In today’s fast paced, ever-changing environment, the idea of retirement is complex, evolving and becomes something different for everyone. Some individuals may take this time to re-evaluate their current lifestyle and what changes should be made when they retire. Whether they want to remain at home or move into a retirement estate, what kind of lifestyle they want to lead and, in some cases, whether they want to continue working full time or transition to part time work.
These questions and considerations vary per individual and are normal considerations to think about; because at the end of the day you want to live your best retirement life. In this article, we will look at some of the benefits of living in a retirement estate and why buying a home within a retirement estate may be the best option for you, as opposed to renting:
What are the benefits of living in a retirement estate?
When it comes to your post-employment life, you will find that your lifestyle and health needs begin to change. As this change affects your way of living, moving into a retirement estate can benefit you in a number of ways. Let us take a look at how you can benefit from living in a retirement estate:
- Flexible Living
A retirement estate provides residents with flexibility when it comes to their current living arrangements. This flexibility grants residents the ability to downsize from a standalone home to an apartment or a small bedroom unit with ease, should the situation warrant it. With life being unpredictable and ever-changing, quality retirement estates tend to consider all eventualities and have all life stages covered.
- A Safe and Secure Environment
As you get older, your need for security and safety may start becoming more of a priority. This is where retirement estates take extra care to ensure the safety and security of their residents. At most retirement estates, there are a broad set of security measures in place, such as electric fencing, access control systems, security guards and CCTV cameras with 24-hour monitoring.
- Access to Health Care
Find a retirement estate that offers easy access to quality health care facilities and services at each life stage. The quality and level of access to health care facilities and services will vary depending on the retirement estate. Some estates include 24-hour nursing care, health care centres, onsite emergency response and easy access to hospitals and doctors, to ensure all residents are healthy, happy and well looked after.
- Carefree Retirement Lifestyle
Contrary to popular belief, seniors do not always like to sit around knitting. Nowadays, retirees remain active well into their golden years, by enjoying activities both inside and outside the retirement estate. Whether you join in on social gatherings, exercise clubs, game clubs, mini-markets, libraries and more, you can do what you enjoy, whilst being in a safe environment.
- Community and Friends
Enjoy a sense of community with likeminded individuals. Almost every retirement estate, across the globe, offers fun filled and stimulating activities for their residents to enjoy. These activities range from outdoor or exercise activities, like yoga, hiking, cycling, bird watching and so on, to other activities, such as bridge evenings, movie nights, social dinners, book clubs and so much more.
- Being Outdoors and One with Nature
Being outdoors has a multitude of physical and mental health benefits for individuals for all ages. It can help with reducing stress and anxiety, boosting energy and motivation and even assist with improved physical health and mental focus. Enjoy the outdoors with beautiful gardens, picnics, walking areas, bird watching, hiking paths and more to feel recharged in nature.
- Working From Home
Many people choose to work after retirement, whether it is full time or part time, this is financially driven for some, while others prefer to keep their business mindset sharp whilst earning extra income. Many of today’s retirement estates have a strong technology backbone, with high-speed internet, residents can continue or kickstart their part time consulting or freelance business from home.
It is important to understand your current and potential lifestyle and health care needs when considering which retirement estate to buy into. At Lonehill Manor Retirement Estate, we offer our residents a beautiful and bustling community, where you can confidently start the next chapter of your life.
What to consider before buying into a retirement estate?
Now that we have covered some of the benefits a lifestyle or retirement estate has to offer, there are a few things you should take into consideration before buying a home, apartment or small bedroom unit. Let us take a look at a few things you should consider:
- The Purchase Price vs Purchase Value
Buying a home in a retirement estate is often perceived as expensive. In reality, the building that you buy is not all you are getting, what you are actually getting is flexibility, safety, security and a stimulating environment. This comes with access to on-hand medical assistance and healthcare, a carefree retirement lifestyle, community and friends, amazing outdoor experiences, fast internet and so much more.When moving into a retirement estate you are joined by likeminded individuals, where you can create great memories and better friends.
