Matters for consideration when preparing to purchase into a retirement village

Download Checklist

 

PART 1: WHERE TO START?

  • Have you consulted available guides to retirement villages?

University of the 3rd Age (U3A)  or www.seniorservice.co.za

  • Are you looking for an Old Age Home? A Retirement Village? A Security Village? A Lifestyle Estate?
  • What are YOUR Specific requirements?
  • Consider the location of your children and close friends
  • Consider the proximity of specific services important to you
  • What forms of ownership would you consider?
    • Life Right
    • Freehold
    • Sectional Title
  • Do you have a preference for a type of physical structure? (cottage, apartment, etc)
  • Do you want flexibility of care levels and levy costs?
  • Do you want to have care in your own home available?
  • What other services must be available?
  • Are you aware of the risks of buying into a phased or mixed-use development?
  • What level of escalation in levy costs can you cope with annually?

PART 2: THE PURCHASE PROCESS

  • If important to you, enquire regarding the
    • Age profile
    • Gender profile
    • Health profile
  • Ask about the activity levels of the village (including social responsibility etc)
  • Is the village registered in terms of the Housing Development Schemes for Retired Persons Act?
  • Ask for the Conduct rules and make sure they are acceptable to you
    • Pets
    • Visitors
  • How much downsizing will you have to do to fit into your new home?

PART 3: LIVING WITH YOUR NEIGHBOURS

  • Ask for introductions by your agent
  • Is the village pet friendly?
  • Does the village have and enforce architectural guidelines?
  • Does the village enforce their conduct rules
  • Are there speed limits in the village?
  • Are short-term leases allowed in the village?
  • Are visitors allowed to stay overnight or for extended periods?
  • Are residents allowed to run business operations from their units?
  • Which social activities will you get involved in?
  • Gardens
  • Library
  • Sports
  • Bar
  • Workshop
  • Community activities (social responsibility)

PART 4: LIVING WITH YOUR PARTNER

  • Do you have agreement on what retirement means to each of you?
  • Have you recently stopped working? How will you adapt?
  • Have you ever lived together 24/7?
  • How good is your general communication?
  • Have you drawn up and agreed on bucket lists?
  • Are your financial matters in order?
  • Do you both understand the retirement budget?
  • Are you going to be living off a fixed income?
  • Are your legal matters in order? Estate planning?
  • Have you considered what exciting, fun things you will pursue?
  • Which roles will be shared and who does what?
  • What do your children expect from you and you from your children?

PART 5: LIVING WITH YOURSELF

  • What are you planning to do about your physical health?
  • What are you planning to do about your Mental health?
  • What are you planning to do about your Spiritual health?
  • What hobbies will you be pursuing?
  • Are you able to cope on your own?
  • Have you considered adult learning programmes?
  • Do you intend to do part-time or full-time work during your retirement?
  • Have you considered volunteering with an NGO?
  • Do you have a “big project” to keep you busy (like writing a book or getting that Diploma?)

To read more about the services provided by Shire Retirement Properties (Pty) Ltd, click here.