Say hello to
Freedom
Five top tips for planning for your future
Resort-style over 55s living
EXPERIENCE A NEW OUTLOOK ON LIFE
Welcome to your very own slice of paradise. Elevated above Lake Munmorah this premium release offers picturesque lakefront views. Each home has been architecturally designed and finished to a high quality to create beautiful spaces ideal for relaxed living and entertaining.
NOW SELLING STAGE 1 – FORESHORE RELEASE. Belong to a community and discover a new way of living with friendly like-minded people. Access a social calendar of activities, clubhouse, BBQ pavilion and other amenities conveniently close to your new home. Enjoy the Ingenia difference of a clear financial model with no surprises: pay no exit fees or stamp duty and keep 100% of any capital gains.
THE LAKEFRONT HOMES View this vibrant community today with Jenni on 0458 018 332 or find out more at liveinsunnylakeshores.com.au 2 MACLEAY DR, HALEKULANI *Price is based on owning your home and leasing the land. Pricing is correct at the time of print and subject to change without notice.
Say hello to more Happy Days The last twelve months have redefined how we live, prompting many people to reconsider what’s really important. While we all have different dreams and aspirations, there are a few values we all have in common – that’s the importance of community, finances and lifestyle.
Sit back with a cuppa and let us guide you through the downsizing journey.
Moving on from a large home presents a range of new opportunities; it’s a chance to create the lifestyle you’ve always dreamed of by freeing up both your capital and your time. Naturally, some people feel daunted by the prospect of downsizing. However, for most people who make the change, their only regret is they did not do it sooner. Over the years, Ingenia Lifestyle have helped thousands of singles and couples downsize and simplify their lives, so we want to share our expertise in the field to help like minded people navigate their way through the downsizing journey. This magazine is packed with tips, tools and articles designed to help you understand the decision making process and guide you on putting plans in place to reimagine your future.
Find out more at ingenialifestyle.com.au 1
Moving to a low maintenance home is the first step to a relaxed, streamlined lifestyle. For many homeowners, it’s the first chapter to a
new life
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Downsizers defined Downsizers can include anyone over 55 years of age, still choosing to work or retired, an empty-nester couple whose children have now moved out, or someone that is now living alone. The key motivations for moving from the family home are linked to securing more appropriate accommodation, either in terms of size, lifestyle or location. It is surprising how reducing the size of the home also cuts down on daily chores and maintenance, freeing up time for leisure activities and spending time with family and new friends.
There are a number of reasons people decide to downsize: • A home with less maintenance • Unlock equity and free up funds • Lifestyle changes • Health reasons • Move closer to family Homeowners are starting to realise that bigger is not always better.
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Plan ahead for success If you’re unsure of where you sit on your downsizing journey, you’re not alone. Australia is experiencing a surge of people considering their future and they’re all trying to make the decision that best suits them. Plan
Assess
For many homeowners, moving to a new home can be the start of a new chapter but the process can take some time and consideration. Many people can take anywhere from a few months to a year to navigate through the process.
There are many considerations when navigating through the downsizing journey, but the main issue on the minds of most is the financial aspect of the process.
Key considerations when planning your downsizing journey include: • Your ideal lifestyle, community and facilities • Your location options – where do you want to live? • Decluttering and tidying up your prized possessions • Preparing your house for sale
Consider Before you begin your downsizing journey, there are some critical questions to ask yourself that will help you work out what's the most important things in life to you. • What's on my bucket list? • What options can I consider? • Where do I want to move to? • What do I want my life to be like? • How do I make this happen?
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Compare the costs of your preferred options versus staying in place, understanding how much your house is worth and knowing whether your downsizing choice will impact your Age Pension and other income streams.
Explore Exploring your downsizing options – visiting display homes, speaking to sales consultants and attending community events – can help you understand what you really need. By assessing all the options, you will be more confident when making the final choice about your new lifestyle.