- Location is King
The last thing you want is to buy into a luxury retirement home situated right next to a garbage dump in the middle of nowhere. This is why location is king! When looking for a retirement estate to buy into, always look at where they are situated and what is in close proximity to the estate and, if possible, have a look around to see if the area in question suits your health, social and physical needs.
- Type of Care Offered
When considering a retirement estate, take into account your current and potential health care requirements and determine whether the estate can accommodate those health care needs. For instance: do they offer independent living, assisted living, frail care, long- and short-term rehabilitation care, dementia care, in-house nursing staff or access to primary health care?The retirement estate should be able to provide all of its residents with access to various care options, that are easily accessible and all in one estate, if possible.
- Monthly Costs
Do not be afraid to ask what the monthly levies are. If you are looking at buying a property in a retirement estate, be sure to ask your agent what the monthly levies are; whether they are capped and, if not, what is the annual rate of escalation. Another question to ask your agent is what do the levies cover, for example: do they cover general maintenance, insurance, garden services, frail care and homecare services?Knowing these costs can help you better prepare financially towards your future retirement lifestyle.
- Know How the Estate is Managed
Do you know what the estate’s management track record is? Before moving into a retirement estate, speak to the residents or view online testimonials to see what current and past residents had to say about living on the estate.You can also request the financial information regarding the operation, maintenance and security of the estate. Find out what protections you have if the estate is sold to another organisation, what resident committees there are and what roles they play in the management of the estate.
Purchasing a retirement property is investing in the creation of new and exciting memories, especially with Lonehill Manor Retirement Estate. Where we ensure the stability and care necessary for our residents’ health and happiness.
What are the different purchasing options?
Purchasing a home is an important financial decision at any age. Whether you are choosing to downscale to a freehold home, buying into a life rights estate or opting for sectional title unit; these are all decisions that require careful thought and consideration. Each purchase option and property type come with their own set of advantages and disadvantages and should be considered in light of your unique circumstances.
Let us take a dive into a few of the purchase options available to you:
- Freehold Property Ownership
Buy and own your home. When purchasing a freehold home within a retirement estate, you become the title deed holder and have full rights and responsibilities of property ownership. This also means being liable for any bond registration costs, transfer duties or conveyancing fees.When it comes to the management of the property, typically, under freehold property ownership and with you as the owner, you are responsible for the management, maintenance, upkeep and insurance of the property.With this in mind, you may find that the maintenance and upkeep of the property may end up becoming a burden as you get older. Especially if you are a retiree, looking for a more hassle-free retirement option. On the other hand, since you own your property, you do not have restrictions in respect of pet ownership. Enjoy your personal space, maintain your home as you please and have the freedom to bequeath the property in question to your loved ones.
- Life Rights Property Ownership
Life rights property ownership is ideal for those who want to invest 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 their property.As the estate is solely responsible for the management of the property, they are in charge of the maintenance, upkeep and insurance of the entire complex. This means, the management is driven to keep the facilities and amenities of their estate in good condition, to not only ensure continued clientele in the future, but satisfaction of residents at all times.It is important to understand that every life right agreement is different. This means you need to know exactly what you are paying for when you choose a life right ownership option. On the bright side, you as a resident of the estate can enjoy nursing and medical care, frail care facilities, entertainment, relatively low levies, prepared meals and excellent security.
Conclusion
Purchasing a property close to retirement may seem like a daunting task. This is why we recommend doing your homework, considering your options, your current and potential health care needs and your budget. Through doing so, you can make informed decisions with regards to buying or leasing your new home and venturing into this exciting new life chapter.
At Lonehill Manor Retirement Estate, we strive to provide our residents with attentive care and personal support to ensure that their changing needs are always met. Our estate offers a full range of quality nursing care and accommodation to meet individual needs. Situated in a park-like property along Concourse Crescent in the popular suburb of Lonehill, Sandton. Its convenient location ensures easy access to doctors and health care providers, Life Fourways Hospital and numerous modern shopping centres, such as Lonehill Shopping Centre and Fourways Mall.
If you are interested in knowing about current sale and rental options, we warmly invite you to view our retirement village in person. Please call Natasha on 083 271 1176 or email natasha@manor-retirement.co.za to book a viewing. You can also visit our Manor Retirement website for more information on how we can help you find your dream retirement home.
