Exploring retirement options : Life Rights vs . Sectional Title – which is right for you ?
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Exploring retirement options : Life Rights vs . Sectional Title – which is right for you ?
Corene Breedt-Rammutla Co-Founder and CEO CIRCLE SENIOR LIVING
My husband has just officially retired and we are now selling our house and are looking at moving into a senior living community but we are still not sure where and what the right community would be for us . We need a place that is safe , has assisted living , offers amenities that can enhance our lifestyle such as a fitness centre and offers healthy meals and can help with transportation and also in emergencies . Also we are not sure other life rights or sectional title is the best option ?
The first advice that I can give you is that we know people love to retire within a community that they have lived all their lives , where their memories are . As a starting point , research and see if there are any facilities within a 5-10km radius from where you have lived . This makes the transition so much easier and ensures that you are in an area that you feel safe and secure .
Secondly , there are such beautiful homes on the market at the moment . The important thing is to really understand the different costings and structures , and have a really good idea of what you are looking for , which is important .
Make sure that when you visit and view these facilities that you ask those questions and go down your list and make sure that you can tick all the boxes not only of activities and facilities but what are the additional costs for security , levies and what technology is included . There are definitely facilities out there that tick all the boxes of the things you are looking for so don ' t feel overwhelmed and take a methodical approach .
In terms of what is right for you from a life right or a sectional title point of view , it really depends on your financial and family goals . Both of them have pros and cons . A life right typically is very popular in the senior living market because it eally takes the burden off you from a maintenance point of view , a resale point of view and there are no transfer fees .
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11 OCT / NOV 2023 Real Estate Investor Magazine