Five top tips for planning for your future We asked the expert, Rachel Lane, co-author of Downsizing Made Simple with Noel Whittaker, for her insights and advice she gives to anyone thinking about unlocking equity in their home and making the move to an over 55s community. 1. Find a community that suits you A big part of your enjoyment in a new community will be time spent with other residents – to quote a great Australian movie, “it’s the vibe”. Do your research on the accommodation, facilities and the legal and financial arrangements, but be sure to look beyond these.
2. Understand your contract Your legal ownership has wide reaching implications. It’s important to know your rights and how the agreement will impact your pension, eligibility of rent assistance and other financial matters. Retirement villages are governed by the Retirement Villages Act in the relevant state or territory while lifestyle communities can be governed by the Residential Land Lease Communities Act, the Manufactured Homes (Residential Parks) Act or the Residential Tenancies Act.
3. Do your sums The costs of moving in and out of an over 55s community vary widely. It can help to break the costs into three categories: the ingoing, the ongoing and the outgoing. In some communities there are different payment options to consider and one may suit you better than another. The type of community you live in or the amount you pay for your home will determine whether you are a homeowner or not for pension purposes, as well as your eligibility for rent assistance.
4. Have a budget Make sure your budget incorporates the costs associated with living in the community such as the general service charge or site fees together with your personal expenses such as utilities, food and entertainment. If you are going to receive extra services such as meals, domestic help or care make sure you include these on top of the other charges and then add occasional expenses such as holidays and Christmas so you know you can afford it.
5. Seek advice Crunching all of the numbers can be complicated, a financial adviser who specialises in this area can help you get it right. Book an appointment for our sales team to take you through the Rachel Lane calculator.
Need help planning your future? Go to ingenialifestyle.com.au/ downsizer-toolkit for a step by step roadmap to help you on your downsizing journey. 5
Downsizing isn’t about saying goodbye,
it’s about saying hello! Moving on from the family home is an opportunity to say hello to a new chapter in life but planning your journey is as important as the destination. When planning your future, it’s important to look at the available options first.
Living with family or in a granny flat The few who are fortunate to live with family or in a small flat on family property may decide this is the best option due to the cost savings and ease of living. Financially this can be a smart decision but it is also important to consider if this aligns with the lifestyle that you want for yourself and if expectations will match reality.
Renting Renting can provide long-term flexibility and afford you more freedom when choosing a location than buying. It can also open up more desirable locations that you could otherwise not afford and with this, different lifestyle opportunities. However it is important to ask yourself: do I want to age in place here and can I? and, do I feel safe, secure and connected?
Retirement villages can provide additional support allowing you to age in place and provide fulfillment in security, connection and safety. Comprehending each retirement villages cost structure can be complex. Breaking these into incoming, outgoing and ongoing can help to compare your options. Our comparison chart on the page 11 will also help clarify some of the major costs.
Over 55s lifestyle communities/ land lease communities Australia’s over 55s lifestyle communities, or land lease communities, are emerging as a strong sector with a number of operators setting new benchmarks for affordable senior living. High quality, modern homes are set within a master planned community, using extensive landscaping and resort-style facilities in a secure, gated complex.
A popular choice particularly with downsizers looking to move closer to family, this option affords them the opportunity to have a new home with a modern look and floorplan.
The popularity of the model is its simplicity (the resident pays for the house and owns it, and they rent the land), ensuring a much more affordable entry price point and eliminating the need for residents to pay stamp duty or entry and exit fees.
Challenges can be the long-term commitment and flexibility, upfront financial costs, transportation and connection. Depending on location this option is not always financially viable nor gives you as much lifestyle freedom.
Learn more about your community living options at ingenialifestyle.com.au
House and land package
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Retirement villages
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Discover the difference in lifestyle living
Smart downsizers have saved thousands of dollars on the purchase of their brand-new home by embracing land lease living. Here are six things you need to know about land lease ownership:
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The land lease ownership model does not charge exit fees
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Own a brand-new home at around half the average price!
