Ideal investment for retirees

Choosing where to retire and what the retirement village offers should be a careful consideration, especially if the retiree requires a certain level of care or access to a frail care facilities, says , Christo Slabbert, Broker/Manager of RE/MAX Independent Properties Walmer, which services Walmer, Lorraine and the surrounding areas in the Eastern Cape city of Port Elizabeth.
He notes that aside from the location of the retirement village and the lifestyle offering available to those that purchase there, it is important for the complex or estate to have other facilities that specifically cater to senior citizens and their various needs.

According to Slabbert, one such option for homebuyers in their golden years is Stanbury Park Retirement Village, which is situated in the prime real estate of South End, Port Elizabeth. He notes that the complex falls under the Echo Foundation, a non-profit organisation housing over 1300 residents within its twelve villages and frail care facilities.
“Stanbury Park is managed by a resident supervisor and professional nursing is available to residents anytime of the day, seven days a week. Another benefit is that every resident is guaranteed entry into the Echo Foundation’s frail care facility at a discounted fee, should the need ever arise,” says Slabbert.
He notes that this housing development consisting of 71 units is for senior citizens who are aged from 60 years and above and each unit is fitted with an emergency alarm connected to the supervisor and nurse stations. Well-trained staff members make sure that the facility is a safe and caring environment and daily contact is made with residents who live on their own.
With security a top priority to ensure the safety of the residents, Stanbury Park is surrounded by a brick wall and electrified fencing that is connected to 24-hour security.  Other features of the complex include the fact that the exterior and interior maintenance of each unit is undertaken by the Foundation at no additional cost. The development includes a 307m2 community centre with entertainment facilities that can be used by the residents for personal functions at no extra cost.  Daily meals can be provided to residents on request, which vary in both size and cost.  The development is close to the beach and shopping amenities.
According to Slabbert the units are sold on a life-right ownership system. These rights do not give the purchaser ownership, but rather the right to occupy a particular property for the rest of their life, and fall under the Housing Development Scheme for Retired Persons Act. This right extends to both parties in a marriage or partnership so if either one dies, the other continues to remain in occupation. There are no legal costs, transfer duties or tax payable in this option. The life-right contract purchase sum must be paid before occupation is taken as a once-off payment. On vacating the property, either on death of the last surviving spouse or simply the last surviving spouse vacating, 50% of the purchase price will be refunded. Echo Foundation guarantees the occupiers the right to reside in a particular property and be able to afford to stay there for the rest of their lives.

“An affordability policy will be provided to the buyer to ensure financial security for the future and in the event of the death of a spouse, no transfer is required into the remaining spouses name so no additional expenses or stress are incurred during this traumatic time,” says Slabbert.
Adrian Goslett, CEO of RE/MAX of Southern Africa says: “Due to the fact that there is no transfer duty or legal fees payable on a life-right purchase, there are no time delays because the transactions are not registered at the deeds office. Essentially the purchaser is paying a life time rental, which is paid in advance and guarantees their occupation of the unit for the rest of their lives.”
Slabbert notes that of the 71 units, 28 have been sold and 19 families have already moved into the complex. The free standing, two-bedroom units range in size from 84m2 to 160m2. Pricing for an entry-level home will start at R760 000, with the larger units costing up to R1.395 million. Levies range from R672 to R1280 per month, depending on the size of the unit. No additional rates and taxes are paid.
“Retirement and choosing right retirement property can be intimidating thought for some, but it doesn’t have to be. Retirement villages such as Stanbury Park provide retirees with excellent lifestyle offerings, while still providing them with access to top-class care if they need it,” Slabbert concludes. 
Vesta Construction and Worthy Homes are the building contractors on site and they have been household names in Port Elizabeth for years. The architect, Ray Koen, is a very successful architect in Port Elizabeth who designed the units.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    • 17 Apr 2018
      The recent interest rate cut has stoked the coals in the first-time buyer’s market. At least for the next two months until the next interest rate announcement, homeowners are guaranteed lower monthly instalments than in the previous quarter. But, is it wise to take out a 100% bond just to enter the property market while interest rates are low?
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us