Settle down, stress-free with Seeff. Here are our top tips for purchasing a retirement home.
While there are many options for retirement buyers such as simply buying a house on the country-side or along the coast, investing in a purpose-built retirement complex or village holds significant advantages, especially as you get older and require more care and security according to Seeff.
Aside from the security, a carefree lifestyle with on-site medical and frail-care assistance is a vital value-add, especially in your later years. Living in a community of like-minded and similar-aged individuals with social and leisure facilities all add to a quality lifestyle during your golden years.
Although retirement property is more about carefree retirement rather than investment returns, it is vital that buyers consider their options carefully when it comes to what and where they buy. Rather seek professional advice and be sure to work with a knowledgeable real estate agent with a good track record and ensure that you invest in a credible development or scheme.
Retirement property also tend to come with various options, some are full title and thus owned and can be inherited, while others are life rights only and thus not transferable.
Seeff provides a few important considerations:
1. Coast, countryside or city, the location is important
– for most the coast or Cape winelands is the obvious choice, but it depends on your family and lifestyle. You may prefer staying in an area where you can be close to family and friends. Even in big urban centres such as Johannesburg and Pretoria, there are plenty of retirement options including lovely lifestyle villages.
2. Facilities, medical and frail care
– consider access to vital infrastructure, especially nearby medical facilities and on-site frail-care for your later years. Leisure facilities such as a library, craft groups and outings are also important to most buyers.
3. Property choice
– the options are quite varied and depend on your lifestyle needs and budget. There are essentially four options: freehold (individual title), sectional title (apartments and semi-detached homes (some with small private gardens)), share block scheme and life rights. Each option is quite intricate and is governed by various legislation. Seeking professional guidance and assistance is therefore vital.
4. Finishes and amenities
– it is also advisable that buyers ensure that the finishes and amenities within the property itself would suit their needs, especially as they get older or in the event that they have special needs. Aspects such as wheelchair access, a comfortable bathroom, panic buttons etc. should be considered when you decide what and where to buy.
– retirement villages vary drastically in price depending on the location and offering. Prices can start from around R750 000, but tend to range well above this to the upper millions depending on the location, type of accommodation and facilities. The choice would be guided by what you can afford, but be sure to think about what you may need in your old age.
6. Additional costs to consider
– on top of the actual property price, many developments come with additional levies and associated costs such as rates and taxes. It is therefore vital that buyers research and consider these carefully before making the final decision.