Investing in a retirement village is a major life decision that requires extensive research and serious considerations. It’s important to remember that a retirement home, while possibly the last home you will invest in, is likely to be a place you reside in for decades so it has to meet all your specific needs.
Phil Barker, managing director of Renishaw Property Developments, said that the Renishaw Hills mature lifestyle development on the KwaZulu-Natal South Coast has been designed to put quality of life first.
“We analysed retirement development models internationally and locally to ensure we were providing residents with a holistic retirement investment that was financially accessible while also creating an inviting living space,” said Barker. “There are so many elements to consider when establishing a retirement estate, that many people often overlook, and we are confident that Renishaw Hills ticks all the right boxes.”
If you are looking to invest in a retirement home, Renishaw Hills have outlined 8 pitfalls to avoid:
A retirement estate might appear to have all the necessary facilities and amenities, but location is vitally important when investing in property. You will need to consider the proximity to medical facilities, retail centres, entertainment and transport networks. If you’re retiring to an inviting coastal space, you will enjoy constant visits from afar. Renishaw Hills, which is situated just outside of the popular coastal town of Scottburgh, provides residents with access to shopping centres, restaurants, warm beaches, conservation areas, golf courses and one of the world’s top diving sites – Aliwal Shoal.
There are endless stories about poorly constructed retirement estates, the world over, that have left investors battling court cases and seeking alternative housing options. You need to look at the building materials and check that the construction companies and architects working on the retirement estate are all properly accredited. Renishaw Hills prioritises quality build and design, as evidenced by the numerous Excellence in Construction awards received by the building contractors.
- Levy Costs
A high levy might not necessarily mean you are getting everything you pay for. When researching retirement estates, make sure you understand exactly what is included in the monthly levy because this is an ongoing cost that should make retirement living easier. Things to consider are maintenance and insurance costs, garden services, internet access, security, healthcare options and the use of estate facilities. At Renishaw Hills, levies start at only R1 710 for apartments, with residents afforded access to all estate services and facilities.
- Healthcare Services
When it comes to retirement, health has to be a consideration, even if you are in peak physical condition when you invest. Retirement estates may offer frail care services, have a frail care unit on site or have no healthcare facilities at all. Renishaw Hills and its healthcare provider, TruCare, offer home-based healthcare solutions tailored to the individual. Rather than following the traditional frail care model, home-based healthcare means residents receive treatment from the comfort of home, with couples able to stay together even when one is in need of care. Residents are also offered personal medical advice as a way to prevent future health issues.
- Purchase Model
Currently the two main purchase models for retirement estates in South Africa are Sectional Title properties or Life Rights. With the Life Rights’ model, you are investing in a home for the remainder of your life, but essentially do not own the property. Sectional Title is the separate ownership of units in the development, with the undivided share of common property. Renishaw Hills offers both Sectional Title purchase, as well as the increasingly popular Revisionary Transfer Obligation (RTO) Sectional Title model which is similar to Life Rights. RTO offers investors a significant discount upfront, with the owner then obliged to sell the unit back to the developer at the original price.
- Home Configurations
When investing in a retirement estate, you have to consider long-term health restraints rather than your current abilities. This means elements such as the stairs and home layouts need to be carefully considered. Even a single step, gentle gradient or uneven flooring can create untold hassles later on. Renishaw Hills has been meticulously designed to ensure easy access to all units.
- Developer’s Background
Unfortunately, there are many developers looking to make a quick buck off of retired individuals which means poorly constructed homes with inadequate access to facilities and services. Find out everything you can about the estate developers so you’re assured are looking out for your best interests. At Renishaw Hills, you know you’re in good hands. Renishaw Property Developments is a subsidiary of the JSE-listed Crookes Brothers group which has been committed to developing and enhancing the lifestyle of Scottburgh and surrounding communities for more than a century.