Wyee Point - FAQs
How close is the resort to local shops and attractions?
Greenleaf by the lake, is situated only 6 mins from Wyee Shopping Centre, The shopping centre has a mini-mart, pharmacy, doctors surgery, bottleshop, bakery, takeaway and Post Office. Greenleaf by the lake is 6 mins from Wyee Railway Station and Busways provide a daily service past the door. Wyong Hospital is only 20 mins away. Large shopping centres such as Westfield Tuggarah, and Erina Fair provide good outings for shopping and a nice day out.
What are the facilities at the retirement resort?
The resort will have a community centre for everyone to use and will include a meeting room and lounge, library, snooker lounge, kitchen, a room for visiting medical practitioners, computer room, cards and games area and barbeque area. The resort also has a workshop area for those who still want to dabble.
Also later a resort bus will be provided for outings for use by residents.
Is there transport available from the resort or nearby?
Busways route 97 come in to Wyee Point, which can take you to Wyee Shopping village or to the railway station. The resort will also have access to their own bus.
How much is the entry fee?
Prices range from $389,000 to $475,000
What do I or my estate get back when I leave the resort?
When you leave the resort, the value of your villa will more than likely have increased. Upon the re-sale of your villa, a departure fee is payable and is calculated in the following way: 5%- deducted per year, for a maximum of 7 years or a maximum of 35% of the resale price.
What do I pay weekly?
The recurrent charge will range from $72.00 to $78.00 depending on the villa you choose.
What are the services and benefits covered by the recurrent charge?
This charge covers the cost of council and water rates, insurance and maintenance of all buildings, Plant and equipment, common areas, gardens, lawns, energy costs of public and common areas, resort management and other general costs of running the resort.
How is the recurrent charge determined?
These charges are determined in consultation with the residents. Resident representatives meet with the Resort Management on a monthly basis to review expenditure and the financial management of the resort. Recurrent charges are set annually, and upon review can only be increased if the resort residents’ association agrees to it.
What other expenses am I responsible for?
You would pay your own electricity and water usage, your own phone bill and contents insurance.
Can I bring my pet?
We welcome most dogs, cats and other small pets. There are a few rules about keeping control of your pet to protect the safety and comfort of other residents and local wildlife.
What happens if I need a little extra care?
Extra care can be arranged by the Resort Management Team with local organizations to suit your personal requirements.
Can I have family and friends come to stay?
Absolutely. Just as you would, where you are now.
Why Leasehold works for you
The Major advantage for a resident in a Leasehold Title retirement resort is that the operator has a long term financial interest in the continuing success of the resort. The operator is therefore obliged to achieve and maintain high standards in the provision of facilities and services to maximize the reputation of the resort and ensure the operator’s equity is maintained.
Another big advantage becomes apparent at resale. Under leasehold the operator pays for and completes any necessary refurbishment of your villa before it is offered for resale. However under Strata Title either you or your family would have to organise and pay for any refurbishment . In reality Strata Units often end up being sold in a “As is” condition, which usually means they take longer to sell.
The operator of a leasehold resort is partly bound to provide the services, facilities and maintenance. In a Strata Title resort, the body corporate must enter into a service agreement with a management company for maintenance and provision of services. Problems can arise when the interests of the body corporate and the resort overlap.
The rights and obligations of residents are clearly set out in the lease, and cannot be changed without your consent. Strata title residents are subject to the whims of the body corporate, which may impose or abrogate rights from time to time. This can be done with or without your consent.
Continuity of management is ensured by leasehold. However, residents of a leasehold resort need not be concerned with management issues and the resort infrastructure if they do not wish. A reason for entering a retirement resort may be the desire for less involvement in domestic management.
A resident can also appoint the operator to “sell” his residence. Who better than the operator, who has an intimate knowledge of the resort, its workings and documentation? There are no agent’s fees or selling commissions on entry or exit. A considerable saving on stamp duty is achieved. For a unit costing $320,000, stamp duty payable on a lease is around $960.00. By comparison, the same unit attracts stamp duty of around $10,000.00.
Generally, Leasehold documentation is simpler than Strata Title. Security of tenure is guaranteed by registration of the leasehold at the Land Title’s Office.
Your lease is for a term of 99 years.
All in all, Leasehold Title is much simpler to understand and use than other forms of tenure. The costs associated with Leasehold Title are less, which are reflected in the low management costs payable in the residents’ recurrent charges.
For more information about Wyee Point:
- Select one of the Related Information items at right
- Contact us so we can discuss your specific questions regarding Wyee Point
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