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Many South African citizens will reach a stage in their lives when they will need to consider spending their golden years in a retirement village.
There are various retirement options available in South Africa, however each elderly person has their own specific needs and preferences when it comes to where they would like to retire.
Below are just a few factors to consider ensuring you pick the right retirement village for your needs and that maximum benefit is achieved during your retirement years:
Is the retirement village located close to transport services, medical facilities (hospitals and clinics), entertainment and/or shopping centers;
Is the construction completed with building materials that will last;
Request a list of what is included in the monthly levy for example does it include internet, use of the medical facilities, gardening and cleaning services, security and insurance;
Will the retirement village have a frail care unit and other medical services on site;
What type of indoor, social and outdoor activities will be available for participation;
Will the layout be practical for long term and short-term liabilities namely stairs, hand railings as well as bath and shower safety measures implemented (higher toilet seat, hand railings inside the shower, non-slip mats on shower floor as well as in bathtub).
The above are critical things to consider regarding the day to day lifestyle when relocating to a retirement village. The other main consideration will be the three different buying options known as life right, sectional title or scheme block shares.
Choosing a life right home means that you do not become the owner of the property, but instead you have the right to occupy the property for the rest of your life.
The advantages of a life right retirement home are as follows:
The disadvantages of a life right are the following:
Share block schemes entail purchasing shares in a company who is the owner of the retirement village with the result of becoming a shareholder of the retirement village.
The advantages of a share block scheme are as follows:
The disadvantages of a share block scheme are the following:
The last option is sectional title which is very similar to buying any immovable property.
The advantages of a sectional title are as follows:
The disadvantages of a sectional title are as follows:
In conclusion, there are various factors to take into consideration when going into retirement. The above can be a great guideline to assist in your specific circumstances.
Before deciding, retirees must consider their financial position together with which of the above options is the most fitting for their retirement.
Our law firm in Cape Town can assist you with property conveyancing, estates, trusts as well as the drafting of your will.
Retirement should be simple and as stress-free as possible, contact our attorneys for more information about our legal services.
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