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Costs & Ownership

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.


Other Costs

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.


Departure Fee

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.


Contract Type

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.

When my mother needed to move from Newcastle, I spent many months looking at more than 20 retirement facilities. Bougainvillea was unique from the first visit and my mother regularly said that coming to live there “was the best decision she ever made! The care and attention to detail has never been more apparent than in these strange pandemic days. Thank you and congratulations to all the staff who have made my mother’s stay so happy over these years.
Elizabeth – Daughter of a Resident
The difference that we perceive, is the Bougainvillea team don’t see it as just a job, but see themselves as professional enablers for people to live well. The warm community spirit is testament to their success in that. I can’t emphasise enough how significant the private retention of Bougainvillea is, along with the strata titles of the residents. It’s a case study for how to make retirement living work, and I do hope that the relevant authorities and legislators can watch and learn from Bougainvillea’s example. It’s a major triumph, proving beyond doubt that business success and compassionate ethical practices are not mutually exclusive.
Grant – Son of a Resident
After living in the same home for 38 years, the thought of moving was very daunting! However, the process was not nearly as confronting as I had imagined, because of the wonderful direction, help and patience given by the sales department at Bougainvillea. Then came the move into my new home, which again was seamless because of the help I received from the staff and the warm welcome given to me by the other residents at Bougainvillea. The location is wonderfully convenient for all things shopping and transport, I’m wondering why it took me so long to make the decision to move
Helen
It was a big move for mum after 60 years in the family home to relocate to Bougainvillea. Mum is settled and enjoying her new home. All the staff at Bougainvillea have been so helpful and always around to assist mum when she needs a hand. It’s a great place for our family to visit and have some time with mum. Bougainvillea has far exceeded our expectations.
Kerry – Daughter of a Resident.
I’ve been fortunate enough to live at Bougainvillea since 2015. It was the choice my husband and I made after inspecting and researching all the other retirement villages. I love being right in the heart of Neutral Bay, with easy access to shops and all essential services. The staff are very professional and have been especially kind and caring during COVID-19. I am very happy at Bougainvillea and feel very safe and part of a wonderful community.
Shirley
Coming to Bougainvillea was one of the best moves of my life, as I have been very happy in my new home. I had looked at quite a few retirement villages and clearly remember thinking when viewing Bougainvillea, ‘I could live here’. It just had a lovely, happy atmosphere and even before I moved here, the staff made me feel welcome. It is very well managed, and the support staff are excellent. A lot of us, as we get older, lose confidence, but the staff here go out of their way to get to know the residents, they help us with all sorts of little things that worry us. At a happy hour a week ago, one of my fellow residents said to me, ‘This would be the best retirement village in Australia’. I do believe she was right.
Gordon

Download our brochure

Containing thorough, detailed information about Bougainvillea. Our facilities, services, costs & more. Our brochure provides answers to your queries.

DOWNLOAD OUR BROCHURE HERE

Containing thorough, detailed information about Bougainvillea. Our facilities, services, costs & more. Our brochure provides answers to your queries.

Serviced and independent living strata titled apartments in the heart of Neutral Bay.

View apartments
  • 02 9953 5741

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For Reception Phone:

  • 02 9953 9214
  • 7 Waters Road
    Neutral Bay NSW 2089
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