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Ingenia Lifestyle do not charge exit fees and does not take a share in any capital gains.
With the land lease ownership model you have full ownership of your home while leasing the land. Leasing the land makes the upfront purchase price of your new home much more affordable.
You’ll pay no more council rates and get access to resort-style facilities you’ve always dreamed of The weekly land lease fee (also referred to as the weekly site fees) covers the site rent of the land, council rates, community staff and maintenance of the community’s resort-style facilities.
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You can say “no!” to stamp duty
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It’s not just a brand-new home, it’s a new lifestyle
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Do the things you’ve always dreamed of by downsizing and freeing up cash
Stamp duty is only owed to the government when your home purchase includes land. By leasing the land, there is zero stamp duty to pay when you purchase a home in a lifestyle community like Ingenia Lifestyle.
Residents enjoy full access to the community resort-style clubhouse and facilities – the hub of community social life.
Turn the equity in your home into usable cash to do the things you’ve dreamed of.
For more information on land lease living go to ingenialifestyle.com.au
Land lease communities verses retirement villages It’s apples and oranges when comparing retirement villages to land lease living. Downsizing can be an exciting time, but it pays to do your research and crunch the numbers. Author and seniors finance expert, Rachel Lane, said you don’t want to be left behind when it comes to your senior living choices. “Comparing the different financial arrangements between retirement villages and lifestyle communities is like comparing apples and oranges. “While it may seem that there are too many different financial arrangements to compare, the differences between retirement villages and lifestyle communities are important.” “I find it easiest to break down the numbers into ingoing, ongoing and outgoing. If traditional retirement villages were apples and lifestyle communities were oranges, let us compare,” Rachel explains.
Outgoing: The greatest confusion between retirement villages and lifestyle communities comes from the exit fees, also called deferred management fees (DMF), and who gets the capital gain. APPLES: In a retirement village exit fees are standard. The exit fee is likely to be a percentage of either your purchase price or re-sale price, anything from 10% to 30% is common and affects capital gains if eligible. Another common cost is the refurbishment costs required when exiting a community. ORANGES: Lifestyle communities do not charge exit fees. You own your own home and it is a viable asset, so the home owner keeps 100% of any capital gains made on the property if or when they decide to sell their home with no refurbishment fees.
Ingoing: APPLES: Retirement villages operate under the Retirement Villages Act with a lease or ‘license to occupy’ as the ingoing price. ORANGES: In a lifestyle community you buy your own home and lease the land.
Ongoing: APPLES: Your ongoing cost can vary depending on the village. It is important to understand the rental fees, service charges and what is or is not covered in these charges. ORANGES: Because of the unique land lease ownership structure in lifestyle communities, most pensioners qualify for rent assistance on their site fees reducing their ongoing costs.
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Your downsizing options at a glance… As you plan your next step it is important to understand and consider the financial outlay attached to each downsizing option. Land lease community
Retirement village
Purchasing a home
Stamp Duty
Entry Fee
Rental Fees
Government Rental Assistance
Council Rates
Exit Fees
Asset Ownership
Selling through traditional methods
Capital Gains
(Based on a NSW Ingenia Lifestyle community) As you only own the home not the land you do not have to pay Stamp Duty.
The only entry fee is the cost to purchase your home.
The fee covers the rent of the land and the maintenance of communal amenities and community grounds.
Standard accessibility criteria applies.
As you do not own the land you do not pay Council rates.
(Loan/Licence or Loan/Lease Agreement) As you purchase through a right to occupy contract you do not own the home or land.
This cost varies based on current market values, home specifications, the specific village, and its amenities.
A recurrent charge covers the costs, expenses and outgoings the Operator may incur with ownership, occupation, operation and administration of the village.
Sometimes Only applicable if the entry price is below $203,000.** Not applicable on strata-based contracts. As you do not own the land you do not pay Council rates.
This may include Deferred management fees and/or refurbishment costs.
You own the home but not the land.
