Retirement

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HOUSING

Retirement Housing:

Your Options

Various factors have led to a growth in the number of exciting housing options available for people entering retirement. There are now retirement accommodation options to suit everybody’s budget, lifestyle preferences and family situation. Shantalie Hewavisenti investigates the options available.

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s is the case in a number of developed countries like the United Kingdom, United States, Australia and New Zealand, sectors of South African society are experiencing a situation where people are living longer and fewer children are being born, thus we have a rapidly ageing population. The beauty of South Africa, teamed with its relatively low cost of living, has made it a popular destination for foreign retirees. Changes in family structures mean that many people can no longer rely on their children for support in later life, and as living and health standards improve, we �nd that older people are in no hurry to give up their active, independent lifestyles. Luxury living: Sectional title Upon retirement, many people choose to downsize and give up the headache of maintaining a large family home. In this case, you would sell your old family home and purchase a unit within a retirement village, through the usual channels. Registration of the new unit is done through the Deeds Office by a conveyancer, and the regular buying costs, including transfer duty and conveyancing costs, will apply. Waterfall Hills Mature Lifestyle Village At the upper end of the scale there are luxury retirement

villages such as the Waterfall Hills Mature Lifestyle Village in Gauteng. Within Waterfall Hills there are a number of accommodation options, including 198 freestanding one-, two- and three-bedroom houses, 55 one- and twobedroom apartments, and penthouse suites. As one of the residents at Waterfall Hills, you would have the opportunity to partake in a host of activities that allow you to maintain a healthy lifestyle, such as tennis, bowls, croquet, swimming and hiking along beautiful nature trails. The village also includes a variety of facilities such as movie theatres, hair salons, spas, coffee shops, newsagents, fine dining restaurants, and social club facilities, guaranteeing that you are always entertained, and can truly enjoy your retirement years. In addition, Waterfall Hills boasts top quality healthcare systems with a team of brilliant doctors, nurses and carers on call 24/7. There are different care options available depending on your level of independence and health, including independent living, assisted living, mid-care and frailcare. Ultimately, what such luxury retirement villages offer is a chance for you to concentrate on enjoying your golden years by removing issues of maintenance and security, which are often major concerns for people choosing to continue living in private homes. This type of luxury retirement village is suited to an independent-minded person who is able to seize the

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opportunities afforded by such a facility. As these selfcontained complexes are often fairly isolated from major urban centres, you would need to bear in mind the practical difficulties of regularly seeing family members. An additional issue associated with such luxury retirement accommodation is the incredibly long waiting list that exists for the most popular villages. Mid-range: Share-block schemes A great option for those who don’t want to buy a unit within a retirement village outright is that of shareblock schemes. Some retirement villages offer an option where-by you can acquire a share within a company that owns the buildings within the retirement village. By buying a share you do not own a speci�c unit, but you have the right to occupy the unit and enjoy the communal facilities. Share-block schemes are managed by a board of directors, the members of which are elected by the shareholders. This allows you to participate in the management of the scheme.

This type of luxury retirement village is best suited to a more independent-minded person, who is in a position to seize the opportunities afforded by such a facility.
Economy: Life Rights There are clear advantages to living in a self-contained retirement village – for example, security, absence of maintenance, and lifting the burden off one’s immediate family. However, if you are looking to combine some of these advantages with the �exibility afforded by remaining in a familiar area – where you can still see loved ones as often as you like – a good solution can be found in companies such as Cape Town’s Communicare. Communicare is an 80-year-old company known for its cost-effective housing projects. It has established a series of retirement villages throughout the Western Cape, based on a system known elsewhere in the world as Life Rights. This system does not give you ownership of a property or shares within a company, but instead offers you the right to occupy a particular property for the rest of your life. In the case of a married couple or partnership, if either party dies the other is entitled to remain in the property. An additional advantage of this

HOUSING
option is that there no legal costs, transfer duties, and no tax payable. Communicare’s �agship retirement village is Berghof, close to the City Bowl area of Cape Town, and the company also has complexes in Durbanville and Pinelands. Included in the levies charged by Communicare are a variety of perks and services, such as 24-hour security, nursing services, maid services, landscaped communal spaces and prepared meals. While these complexes are not as self-contained as the high-end options, their major advantage lies in the location of the properties: if you decide to stay in or near an area where you have lived previously, your transition to retirement will be smoother, because you will remain close to all your familiar facilities. Logistically, it would also be easier for you to see family more often and maintain relationships with friends in the area. Making the right choice When contemplating housing options for retirement, it is essential that you invest your energy into researching and weighing up the pros, cons and implications of each option before making any �rm commitments. Making a wellinformed decision about where to spend your retirement is imperative – having worked hard all your life, this is your chance to invest in a stress-free living situation. Ultimately, the choice will be completely personal; it won’t simply be based on your �nancial situation, but will also be dependent on factors such as your health, independence and family ties.



THERE’S A PLACE DESIGNED TO CELEBRATE GOOD LIVING...
Set in the heart of South Africa’s magnificent and cosmopolitan Garden Route, which is celebrated for its mild climate, breathtaking natural beauty and quaint mix of country village charm and small city sophistication, lies a piece of heaven on earth – Knysna Lifestyle Estate. It is here that you will discover the modern, secure retirement development designed to appeal to the discerning mature market with an emphasis on elegance and stylish living. Situated on a gentle slope and surrounded by green belts, the estate offers magnificent views of the Knysna Lagoon and the ‘Heads’, surrounding hills, mountains and dams. With just 250 homes, the emphasis is on privacy, security and luxury. The 52-hectare estate boasts only five homes per hectare – one of the lowest residential densities of any similar lifestyle estate in South Africa. Planned for active adults, Knysna Lifestyle Estate offers a range of contemporary architect-designed homes, priced from R2 195 million. The elegant two- and three-bedroom homes are nothing short of luxurious, and with more than 20 floor plans to choose from, you’re sure to find the home to suit your budget as well as your lifestyle. At the heart of the estate will be the clubhouse, incorporating a pub, restaurant, billiard and cards rooms, library, gym and sauna. For those who enjoy outdoor physical activity, there are wonderful walking or jogging trails, and tennis courts, a bowling green and a heated swimming pool. For peace of mind there is also a 20-bed healthcare facility, the first phase of which was completed in March 2012. Visit www.kle.co.za to retire in luxury. You’ve earned it.

For more information on luxury living options, please visit: www.century.co.za/waterfallhillsestate/ index.html and www.retiretoknysna.co.za/overview/leisure.html To get a better idea of the type of accommodation available on a share-block scheme, please see: www.silverminevillage.co.za and thelodgerv.co.za To learn more about the type of retirement accommodation available on a Life Rights scheme, please visit: www.communicare.org.za/retirement.asp and www.hibiscusretirementvillages.co.za/pages/264/ about-us
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