Management & Fees
Your Fees are Managed by the Greenwood Village Community
- All units at Greenwood Village are bought and sold as Strata Title Units.
- The Minimum age of entry for buying into Greenwood Village is 55 years.
- Greenwood Village is governed by an elected Owner's Committee. Any Owner may nominate.
- All Owners have Voting rights as a Member of the Owners Corporation. The Annual General Meeting is held in November and Committee members are elected at this meeting.
- Low deferred management fee and low quarterly service fees.
- Insurance on all common property and buildings is covered by the Owners Corporation.
- To maintain appearance, external alterations cannot be made to any Unit without approval from the Owners Corporation.
- Internal Maintenance of each Unit from the front brick wall to the back fence is the Owner's responsibility.
- All unit owners sign a Management Contract before the purchase of a property. This ensures that prospective owners are fully aware of their rights and obligations as a member of the Owners Corporation.
- Potential owners are asked to have an informal meeting with two members of the Committee of Management to ensure they become familiar with Village life and have an opportunity to ask questions of interest to them. Under the duty of care provisions of the Village, it is essential that each new resident is able to live independently and be self-sufficient.
- All unit owners pay common fees to run and maintain the Village. These are the Quarterly Service Fees and the Deferred Management Fee, which is payable on sale of the unit.
- Owners are responsible for their own rates, telephone, pay TV, gas, electricity, water, personal and contents insurance, other personal living costs and internal maintenance from the front brick wall to the back fence.
Adjacent is an Aged Care facility called "Greenwood Manor". This is an independently run commercial venture. Greenwood Manor can be contacted on 03 9551 5676.
Council Rebate on Rates
City of Kingston council rates are significantly reduced because the Village collects and disposes of all residents’ rubbish and the Strata Title shows that each unit is part of a Retirement Village.
Deferred Management Fee
The Deferred Management fee is calculated on the purchase price of a unit and is settled at the time of a future sale of a unit. The fee is based on the purchase price of the unit x 2.0% per annum (or part thereof) and capped at 10 years.
For example, a unit purchased for $300,000 attracts a deferred management fee of $6,000 per annum and will not exceed $60,000 for this unit when sold after the 10 year period.
Quarterly Service Fee
- 9 – square Units : $558 per quarter
- 12 – square Units : $601 per quarter
This fee is effective from 1st January 2025. The fee is set by the Owners Corporation Committee of Management and is subject to change after each Annual General Meeting.
The Quarterly Service fee will cover the costs of:
- Maintenance of all roads, gardens and infrastructure on common property, including the Community Lounge
- Building insurance
- Public liability insurance
- All rates and taxes on common property
- Household, green and hard rubbish removal
- Provision of a 24 hour emergency alarm system to each household
- Cleaning of roof gutters
- Painting of the external faces of units and the Community Lounge
- Administrative services and associated costs
- Electricity costs for street lighting, office and Community Lounge
- Water usage for the common property
- Use of parks and BBQ facilities
- Cleaning of all common property
- Use of trailer
- Vegetable Garden