New Zealanders spend their lifetime adding value to their homes. When you retire, what do you do? Most people downsize and move into a license-to-occupy retirement home, which can offer a sense of community. But if you don’t thing a retirement village is for you, consider a home in Fonteyn Village, designed by property developer Tim Manning.
When asked about the concept behind Fonteyn Village – located in Avondale, Auckland – Tim Manning said while travelling overseas he’d noticed retirement villages all over the world with different financial structures and options. In New Zealand, there aren’t many options for the over-55s, so Tim Manning set out to create some.
Fonteyn Village, said Tim Manning, is designed as an affordable option for those wishing to downgrade their homes, thus releasing cash to fund retirement.
Anyone wishing to buy one of the 56 homes in the Fonteyn Village must be aged 55 or over. Fonteyn, however, is not your ordinary retirement village. There’s no statutory supervisor and no license-to-occupy. It’s a gated community where residents own their homes freehold and share common facilities.
Tim Manning designed the village with his clients in mind. A private road surrounds the community, and access to the gate is by swipe-card only. Tim Manning has added a community centre called the Club, containing a lounge and entertainment area.
Since not everyone wanted the range of recreation activities and social outings offered by most retirement homes, Tim Manning focused on keeping costs down for residents. While some retirement homes charge over $150 a week for these extra activities, Tim Manning ensures each residence pays less than $50.
With the Fonteyn homes selling for an average of $366,000 and most of the homes already sold, Tim Manning stands to make both a positive impact on the retiring community.