A great guide to consult
when thinking about purchasing into a retirement village
PART 1: WHERE TO START?
- Are you looking for an Old Age Home? A Retirement Village? A Security Village? A Lifestyle Estate?
- What are YOUR Specific requirements?
- Consider the location of your children and close friends
- Consider the proximity of specific services important to you
- What forms of ownership would you consider?
- Life Right
- Sectional Title
- Do you have a preference for a type of physical structure? (cottage, apartment, etc)
- Do you want flexibility of care levels and levy costs?
- Do you want to have care in your own home available?
- What other services must be available?
- Are you aware of the risks of buying into a phased or mixed-use development?
- What level of escalation in levy costs can you cope with annually?
PART 2: THE PURCHASE PROCESS
- If important to you, enquire regarding the
- Age profile
- Gender profile
- Health profile
- Ask about the activity levels of the village (including social responsibility etc)
- Is the village registered in terms of the Housing Development Schemes for Retired Persons Act?
- Ask for the Conduct rules and make sure they are acceptable to you
- How much downsizing will you have to do to fit into your new home?
PART 3: LIVING WITH YOUR NEIGHBOURS
- Ask for introductions by your agent
- Is the village pet friendly?
- Does the village have and enforce architectural guidelines?
- Does the village enforce their conduct rules
- Are there speed limits in the village?
- Are short-term leases allowed in the village?
- Are visitors allowed to stay overnight or for extended periods?
- Are residents allowed to run business operations from their units?
- Which social activities will you get involved in?
- Community activities (social responsibility)
PART 4: LIVING WITH YOUR PARTNER
- Do you have agreement on what retirement means to each of you?
- Have you recently stopped working? How will you adapt?
- Have you ever lived together 24/7?
- How good is your general communication?
- Have you drawn up and agreed on bucket lists?
- Are your financial matters in order?
- Do you both understand the retirement budget?
- Are you going to be living off a fixed income?
- Are your legal matters in order? Estate planning?
- Have you considered what exciting, fun things you will pursue?
- Which roles will be shared and who does what?
- What do your children expect from you and you from your children?
PART 5: LIVING WITH YOURSELF
- What are you planning to do about your physical health?
- What are you planning to do about your Mental health?
- What are you planning to do about your Spiritual health?
- What hobbies will you be pursuing?
- Are you able to cope on your own?
- Have you considered adult learning programmes?
- Do you intend to do part-time or full-time work during your retirement?
- Have you considered volunteering with an NGO?
- Do you have a “big project” to keep you busy (like writing a book or getting that Diploma?)
Click here to download the document
Article, courtesy of Shire Retirement Properties
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