number of bedrooms, bathrooms, condition and position. Other costs will vary depending on what other services, from those available, you decide to take advantage of.
Bougainvillea is very aware of retirees needing to manage their money well. Our annual budgets are tightly managed (with annual consultation with our residents) and we report regularly to our Strata Committee.
The main costs include:
- Initial purchase price.
- Quarterly recurrent charges (administration levy).
- Quarterly strata levies.
- Departure fee.
Following is just a brief explanation of these costs. If you want to know more, please don’t hesitate to ask.
Initial purchase price
All independent living and serviced apartments that are for sale in the village will have a ‘for sale’ price.
Some government and legal fees or charges will apply, for example, Stamp Duty. Contact your financial advisor or solicitor, for more information.
Quarterly Recurrent Charges
To fund the approved budget to pay for the day-to-day operating costs, there is a quarterly fee known as a recurrent charge. There is NO profit in the budget for the management company. This fee is used to cover services such as:
- Monitoring the emergency call and response system.
- Managing the village.
- Salaries to staff the village 24 hours a day 7 days a week.
The quarterly fee for Serviced Apartment residents is higher than the quarterly fee for an Independent Living Apartment resident because it covers the additional services provided, such as meals (breakfast supplies delivered x twice weekly for the resident to prepare themselves, as well as a two-course lunch and three-course dinner daily served in the dining room), cleaning and laundry services as well as medication administering.
Quarterly Strata Levy
Bougainvillea is a Strata Titled village. This means that you own your apartment and you are purchasing from the apartment owner, not from the management company. You also share in the ownership of the common area assets of the village. The strata levy is issued quarterly by the village strata manager and includes:
- Covering the costs of running the recreational facilities such as gas and electricity for the pool and spa, common area lighting.
- Covering building insurances.
- Maintaining and cleaning the recreational facilities and common areas and restrooms, that is available to all of the residents, including the gardens and lawns.
You will still need to pay for things like your own telephone, gas and electricity use, insurance, and council rates. If you are currently receiving a concessional rate, you’ll need to apply and continue receiving it.
Other costs that you could incur could be:
- Use of the dining room for meals (no extra charge for Serviced Apartments unless the resident has a guest).
- Personal care services. Such as meals, cleaning, laundry, medication assistance.
Like most other village operators, we charge a Departure Fee. This fee is payable on the settlement of a resale of the apartment.
This is the only operator reimbursement that is received for the responsibility of providing services for the time of residence, be the period of 3 months, or, as has been the case, 24 years.
The departure fee at Bougainvillea is calculated on a pro-rata percentage of the sale price of the apartment.
You can have first right of response, should another purchaser also wish to buy, on a property you are interested in at Bougainvillea, The Bay Club Resort, with a $1,000 holding deposit/expression of interest. What it does ensure is that, in the event that another proposed purchaser shows serious interest in the same apartment, you will be given the first right of refusal to match any offer they present. Both in terms of dollar amount and settlement terms. This is fully refundable if for any reason you decide not to go ahead with the purchase.
If you do decide to purchase, you will first need to sign a Disclosure Statement. A contract will be given to you via your solicitor and you will be given the time needed to review it thoroughly. It is highly recommended that you consult a solicitor. The contract will explain in further detail what ‘tenure’ you will have for the property and what this means to you. At Bougainvillea all of our apartments are Strata Titled.