There is an increase in the number of people investing in retirement developments. We believe they have a good reason for doing so. The demand for secure lifestyle developments for the retired is on the rise. It may be such that right now, the demand outweighs the supply. Most attractive retirement villages have long waiting lists.
People are beginning to recognize the many benefits and the long-term value of retirement developments. A growing trend of the working community is investing very long before their retirement age.
Instead of leaving it unoccupied, they are renting out their retirement homes until they are ready to move in. This offers investors the great opportunity of being able to plan for their old age.
Investing young means investing at today’s prices, which offers huge financial advantage and protection from the unpredictable market. Investing this way ensures that their capital investment retains its financial value, maybe even increasing in value. When done in this manner, there is the opportunity of selling or renting pout the family home for an income when it comes to their retirement.
Retirement villages have changed. They now tend towards not only catering for the older people but also the financially privileged. A retirement village is an investment in a certain type of lifestyle. It is more than simply a residence as it incorporates a range of lifestyle benefits at the same time.
These retirement developments offer a variety of facilities, which vary according to price. They offer features like air-conditioning, central heating, satellite TV, fully furnished and fitted kitchens, and even Wi-Fi connection. There are also communal facilities like dental clinics, medical facilities, laundry services, and housekeeping services, gyms and spas, bars and restaurants and supermarkets, handyman, and local transport services. Sports facilities are common as well, and there are often tennis courts, golfing greens, swimming pools, or even libraries or social clubs available as well.
Retirement development is purpose-built residences structured with the community in mind. There is an assortment of differently sized apartments, villas, or even townhouses to choose from. This means that there is something for everyone, across a range of ages and lifestyles. Retirement developments are popular along the coastlines but get inland as well.
The security of the development is another lucrative feature of a retirement village. The fact that your residence is in a secure community that has high security allows you to travel and lock up your home with peace of mind. Should you purchase an apartment or residence outside of such a development, there is usually no security further than what you have installed on your own like say, an alarm system, and perhaps a security guard.
There are four legal structures that a retirement residence in these developments can assume, i.e., full individual title, sectional title, share-block scheme, and life-right ownership. All these different types of ownership have their fees and responsibilities related to them.
For example, life-right ownership is one that means an individual only owns a property for the length of their lifetime or as long as they choose to live there. Once they move or die, the estate cannot be passed over onto an heir or sold. There is no involvement with title deeds in such a contract. The legal framework that the retirement village caters to differs from village to village, and it is important to know what you are entering into as it affects taxes, rights, and legislative responsibilities. It is best to have a lawyer go over everything and explain the conditions of the sale or purchase before agreeing.
The demand for retirement properties within such developments will remain high in the foreseeable future. Wise investments into such communities right now will secure more than a residence, but also an asset that practically guarantees financial return, which is not easily achievable with most purchases. It’s time to take a long, hard look at your retirement. Answering questions on the kind of lifestyle you would prefer will make this decision easier. That way you can start making choices to bring you closer to that starting from today. So, go on research, ask yourself the right questions, and start planning your retirement now!