To­day there’s also more than one own­er­ship op­tion avail­able to re­tired buy­ers.

Finweek English Edition - - Property Compass -

De­vel­op­ment, joint owner of trendy mixed-use precinct Mel­rose Arch in Jo­han­nes­burg’s north­ern sub­urbs, is cur­rently in­volved in the plan­ning of a num­ber of re­tire­ment vil­lages through­out SA.

Its so-called Ev­er­green Re­tire­ment Life­style Vil­lages are aimed at the more dis­cern­ing buyer de­mand­ing high-qual­ity re­tire­ment liv­ing. Amdec chair­man John Wil­son says there’s a grow­ing need for up­mar­ket re­tire­ment vil­lages pro­vid­ing the full spec­trum of ac­tive life­style fa­cil­i­ties, lock-up-and-go se­cu­rity and a range of health­care ser­vices, with the op­tion of as­sisted liv­ing.

Wil­son says the in­ter­na­tional norm is be­com­ing one where older peo­ple don’t want to be iso­lated from the rest of the com­mu­nity when they re­tire. In­stead, new gen­er­a­tion re­tirees pre­fer to re­main close to their fam­i­lies, friends, doc­tors, shop­ping cen­tres and places of en­ter­tain­ment.

Says Wil­son: “With to­day’s longer life spans the re­tire­ment vil­lage you se­lect may well be your home for the next 30 years or more. And within that time there could be many changes in your life­style, pref­er­ences and even health.”

To­day there’s also more than one own­er­ship op­tion avail­able to re­tired buy­ers. In SA, there are typ­i­cally four dif­fer­ent struc­tures of own­er­ship when buy­ing a unit in a re­tire­ment es­tate: life rights, sec­tional ti­tle, full ti­tle and share block.

Life rights: This doesn’t en­tail ac­tu­ally buy­ing a prop­erty. In­stead you buy the right to live in a spe­cific unit. As the own­er­ship of the prop­erty isn’t trans­ferred but re­tained by the es­tate, no trans­fer duty is payable. Nor are there any regis­tra­tion fees, as there are no ti­tle deeds. A life right can’t be be­queathed to an heir, so the right ter­mi­nates when you leave the vil­lage or die.

Sec­tional ti­tle: Gives you out­right own­er­ship of a unit. Though you can sell the unit, in some cases you’ll have to for­feit a por­tion of the re­sale price to the re­tire­ment es­tate to cover the cost of the ser­vices of­fered or to sub­sidise the levies.

Full ti­tle own­er­ship: You re­ceive ti­tle deeds to the prop­erty, which in­cludes the area around the unit for your exclusive use. The prop­erty is reg­is­tered in your name. Own­ers are per­son­ally re­spon­si­ble for the ser­vices, rates and taxes as­so­ci­ated with the prop­erty. A monthly levy is paid to­wards the main­te­nance of pub­lic ar­eas, se­cu­rity and frail­care fa­cil­i­ties.

Share­block: The com­plex is reg­is­tered in the name of a share block com­pany and each unit al­lot­ted a cer­tain num­ber of shares in the com­pany. You buy shares, which give you the right to use a unit and the com­plex’s fa­cil­i­ties but you don’t own your dwelling. This struc­ture is less com­monly used to­day.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.