Who pays for the refurbishment costs when the Lease ends and the Resident leaves the Village ?
At The Orchards, other than for damage caused by the Resident through accident or deliberate actions, the refurbishment costs are the responsibility of Astoria Platinum Villages. If for example, the Resident has resided in the Apartment for 10 years and the carpet, hot water service, stove, air conditioner, kitchen bench tops and/or cupboards need replacing or the Apartment needs to be repainted, the cost of these items will be paid by Astoria Platinum Villages. At the end of the Lease, Astoria Platinum Villages will have the total say as to what items need to be replaced and the degree of refurbishment including type, quality and colour. As a minimum the Apartment will be refurbished to the same standard as the last similar Apartment sold in the Village at the relevant time. The minimum standard ensures that when the Apartment is offered for Sale it presents to a high standard increasing the potential for a capital gain which is shared between Astoria Platinum Villages and the Residen
At The Lakes Village, other than for damage caused by the Resident through accident or deliberate actions, the refurbishment costs for the villas are the responsibility of Astoria Platinum Villages. When the Villa is placed on the market for resale Astoria Platinum Villages will have the total say as to what items need to be replaced and the degree of refurbishment including type, quality and colour. As a minimum the villa will be refurbished to the same standard as the last similar villa sold in the Village at the relevant time. The minimum standard ensures that when the villa is offered for Sale it presents to a high standard increasing the potential for a capital gain.
