FREQUENTLY ASKED QUESTIONS

Who are Holiday Lifestyle Developments?

Answer: Our skilled team of professionals have the knowledge to choose and purchase in the right locations whether it’s for a lifestyle by the sea or somewhere else we aim to deliver a great investment for future growth.

What is being offered?

Answer: Vacant allotments or packaged house and land in prime beachside and beachfront locations for permanent living or holiday homes.

Investments are offered with a fixed 6% guaranteed net returns for up to 10years

Is there any Stamp Duty or GST in the purchase of the registered Leasehold title?

Answer: If purchasing for your permanent residence, congratulations as currently you will be exempt from stamp duty. Otherwise stamp duty based on the sale price is currently 5.5% of the purchase price.

What do I legally obtain when I purchase a site?

Answer: A registered leasehold title, that is an interest in land ownership with your name registered on title at the land titles office.

The title is equivalent to freehold title no different to your home, it can be sold to anyone , at any time.

No exit fees, no surprises.

What happens when the registered lease expires?

Answer – At the end of the lease term you have the right to take a further option to register your title for a further term.  The initial lease term is for 250 years, the option is for 250years that is 500 years.  Bear in mind Australia is only just 200 years old.

How many sites?

Answer: Wyndham Cove Estate has a total of 41 lots.  Other locations vary in numbers.

Do Banks lend this type of security?

Answer: Yes – up to 80% of the purchase price from various lending institutions or contact our office if you are having difficulty arranging finance.

What about a Solicitor?

Answer: We have a number of solicitors who specialize in registered leasehold titles

Urban lawyers – Melbourne – Chris Moshitis- 0419-216-130

Mills Oakley – Melbourne – John Turnbull – 8568-9519

Hayton Kosky Solicitors – East Bentleigh – Brett Hayton -0418-997-311

Excellence Conveyancing Property Solutions – Werribee – Donna Cott 0458 159 114

Are household/domestic pets allowed in the park?

Answer: If you own your Villa and are not intending to let it out at all, pets are allowed at Manager’s discretion.

How much per week will I have to pay if I purchase my site?

Answer: Depending on the size of the site, the ongoing cost or total cost of Ownership including rates, Management, Maintenance, Lawn mowing, Public lighting and Public liability etc will be sharing between all site owners and calculated based on the lot and liability of the land.

What does my Annual Fee cover?

Answer: Allows for the following: Common property services, wages, superannuation, work cover and other employment related costs of the managers and other employees or contractors; maintenance costs; rates and taxes; office expenses, common property insurance; depreciation and amortization; costs repair, refurbishment and/or replacement costs of existing works and the facilities (including those of a capital nature); motor vehicle expenses; administration costs; waste disposal; facilities and services; and new capital or non-capital works.

How are fees increased?

Answer: Increases are based on actual cost increases for example if the rates increase by 10% in 2018 the budget would be increased by the same e.g. Rates $1,000 – 2017 Rates $1,100 – 2018 the increase is $100 you would pay the increased expense calculated by the lot and liability of your site.

Do I have to pay for insurance of any kind?

Answer: Owners will need to pay Building insurances. We have competitive quotes for you or can arrange your own.

Do I have to pay for water and electricity?

Answer: Water rates are included in your cost of ownership, unless separately metered. Electricity is metered with payment required on a monthly basis.

Can I sell my property at any time?

Answer: Yes, your leasehold title and Villa is your own property and you are able to sell it at any time, subject to complying with the Terms of your Lease in relation to Assignment. Remember it is a registered Leasehold Title. The remaining years on your Lease would then be transferred to the new Leaseholder. Your land will appreciate in line with other properties in the area. You can sell your Leasehold through any Real Estate Agent you choose.

Must I purchase the furniture package?(Only applies for permanent living or Holiday homes)

Answer: The properties are offered for sale with the option of a complete furniture package or alternatively you may supply it yourself, this could affect the rates chargeable. We strongly recommend in order obtaining the necessary rating, the furniture requires to be to a satisfactory standard.

Are all homes and villas air-conditioned?(Investments include aircon)

Answer: This is an optional extra, you will maximize your investment return having reverse cycle split system air-conditioning for tourist comfort. (Applies to holiday home owners, Renting when not occupied)

How do I receive an income from my investment?(Only applies for periodic use)

Answer: Your Villa can be let by the on-site management either permanently let, or alternatively, periodically let. It’s at your discretion.

Is there a Maintenance Fund set up to make allowance for repairs and replacement of furniture etc? Doesn’t apply to guaranteed investments

Answer: No, any related expenses to your villa eg. Broken glasses, curtain tracks etc. The Managers will provide a quotation for the cost of repairs or maintenance for the purpose of maintaining your property. However bear in mind should your villa be substandard it will affect your return.

What are management rights?

Answer: Management rights are the rights the business owner has to let villas within the complex, Provides a monthly statement to the landlord clearly indicating the lettings per month, the fees per month, net result, and either direct transfer to the landlord’s bank account or by cheque.

Is it mandatory to place my property under the management?

Answer: No, you are able to keep your home for your own personal use for either permanent living or holiday home. If you intend to generate an income from you home then yes it is mandatory to place your property with the onsite management in order for them to maintain control over the letting for overnight, short or long term. The management company have the experience and tools to deal with issues and problems associated with tenants and represent the landlord at VCAT hearings.

FREE RESOURCE

DOWNLOAD OUR FREE HEALTH CHECK

Using our checklist you can see opportunities for your investments.