Questions about Roys Bay Estate?
All the answers below!
FREQUENTLY ASKED QUESTIONS
When will the apartments and complex be completed?
Stage one has been completed in the R Block, and stage 2 is now underway with 4 McAlpine villa's in the F block to be completed in 2020. The following stages are expected to be completed over the next 18 months to 2 years.
What deposit do I need to secure my apartment choice?
Roys Bay only require a 10% deposit which is fully refundable at anytime during the building process.
Can I use Roys Bay as a holiday home?
Yes, you can and your friends and family to stay for up to 3 weeks provided they follow the Roys Bay guidelines. This way you can get to know your community before you fully retire. It truly is a flexible community.
Am I allowed to alter my apartment or unit?
Yes, you may, with prior approval from the operator and by using operator approved designs and contractors. You may need to return the unit to its original form at exit at your cost.
Who pays for rates, insurance, power, and phone?
Can friends and relatives come and stay?
Yes, they can, to a maximum of 3 weeks at any one time, or longer with approval from the operator.
Am I allowed pets?
Can a Trust own a unit?
Is there an age limit to who can buy into Roys Bay Estate?
Who covers the maintenance?
How will the fee increase?
The weekly fee will be adjusted relative to the actual and forecasted costs of the village. Residents will be consulted with at the AGM each year and prior to any increase taking place with an open book policy.
What is the weekly fee and what does it cover?
The exact amount is yet to be determined, however it is expected to be $120 per week, levied monthly. This budget will be formed once the village is operational and contracts for services are met.
Can I place a security over my title?
Yes, you may, however the security will need to rank behind the operator’s encumbrance and not exceed 50% of the value of the unit.
What are my rights?
What makes Roys Bay Estate different from other Retirement Villages?
A premium location and the closest to the lakeside and town. It is a 2 minute walk to the lake and a 10 minute walk to town
Residents are entitled to the capital gain on re-sale of the unit
The village has no Deferred Management Fee (DMF) which is typically 30% of your purchase price. Instead Roys Bay Estate charges an exit payment of 7% of the sales value of your unit. This includes the village marketing and selling of your unit.
Residents purchase the fee simple title to the land their house sits on
It is designed for active retirees of 55+ years of age
Purchasers can place a security interest over the unit