When we think of retirement, we often re-assess our lives in terms of where we live, property ownerships and changes that need to be made. With this assessment, we often see a shift in our priorities when looking for a property ownership model that suits our needs.
Freehold and sectional title ownership schemes make sense for people looking to enter the property market or to accommodate a growing family. Therefore, on a global scale, many retirees are opting for life right ownership. Life rights is a form of property ownership designed to accommodate people in the retirement years, offering them secure, hassle-free living for the remainder of their lives.
How does Life Rights ownership work?
Life rights ownership is when a retiree invests upfront for the right to live in a property on a retirement estate for the duration of their lifetime. It is leasing a property for life. In return, the retiree gets to enjoy a high standard of living, with access to world-class amenities, without the hassles of maintaining a property.
When a resident passes away, the estate is responsible for reselling – the Life Right. A pre-established formula is applied to the profits from the sale, and the proceeds can go to the deceased’s nominated beneficiary.
What are the benefits of Life Rights?
There is a reason why life rights ownership is the most popular choice for retirees around the world, some of the biggest benefits for life rights ownership are as follows:
- You and your family have peace of mind of knowing that you and your spouse have a home for life.
- It provides an affordable means to enjoy an upmarket lifestyle in a fully equipped estate.
- You are exempt from paying VAT or transfer duty.
- Besides a monthly levy, there are no additional monthly rental or bond repayments.
- The estate retains ownership of the property and therefore has a long term vested interest in maintaining high standards, promoting improvements, and ensuring the profitability of the estate.
- When a spouse passes away, the surviving partner retains his or her life rights ownership to the property.
At Lonehill Manor Retirement Estate:
- Management utilises their extensive knowledge and experience in operating both Riverside Manor Retirement Estate and Lonehill Manor Retirement Estate responsibly and professionally.
- Management ensures the smooth operation of the Village, including the preparation of budgets.
- We offer assisted living suites as well as independent frail care rooms in the Care Centre which is owned and operated by the estate so should one spouse require frail care it is on site.
- When an apartment comes up for resale, the estate will sell on behalf of the occupant/s and an exit fee on the re-sale price is payable to the estate.
For many retirees, life rights ownership is the most sensible property investment, as it is a custom-crafted ownership model for people entering retirement. It offers financial peace of mind, hassle-free living, and enables you to enjoy a stress-free retirement without having to compromise on your standard of living.
Contact Lonehill Manor Retirement Village for more information on our frail care rooms, assisted living facilities and independent living .