TIME TO DOWNSIZE
YOU South Africa|29 September 2022
Thinking of moving to a retirement village? Here's what you need to know about life rights vs sectional-title ownership
LETITIA WATSON
TIME TO DOWNSIZE

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.

This story is from the 29 September 2022 edition of YOU South Africa.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the 29 September 2022 edition of YOU South Africa.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM YOU SOUTH AFRICAView All
HE'S GOT THE LOOK!
YOU South Africa

HE'S GOT THE LOOK!

His startled expression has turned Russian cat Fedya into an internet sensation

time-read
3 mins  |
28 March 2024
ROYALS AT WORK
YOU South Africa

ROYALS AT WORK

Here’s a look at the dwindling family members who make up Charles’ right-hand team

time-read
5 mins  |
28 March 2024
IT'S MY HAPPY COLOUR
YOU South Africa

IT'S MY HAPPY COLOUR

The woman known as the Green Lady just can’t get enough of her favourite shade

time-read
3 mins  |
28 March 2024
IT'S MY TIME TO SHINE
YOU South Africa

IT'S MY TIME TO SHINE

After years of slogging in Hollywood, Colman Domingo is revelling in the glory his role in Rustin has brought him

time-read
5 mins  |
28 March 2024
IRON LUNG, IRON WILL
YOU South Africa

IRON LUNG, IRON WILL

HIS life changed forever one summer day in 1952. Paul Alexander was six years old and cooling off in light rain outside his family home when his head and neck began to hurt.

time-read
5 mins  |
28 March 2024
WHY DID HE DO THIS TO OUR GIRLS?
YOU South Africa

WHY DID HE DO THIS TO OUR GIRLS?

A trusted figure in their community was found guilty of murdering their daughthers, but the two devastated families are still struggling to find closure

time-read
4 mins  |
28 March 2024
HE HIJACKED MY LIFE
YOU South Africa

HE HIJACKED MY LIFE

Abby Furness’ world was turned upside down when a stranger began impersonating her online, sending explicit messages to colleagues and friends.

time-read
10+ mins  |
28 March 2024
5 MINUTE FIXES
YOU South Africa

5 MINUTE FIXES

Don’t have much time to exercise? No problem! These super-quick workouts mean you can improve your fitness, strength and posture in the time it takes to make a cup of tea

time-read
5 mins  |
28 March 2024
THE JOY OF SELENA
YOU South Africa

THE JOY OF SELENA

After years of illness and mental health problems the Disney darling is finally in a really good place COMPILED

time-read
4 mins  |
28 March 2024
TAKE THAT CROCODILE!
YOU South Africa

TAKE THAT CROCODILE!

When Anthony was attacked in a dam on a weekend break, his fearless family and friends had no intention of losing him to the bloodthirsty beast

time-read
4 mins  |
28 March 2024