Welcome to MiLife Rosewood Park Retirement Lifestyle Village in Levin
MiLife Rosewood Park is an exceptional, boutique retirement village located at 78 Queenwood Road, Levin. This very affordable retirement village offers 6 one and 30 two bedroom homes, priced from $125,000 to $210,000. This retirement village will suit most individuals retirement needs providing companionship with a sense of security. Getting to the shops is a breeze with the retirement village mini bus making trips to and from town 3 times a week.
Capital Payment
Every resident is required to pay a capital sum to the operator in exchange for an Occupation Right Agreement (ORA). This gives you the right to occupy your villa for your lifetime or for as long as you choose. The consideration required to secure an ORA is determined by the operator. The consideration will vary depending on factors such size of the Villa, aspect to the sun, location to the Community Centre etc. The capital payment is refundable in the event that the Occupation Right Agreement is terminated. A resident may terminate their ORA at any time by giving the operator notice of intention to terminate. The ORA terminates 30 days after the notice has been given to the operator.
Deferred Membership Fee
All residents are required to pay a Deferred Membership Fee (DMF) on termination of the ORA. The DMF is calculated at 6% per year to a maximum of 30% at MiLife Rosewood Park. On termination of the ORA the DMF is calculated on the basis that it is payable in advance for each month of the first 60 months at MiLife Rosewood Park. If a resident resides in the village for a period less than 60 months, then the DMF calculation will be over the months fully completed and the number of days completed in the final month. The DMF calculation ceases on the date that the ORA terminates, that is 30 days after giving the operator notice of your intention to terminate the ORA.
The Deferred Membership Fee contributes to the operational and financial viability of the village, ensuring the village remains “state of the art” . It covers, amongst others:
• Ongoing property maintenance costs
• Refurbishment and modernisation of community facilities
• Maintenance of village roads, grounds and infrastructure
• Refurbishment of the villas when required
• Future development within the village
• Provides for the profitability and longevity of the business as a whole.
Once you have lived in the village for a period greater than your DMF deduction period, there are no further deductions and the DMF is always only payable on the date your refund from MiLife falls due and it is deducted from thecapital payment due to you. The latter is normally when MiLife receives settlement from the resident who will next live in the villa or one bedroom home.
Village Outgoings Fee
In addition to the Capital payment, residents are required to pay for all outgoings incurred by the village in delivering the services described in the ORA. A breakdown of these services is itemised below.
Village Outgoings Fees cover:
- All taxes in respect of the Village
- All rates, levies, charges, assessments and fees payable to any Government, Territorial or Local Authority
- Costs of compliance with any statute, regulation, by-law or other lawful obligations in respect of the Village and the Retirement Villages Association of New Zealand’s Code of Practice 2008 or any replacement codes
- Charges for water, gas, electricity, telephones and other utilities or services in respect of the common areas and facilities
- Insurance premiums and associated valuation fees
- All salaries, wages, fees and other remuneration, Accident Compensation Corporation charges, superannuation payments and other employment related expenses for persons engaged in the management and operation of the village
- The costs of providing security, cleaning, gardening and other services for the general use and benefit of the residents
- The costs of maintenance and repair of all buildings, common areas and the Village generally
- Appropriate fees and expenses of the Statutory Supervisor and Auditor
- Legal fees incurred by the operator in relation to compliance with legislative requirements for the village
- An administration fee covering the costs of services provided by MiLife Holdings Limited to the Operator
- 7.5% of the total village outgoings as a contribution to an accruing sinking fund to cover costs for repairs, maintenance, refurbishment and capital replacement works associated with the village
The Village Outgoings Fee is currently $88.20 per week at MiLife Rosewood Park. This is payable fortnightly in advance. This fee is reviewed annually in consultation with the residents and the Statutory Supervisor. The increases are implemented on or around the 1st of July each year. Generally the increases will reflect the inflation experienced during the year with due regard being given to the inflation expectations for the period ahead.
User Pays
The village will offer various additional services not covered by the village outgoings fee. Such as:
- Recreation and entertainment services.
In keeping with the MiLife philosophy of "Ageing in Place" we are able to access additional services as your needs change. This may be weekly housekeeping or a meal served daily, or may extend to additional support such as laundry services, shopping, and help with showering and dressing. We will assist you to identify the appropriate level of assistance, and assist in arranging these services for you in your own home.
