Prepare yourself for retirement
People often fail to make any plans relating to retirement until they actually want to retire, and then find that there is a waiting list for the Retirement Village they want to move to of anything between 10 and 20 years! To help you make the right choice, we have extracted a list of local Retirement Villages and all you need do is click on a link below to obtain further information from them. We however can give expert advice relating to everything involved in making such a choice; including signing up whatever documentation is required by the Retirement Village in question.
There are various forms of obtaining rights in respect of Retirement Villages, the most popular is the Use Rights Agreement, in terms of which the retiree, generally being a person over the age of 55, can against the advance of specified loan monies, obtain the right to reside in a particular residence or part thereof. On death or earlier termination, the resident would be entitled to repayment of the loan or a portion thereof, subject to the residence being restored to its initial appearance i.e. re-painted, re-carpeted or whatever.
Generally speaking, this type of residence is more reasonably priced than buying via a Sectional Title because of the refund provisions, which do not allow for appreciation of the capital invested. It is very important in signing any form of Agreement, that you understand your rights fully because of the considerable variations of the interests in property. Again, it is essential to consult with attorneys.