What costs are associated with living in a village?
There are four key cost elements associated with living in a village:
1.) The Occupation Licence Payment – This is the amount you pay upfront as a capital sum. This amount secures an Occupation Right Agreement, giving you the licence to occupy a villa or apartment.
2.) The Facilities Fee – The Facilities Fee details are set out in the Occupation Right Agreement. Your solicitor will explain these details to you before you sign an Agreement to purchase a villa or apartment. However, a general explanation of the Facilities Fee is:
- The fee is an amount equal to 10% per annum of the Occupation Licence Payment. This fee accrues on a monthly basis for the first three years of occupation.
- The maximum amount payable as a Facilities Fee is equal to 30% of the Occupation Licence Payment.
3.) The Weekly Fee – This fee covers the ongoing maintenance and overhead costs of running the village. The fee varies from village to village and covers costs such as building maintenance, gardening, roading, outdoor lighting, utilities, community centres, insurance, and the village van costs. This fee is fixed for life – guaranteed and stops when you vacate your unit.
4.) User-Pays Goods & Services – These are goods and services that you may wish to have just like your own home that are not covered in the weekly fee eg. home phone, broadband, SKY TV, personal contents insurance, entertainment outside the standard village activities, home cleaning, meals.
Need some help?
Whether you want to speak to someone on the phone or prefer to send an email, we’re here to help guide you through any queries or questions you may have about moving into an Oceania Village.