Factors to consider when purchasing into a retirement village

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
  • Freehold
  • 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
  • Pets
  • Visitors
• 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?
• Gardens
• Library
• Sports
• Bar
• Workshop
• 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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