The benefits of the Life Right model
Considering buying into a Life Rights development? This model offers a stress-free retirement lifestyle in a fully managed and well-maintained environment. Here are several reasons to give a life rights model some serious thought.
1. Occupation for life
The beauty of a Life Right is that it guarantees a safe, secure home for the rest of your life. What’s more, the right of occupation, which is what you’re acquiring when you buy into a Life Right development, is protected by the Housing Development Schemes for Retired Persons Act No. 65 of 1988, so once you’re settled into your new space, you’ll never have to worry about moving again.
Perhaps one of the most attractive benefits of the Life Right model is that the developer is entirely responsible for the upkeep of the exterior of the property, as well as the management and maintenance of the estate – this includes things like insurance, security, landscaping and more. That’s because the developer maintains ownership of the property and sells only the right of occupation. The best bit? Because you’ll never have to worry about the roof over your head (or your gutters, windows, or electric fencing) again, you’re free to focus on the important things like spending time with your family and friends.
3. Professional management
In a Life Right development, management of the estate is the responsibility of the developer. It includes everything from building and garden maintenance, security systems and healthcare to operational costs and the quality of service. And because future sales depend on the good reputation of the development , the management of the estate is likely to be nothing less than excellent.
4. Self-governance and independence
When buying into a Life Right development, you’re also buying into a secure, lock-up-and-go environment, with access to quality on-site healthcare and a vibrant social community. What’s more, the residents committee also ensures that you’ll always have a voice when decisions regarding the village need to be made.
5. Transparent costs and levies
The Life Right model ensures transparency of operating costs and levies must be predicted two years in advance so that as a resident, you’re aware of how much you’ll be expected to pay and for which services. Levies may be increased annually, but a major benefit is that, unlike in sectional title developments, Life Right developers may not impose special levies. There’s also no transfer duty or VAT attached to this model.