One of the most important considerations
when you start planning for your retirement
is how you want to manage future property ownership,
and how that will match your changing circumstances and priorities.
Usually, this decision is based on whether to downscale to a smaller home in a secure complex or move into a retirement village where all your needs – social and medical – are catered for.
With healthcare being a priority as one gets older, most individuals entering their retirement years will prefer the peace of mind and hassle-free living that comes with retirement community living.
The reality is that the running costs of a comprehensive quality healthcare facility are high, and capital gain is required to support these expenses, and to ensure that the quality of healthcare provided remains consistent. Life Right is the only financial model that can ensure the continued and sustainable financial success of a good healthcare facility within a retirement village.
Life Right, in a nutshell
- Life rights ownership is a sensible and practical investment option for individuals wanting a stress-free retirement and financial peace of mind while maintaining the lifestyle standard they want.
- With the suitable Life Right Agreement in place, you get to enjoy all the benefits that the village has to offer without the financial risk, management and maintenance responsibility.
- When this Right is resold, the original Life Right purchaser or his/her estate will be refunded a portion of the original purchase price. This refund varies from one retirement village to the other.
- Your rights are protected under the Housing Development Schemes for Retired Persons Act of 1988 (HDSRP).
Another way of seeing the Life Right model is that you pay a determined amount of rent to live in the unit for as long as you like. When you vacate, you will be refunded your rental less some previously agreed costs (e.g. refurbishment).
Great Oaks in Constantia, Cape Town utilises the Life Right model
to ensure your secure future with world-class benefits:
- Superb healthcare: While the healthcare offering varies among retirement villages, you are assured of continued quality care at Great Oaks, including a memory care facility with a range of cutting-edge interventions and therapies.
- Thoughtfully designed: All units are designed to accommodate our Age-In-Place philosophy. This means that you can receive frail care in the comfort of your own home.
- Access to world-class amenities & care: You will have access to all services and amenities at Great Oaks, including restaurants, spa facilities, healthcare and more.
- Ease of living: Great Oaks’s management team will take care of the village’s day-to-day needs, including security, maintenance, gardening and more – leaving you to truly enjoy your retirement. A concierge service will look after your bookings – from travel to theatre and beyond.
- Peace of mind: You have a home for life. Should you pass away or terminate your Life Right by moving, you or your estate will receive 100% of the original purchase price, less agent’s commission and refurbishment costs (depending on the period of your stay).
What to look out for, no matter where you invest:
Great Oaks ticks the boxes below, but be sure to ask these hard questions to ensure you fully understand
the product offering of the retirement village you are interested in:
- Will your money to purchase the Life Right be paid into an Attorney’s trust account and not directly to the developer?
- When will the developer be paid? (ensure they only get paid once you have access to your cottage / apartment and amenities).
- If you are buying into a development, ask whether all services and amenities – especially the healthcare facility – will be complete and operational at the time of occupation.
- The total value of the refund when your Life Right is terminated, and when this refund will be paid.
- Are pets allowed?
- What is the projected levy budget for the first three years, and what does it cover?
- Are rates and taxes included?
- How many meals are covered in your levy,
- Can you opt to have your meals delivered to your cottage or apartment?
- Are advanced facilities like Call For Care included?
- Will you medical aid authorisations be done for you?
- Will you enjoy additional extras like concierge services, gym access, etc?
Contact Great Oaks to book your private consultation
and chat about how we can offer you a luxury retirement with world-class care.
Alternatively, if you require further information
or would like to make an enquiry,
please complete the following form and a representative from Great Oaks
will get back to you as soon as they can.
Please reference Great Oaks / YEI 340
Relevant articles:
https://youve-earned-it.co.za/yeis-best/a-bonanza-of-brand-new-boomer-benefits/
https://youve-earned-it.co.za/yeis-best/yeis-assortment-of-senior-benefits-and-savings/