GemLife over-50s lifestyle resorts operate under a unique model that is rapidly gaining popularity amongst Australian homeowners. Technically known as residential land lease communities, over-50s lifestyle resorts provide an innovative and sustainable way to finance affordable housing that is ideal for those who are ready to downsize. For mature homeowners, it’s not just an investment choice, but a lifestyle choice. But what exactly are land lease communities and why are they becoming so popular?
Firstly, land lease communities are not retirement homes or aged care facilities, rather they are a way to downsize your home in order to upsize your lifestyle. Living in a land lease community is not just for the retired, with many homeowners still working full-time or part-time. Residents enjoy living within a like-minded community of neighbours that share similar lifestyle aspirations, diverse and varied social opportunities, such as events and activities – both organised and informal – all within walking distance or a shared bus ride away.
Living in an over-50s lifestyle resort allows residents to own and occupy their own homes, designed specifically with a low-maintenance, lock-up and go lifestyle in mind as well as a multitude of long-term financial benefits including:
No entry or exit fees. Residents in land lease communities lease the land that their house sits on instead of purchasing it, resulting in no entry fees or stamp duty. In addition to no entry fees, GemLife over-50s lifestyle resorts do not charge exit fees or (sometimes referred to as Deferred Management Fees) should you choose to sell your home.
Retention of 100% of capital gains. At GemLife homeowners keep 100% of any capital gains made upon the sale of their homes, unlike retirement villages, which often keep a percentage of capital gains.
Financial Assistance. If you are a pensioner in a land lease community you may be eligible for Government Rental Assistance which helps cover a portion of your site fees, reducing your costs.
Land lease communities charge weekly site fees to cover the cost of operating and maintaining the site and facilities. At GemLife resorts these fees contribute to security gates, the resort bus, country club and communal area maintenance, components of council fees and charges, as well as onsite managers and administration of the resort. Site fees are reviewed annually.
In short land lease communities are based on a simple and transparent structure that provides homeowners with the flexibility and financial freedom to embrace a whole new lifestyle.