You are not restricted as to who may sell your home, as it may be sold privately, through a Real Estate Agent or you may engage the Operator to sell for you. You keep 100% of any capital gains on the resale of the home.
This contract is a right to occupy and does not include ownership of the land or home. Some restrictions may apply to the sale of your home.
This can be village dependant. Sometimes you can receive a percentage of the capital gains.
A government tax for when you buy a property. This is a sliding scale percentage based on your purchase price. The only entry fee is the cost to purchase your home.
As you own the home Government Rental Assistance does not apply however you may be eligible for other assistance schemes.
This varies based on location and is calculated on the value of land.
You own the land and home.
Commonly sold through a traditional Real Estate Agent.
On both the land and home.
*Information is correct at time of print and is provided as a guide only. We advise you to conduct your own research as information can vary greatly based on situation. Source: Land Lease Living Industry Association NSW. (2018). Land Lease Living. https://view.joomag.com/land-lease-living/M0621203001530068405 ** Information accurate at time of print and based on July 2017 guides.
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Welcome to your new lakeside lifestyle Live in the heart of it all where the lake and the bush are literally at your doorstep.
Interior images are for illustrative purposes
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Love it here, why not live here? Imagine finding a place where you belong and doing whatever takes your fancy – every day. Ingenia Lifestyle Sunnylake Shores makes that dream a reality. Perfectly situated on the Central Coast, you will enjoy a peaceful and secluded position whilst still being central to all the shopping and services available in the local area.
Now selling brand-new lakefront homes. Call us on 0458 018 332 or visit liveinsunnylakeshores.com.au 2 MACLEAY DRIVE, HALEKULANI
Artist impression, final design subject to change.
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There’s no better time to visit Ingenia Lifestyle Sunnylake Shores This time of your life belongs to you, it’s time to put yourself first and do more of what you love.
ARTIST IMPRESSION, subject to DA approval.
Quality and attention to detail are the hallmarks of every new home design at Ingenia Lifestyle Sunnylake Shores. Choose from a selection of architecturallydesigned homes to suit your budget and lifestyle. Each design features open plan interiors, providing a bright, airy feel to maximise the natural sunlight. The seamless indoor/ outdoor living spaces with private covered alfresco areas are ideal for lakeside living. Sunnylake Shores residents enjoy resort-style living, including: • A modern community clubhouse with a variety of social areas • Library and billiard table • Private resident boat ramp and lake access • Swimming pool and Tennis court • Active social and wellbeing program • Coming soon: three BBQ areas and jetty. 14
Now selling brand-new lakefront homes. Call Jenni on 0458 018 332 or visit liveinsunnylakeshores.com.au 2 MACLEAY DRIVE, HALEKULANI *Price is based on owning your own home and leasing the land. Prices correct at time of printing and subject to change without notice.
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1 Coffs Harbour
5 Port Macquarie
5 Hours Forster
13 6 14 7 8 15 Newcastle
3 Hours 2 Hours
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3 2 9 10 SYDNEY
Wollongong
4 12
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Find a place where you truly belong Ingenia Lifestyle has a growing list of lifestyle communities throughout Australia’s eastern states in the most desirable locations.
Explore our New South Wales communities NOW SELLING 1. Plantations 2. Bevington Shores 3. Sunnylake Shores
Now Selling
4. Coastal Palms
Existing Communities Upcoming Communities
EXISTING COMMUNITIES 5. South West Rocks 6. Latitude One 7. Hunter Valley 8. The Grange 9. Lake Munmorah 10. Ettalong Beach 11. Stoney Creek 12 . Lake Conjola UPCOMING COMMUNITIES 13. Port Stephens 14. Fullerton Cove 15. Morisset
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For more information contact us on 0458 018 332 Copyright Ingenia Lifestyle 2021 The Company gives no warranty or makes any representations about the accuracy of the information or representations made. Illustrations are representative only of the designs and to be used as a guide only. Future residential development is subject to relevant approvals. The information is provided solely as general information and the final product may differ from what is displayed.