Globally, the life rights model which provides retirees with the security of tenure for the rest of their lives is prevalent, particularly given the low entry costs and low levies. This is coupled with the fact that with medical advancements, people generally live longer, says Nelson Ferreira, Gauteng regional head for Pam Golding Properties.
Says Ferreira: “When you buy a life right you have peace of mind in that you acquire the legal right to live in your home for as long as you live, together with your partner.
“And while you do not become the owner of your home, there are advantages to this, including that you would probably pay some 30 to 50% more to get the same living space if you were to become an owner.
“Due to the fact that you don’t have to take transfer, there are no transfer duties or fees payable, you don’t pay VAT, nor do you have to pay bond registration fees. In addition, you don’t have to pay for homeowner’s insurance or maintenance of the retirement village. While there is a monthly levy – subject only to inflation-linked increases, there are no special levies to take into account as the developer is responsible for maintaining the estate.
“All these factors mean that you can enjoy a stress-free lifestyle in a secure, community environment while benefiting from all the amenities on offer.”
Ferreira says catering to an increasing demand for this accessibly priced retirement model, Ryn Village Retirement Estate in Benoni offers affordable, premium-quality, lifestyle options from just R799 000 for a one-bedroom apartment and R999 000 for a two-bedroom apartment – both with lift access. Two and three-bedroom, freestanding simplex homes with garages are priced from R1.199 million and R1.655 million respectively.
Says Ferreira: “While residents need to be at least 65 years of age, buyers can purchase life rights for their parents who will reside on the estate. We anticipate the demand will be mainly from locals, as our research has shown that the convenient, central location is ideally suited for a retirement village, being close to all amenities including Rynfield Terrace, Rynfield Square and Northmead Square Shopping Centres, with OR Tambo International Airport only a 20km drive and Linmed Hospital a mere 800m away.”
Developer’s spokesperson Johan Muller of Virturwell Property Limited says the first phase will be fully built-in January 2023, while the boundary wall, inside roads on the estate, guardhouse, and foundation for the clubhouse, are already completed.
Residents have access on site to a wide range of amenities and activities including state-of-the-art frail care, a clinic with an onsite nurse for regular check-ups, clubhouse with restaurant, coffee shop and library, indoor heated pool, gym, business centre, and communal gardens, as well as access to the frail care facility at nearby RynPark. A professional security team and system is in place around the clock keeping entrances and perimeters fully secure.
An activities manager/concierge is also available to organise a wide array of events and activities such as day trips, bridge clubs, scrabble, chess, book clubs, music concerts, expert talks, day hikes, painting classes, not to mention hairdresser, beautician, and massages.
RynPark Estate Management, which has been in the business of managing retirement establishments for over 40 years, is responsible for the day to day administration of Ryn Village Retirement Estate.
Adds Muller: “This development translates into a secure home for life, protected by the Retired Persons Act, with predictable costs and legal protection as well as transparency regarding operating costs in terms of Life Rights legislation. Ryn Village will always provide an accurate estimate of levy amounts for two years in advance enabling advance budget planning with no surprises in store.”
The retirement village will use solar – with Eskom electricity as backup, and has water tanks and a bore-hole.