We know that community, social connection and interaction are a key influencer on happiness and health.
As social circles get smaller and traditional activities and facilities less convenient, Otium villages provide a fantastic opportunity to make friends and actively participate in a vibrant community of likeminded people. The village is a destination in the local area with a full schedule of events, festivals and showcases from visiting artists, speakers and performers. Each village is also active in the local community through charity associations and outreach programmes.
At Otium, you make the most of all the opportunities around you, while we take care of every detail.
In addition to creating a social and active lifestyle, making life exciting and stress-free is of paramount importance. The Otium approach is one of full concierge. From basic handling of day to day requirements for transport, visa runs, restaurant bookings or home maintenance to the complete oversee of the experience before and while living in the village. Nothing is too much for the Otium Lifestyle team, who are available 24 hours a day.
All properties in an Otium village have been carefully designed to support a comfortable and independent lifestyle. The overall layout is spacious with consideration for ease of movement and being surrounded by friends and family when you choose.
Each property is luxurious and highly considered to be able to integrate features that assist in independent living in a discrete, integrated manner. Varying levels of technology are available so you can choose what works for you as your needs change.
It’s not just our villages which are thoughtfully tailored to your needs, we can also offer flexibility in the way you own and manage your property. Whichever option you decide upon, you can enjoy membership of the Otium Club and all its facilities, whenever you are living in the village.
Is the property freehold or leasehold? Why?
The Otium Villages are leasehold. This allows Otium as the freehold owner to manage the service levels and maintenance within the village in a consistent manner. This ensures all property and communal areas are kept to the highest standards. The comfort of all owners and residents is paramount and we look to protect and improve the investment value of the property over time.
What is the length of the leasehold?
Each village will have slightly different length depending on the law of the country. Thailand for example is a 30-year leasehold which is automatically renewable.
Are there any restrictions on purchasing?
There are no specific restrictions on purchasing. Whoever lives in the village needs to be 50 years or older, however there is no age restriction on the property owner.
Can I buy as an investment?
Dependent on the property, investor packages may be available which come fully furnished and include management fees. Enquire with the relevant sales team to find out more. These properties offer a guaranteed yield. If you wish to purchase a property and live in it later, you can put the property into the rental pool, and this will be rented out to contribute to costs. You can then move into the village at your convenience. All rental properties will be managed and marketed worldwide by Otium.
What happens if, and when I want to sell?
The option exists to sell privately or Otium can administer the sale of your property for a fee. Otium will keep a waitlist of potential purchasers to assist in any potential sale. The DMF (Deferred Management Fee) is applicable on sale of the property – see fees section).
What are the fees in an Otium village?
After the initial purchase cost, a fee structure is in place to ensure the ongoing upkeep and improvement of the village. There are two fees:
The Monthly Management Fee (MMF) is the ongoing fee charged to cover the operational running costs of the site and its communal facilities.
Secondly, a single fee which is paid when either the ownership or the occupation of the property changes, or if the lease is renewed. This fee provides the funds for large scale refurbishment and additional investments in the village and its facilities. This is the Deferred Management Fee (DMF).
What is the Monthly Management Fee (MMF)?
The MMF ensures your living environment remains pristine and the investment value of your property is protected. It also makes provision for the staff and services to make your time in our village convenient and stress free while enjoying access to an active and varied lifestyle on your doorstep. This fee is calculated per square meter and is thus based on the size of the property. The MMF is different by village, but essentially covers key services including maintenance and care of all communal areas and gardens, the Otium Club sport and leisure facilities, building insurance, transport services, 24-hours medical suite and concierge services amongst others. Enquire with the village sales team for a detailed description.
What is the Deferred Management Fee (DMF)?
The DMF is payable when the property changes hands or the lease is renewed. This money creates a fund for larger projects to renovate and upgrade the property and add new facilities. This may include costs like a roofing replacement, new shuttle vehicles, upgrade to technology and systems or an extension to the Otium Club facilities. Enquire with the village sales team for further details.
Is there a sinking fund?
No, the Otium model follows that of the British retirement model vs the sinking fund concept used in the USA. There is no upfront sinking fund cost. This is largely replaced with the Deferred Management Fee (DMF).
How does the rental pool work?
If you wish to put your property into the rental pool, you will need to notify us at signing of your purchase agreement or let the Otium rental team know if you are living in the village. You will need to purchase the Furniture, Fittings and Equipment package (FF&E) to ensure the property is suitable for guests. Typically, we ask that properties are placed in the rental pool for 3 years to start, this will roll over unless cancelled with a 6 months’ notice. No private sub-letting is allowed in the village.
What is the cost/return from the rental pool?
Typically, the rental income is split 50/50 between the owners and Otium management after any third-party fees have been deducted (if applicable). You will need to cover the MMF over the period. If you have purchased using an investment package – please see the specifics of this package by village as the price will include the FF&E and the MMF for the investment period, therefore you will not have any additional costs.
Why is the minimum rental period 1 month?
Community is important within the Otium villages, the longer stay allows for the residents to enjoy the full benefit of the village and creates the neighbourly culture valued by owners. The Otium team will get to know you when you stay in the village for a longer period and is further able to make it an exceptional and memorable experience.
How many days can I use my property if it is in the rental pool?
This is fully flexible, however advanced notice of your dates is required. When you choose to stay in the property and for how long will directly impact the income from the rental pool and reduce the contribution to your costs. If you have purchased using an investment package – please see specifics of this package as rules may be different.
What facilities and services are covered by my MMF and what do I need to pay extra for?
Within the MMF there are a variety of included services. These are different by village, but typically include an annual medical (optional), access to the gym and a schedule of fitness classes, a programme of social events within the village, free transport services to local destinations, 24-hour emergency care and monitoring, business centre services and concierge.
Extra services that are available but may attract a charge may include housekeeping, personal training, pet sitting and Niche Health and Wellness programmes. Contact your village sales team for services specific to your preferred village.
Can I make changes to my property?
Certain changes to the property are permissible both during build and once you have moved in. This is your home and we want you to enjoy it as much as possible. There is a design handbook that will give guidelines to ensure the property stays fit for purpose. Otium will provide a list of approved suppliers and is happy to project manage larger jobs if this is required.
Can I buy the FF&E package if I am not in the rental pool?
Yes, this package is typically available to all residents.
Can I have pets in the village?
Our villages are pet friendly as we know how important pets are to some of our residents. Small animals are no problem, larger animals will need to be assessed based on the size and location of the property to ensure their comfort and safety in the village. We do ask that as a matter of courtesy to other residents that animals’ noise is considered, they are trained and leashed when appropriate to ensure the comfort of all residents.
Will the facilities be available to outsiders?
In some villages, certain areas and services will be made available to outside members of the public for a fee. The Niche Naturopathic Centre, the restaurants and the Otium fitness facilities are those most likely to attract outside patrons. All guests who are registered in the village will be able to access facilities as guests of an owner or resident.
Do I need to leave the village if I become unwell?
In short, no. We want the village to be your home indefinitely so all necessary comforts, modifications and support or care services required will be accommodated within reason.
The only exception would be if the Otium Care team is concerned that the resident may endanger themselves or other residents. If this is becoming a concern, the team will consult with you and your family/nominated person to discuss options to find a resolution.
