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Factors to consider when purchasing into a retirement village

Posted By Marilynh / November 16, 2020 / 2 Comments

A great guide to consult
when thinking about purchasing into a retirement village

 

couple on laptop 1200

 

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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for South African over-60s

 

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Related articles:

Retirement Villages & Homes – Western Cape – Pensioner deals

Retirement Villages & Homes – Gauteng – Pensioner deals

Retirement Villages & Homes – KwaZulu-Natal – Pensioner deals

 

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Comments

2 Comments

  • Roland Rayners
    November 20, 2020 at 2:54 pm

    Hi, can you please post a list of all the retirement villages in the Eastern Cape, thanks!

    • Marilynh
      November 23, 2020 at 9:24 am

      Dear Roland

      Thank you for your query.

      Currently You’ve Earned It features retirement villages in Gauteng, Western Cape and KZN in the YEI directory. Please see Directory – click on “Retirement Villages” and “all locations”. In the near future, we will be embarking on a project to get more retirement villages featured in all provinces.

      There is a Directory titled Senior Service Directory which specialises in retirement villages – the direct link to their directory is: http://www.seniorservice.co.za

      In addition, there is another directory called Retirement Villages SA – please see https://www.retirementvillagessa.com/ and conduct your search.

      Perhaps one or both of these directories might be able to assist you.

      Good luck and all the best. Please stay safe and well.

      Warm regards
      YEI

      If you have not already done so, don’t forget to sign up to the YEI free fortnightly newsletter @ https://youve-earned-it.co.za/subscribe-to-yei/. This free fortnightly Newsletter features fabulous and relevant articles geared at the SA senior market, PLUS the latest updates on the latest over-60s discounts, benefits and savings.

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