Shortage of retirement options in Cape Town, so prepare early

When it comes to retirement most people tend to wait until they are on the verge of taking that step to decide whether they will downscale to a retirement village or apartment or whether they will just buy a smaller unit and take care of their later health care needs themselves, says Shan Hulbert, sales manager at Knight Frank Residential SA.

He believes that waiting can be a mistake, as there is a shortage of retirement options in the Cape and to provide for private healthcare outside a retirement village or estate can become very expensive.

In most cases, says Juliet Bingham, head of sales and marketing at Faircape, retired people will want to buy in an area that is familiar to them and close to their friends and family. Surprisingly, Faircape has found that having friends close by is sometimes more important than having family members living in the same area.

The norm is usually to buy a unit, and Hulbert advises people thinking of downscaling to consider buying one ahead of time, and rent it out until they ready to use it.

“Most retirement centres in the Cape, whether apartment blocks, villages or estates, have long waiting lists  -some up to 10 years – and if you wait too long, you might find there is nothing available to buy or rent when you need it,” she says.

People are now living longer and would need secure, safe premises in which to live and Bingham says that Faircape has seen the need for these and is now building its sixth development. However, in Cape Town there is a lack of land available for development and many other options might have to be further out of town.

“The facilities in retirement villages should provide for medical emergencies, with trained staff such as nurses and at least one doctor, and there should be additional help from social workers, dieticians, and other healthcare workers, as this is what many people would need in their later years. If retired people decide they would rather live in a standard apartment or townhouse and take care of their own medical or frail care in later years, while an option, the costs and logistics of this must be borne in mind.”

Another trend that is now becoming more prevalent, says Hulbert, which could be because of the lack of available units and the rising cost of property, is for parents to move in with their children, either into a flatlet or a dual living property. This has benefits for the retiring couple and their children as the grandparents are then available to help with the care of grandchildren and they, in turn, have company and can be cared for by their children and grandchildren. This traditional system works in many cases, and could possibly be the answer to any retirement accommodation shortage.

“Whichever retirement option you choose, however, should be planned for well in advance, and not left until the year of retirement to act on. Apart from the lack of retirement accommodation, the general lack of property stock at present is presenting a challenge to everyone,” says Hulbert.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us