RETIREMENT villages have grown in popularity due to the security and the "resort-style" living they offer.
Many of them now offer what's known as life rights, and there are some where you can only purchase a life right in the complex rather than buying a sectional title unit.
Here's what buying a life right in a retirement village means, how it differs from sectional-title ownership, and some things to consider so you can decide which of these two options is best for you.
WHAT IS A LIFE-RIGHT PROPERTY?
When you purchase a life right it means you purchase, for a lump sum, the right to live in a specific property in a retirement village for the rest of your life (or until you choose to leave). You only purchase the right to live there - you do not buy the property. The developer retains ownership of the property.
Couples can also enter into a life-right contract and the life right then extends to both partners and applies until the death of the last surviving partner, says Marina Constas, a specialist community schemes attorney and a director at BBM Attorneys.
You must be at least 50 to enter a life right contract.
Life-rights developments don't fall under the Sectional Titles Act, but under the Housing Development Schemes for Retired Persons Act 65 of 1988, which protects elderly people from buying into villages. It's also incredibly specific about what must be included.
Diese Geschichte stammt aus der 29 September 2022-Ausgabe von YOU South Africa.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der 29 September 2022-Ausgabe von YOU South Africa.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
'I'M BACK!'
ACK!’ Scandal after scandal hits Jacob Zuma, yet nothing ever brings him down. Now he’s plotting his return to parliament and he’s hinted he has his heart set on another term as president
A BRAIN YOU CAN COUNT ON
Meet Aaryan Shukla, the 13-year-old from India whos just been crowned the worlds fastest human calculator
FUN WHILE IT LASTED
It's all over for oddball couple Sacha Baron Cohen and Isla Fisher
THE TEEN MACHINE!
Manchester United star Kobbie Mainoo has set the footballing world alight with his dazzling displays
A BETTER LIFE FOR ELIJAH
A rare condition means this little boy can't bend his arms and legs, but his parents are doing everything they can to give him a normal life
A DOCTOR'S JOURNEY
He chose to do one of the toughest jobs in medicine: looking after children who were dying. In this moving extract from his memoir, Cape Town paediatrician Alastair McAlpine reveals how, with wisdom and humour, sick kids taught him crucial lessons that changed his approach to life
'SA WILL ALWAYS BE PART OF ME'
Cindy Nell-Roberts is starting a new lite Down Under with her family. She tells YOU about the chaotic but happy p ansliepent why shes missing home
HOW TO SPOT A NARCISSIST
They often look like the most confident person in the room, but narcissists are insecure and desperate for validation, says a new book
DEFIANT TO THE END
He went from star athlete to Hollywood hero and ended up a reviled criminal but OJ Simpson remained unapologetic
BRING IT ON TAMMY!
Peet and Mel Viljoen arent going to let threats deter them from their fabulous life