NEW OWNERS
How Greenwood Village Mews Operates
- 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 Fee and the Deferred Management Fee, 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.
Services At Dingley
Within a 10 minute walk from Greenwood Village or from a bus stop right at the front door:
- Medical, optical, pathology, physiotherapy, dental, podiatry and other associated services
- Shopping centres
- Hardware stores and motor car services
- Sporting facilities such as bowls, golf, tennis, gymnasium, swimming and more
Why buy at Greenwood Village Mews?
Then there are the financial and contractual advantages of Greenwood Village Mews. There are no complicated, corporate regulations and demands made on residents.
This village is recognised as one of the few, lowest cost facilities in which to retire and also have the privilege of owning your own home outright. The Service Fees are used for Building Insurance of all the homes and the common property and for running costs of the Village and the Office.
Now, look at the financial comparisons between a resident-owned and corporate run Village. (Values correct at March 2022.)
Greenwood Village Mews Comparison
| Item | Greenwood Village Mews | Other, Developer Owned | |
|---|---|---|---|
| Monthly Service Fee | $165.73 or $178.50 | $340.00+ | |
| Deferred Management Fee | 2.0% of buying price | 3%+ of selling price | |
| Capital Gain | 100% to the Owner | Shared with the Management Company / Developer / Operator | |
| Ownership | YES - Strata Title | NO - Leased Space or Right to Occupy Property | |
| When Selling | Owner's arrangements | Arranged by the Management Company and with extra, non-negotiable costs to you | |
| Exit Fees | Deferred Management Fee Only | Deferred Management Fee, plus Cost to Renovate, plus other, non-negotiable Admin Fees | |
| EXIT FEE - example based on a buying price of $300,000 and selling at $350,000 after 10 years | $60,000 (2% x $300,000 x 10 yrs) | $130,000 ++ | |
| Note 1 | + more than you think | ||
| Note 2 | ++ a lot more than you expect | ||
Residents’ Care and Safety
Greenwood Village Mews has been planned in every sense for your safety, security and care. An emergency response call system operates 24 hours a day and assistance will be promptly arranged.
Medical and associated services are close by. Residents are required to advise the office if they are absent for more than 48 hours. This precaution is taken to ensure your neighbours are aware of your absence, the emergency services advised and an eye kept on your property.
Smoke alarms, which are fitted to each home, have their battery replaced each year at no cost to the resident.