In the most recent episode of Your Key to Property on East Coast Radio, host Danny Guselli engaged in a fascinating and insightful conversation on building retirement estates with development experts Jeremy Bentham and Brad Winstanley from the Devmco Group. This episode provided an insightful deep-dive into the latest trends in retirement living. If you weren’t able to tune in, don’t worry. We’ve got you covered. Discover the latest retirement trends from the development experts.
As society advances and adapts, so too must our understanding and approach to retirement. Today’s over-50 demographic is not only more active but also more discerning in their needs and expectations for retirement living. Simultaneously, we are witnessing an upsurge in multi-generational living, further influencing retirement housing dynamics.
As we navigate this transformation, it is imperative to explore and understand key factors that shape the retirement sector’s decisions in choosing their ideal ‘forever home’. How we develop retirement housing depends on understanding the concerns and needs of this demographic.
One concern that looms large for many senior citizens is securing a bond. While some banks do provide home loans to senior citizens, typically up to the age of 75, these applications are subject to individual assessments, often leading to uncertainty and stress. Furthermore, would-be homeowners must take into account a myriad of additional factors for a retirement home such as property location, access to medical facilities, proximity to family, and convenience to shopping centres. Consequently, an increasing number of seniors are now favouring real estate options that offer more than just a house – they seek a community that caters to their lifestyle and social needs.
Modern seniors are reshaping the concept of retirement housing. They’re not just looking for four walls and a roof; instead, they aspire for a well-crafted, secure, and low-maintenance living space that aligns with their lifestyle. Their wishlist often includes stepless designs for easy mobility, low upkeep for hassle-free living, and enhanced security for peace of mind. As on-site healthcare and pet-friendly accommodations become more popular, traditional housing options struggle to keep up with demand. The challenge now lies in the hands of architects and community planners who need to incorporate these diverse elements into their retirement community designs.
Capri Village’s Project Manager, Jeremy Bentham, gives us a preview of what the future of retirement living could look like. Devmco Group’s retirement estate at Capri Village caters to the evolving needs of today’s seniors, including both the active over-50s demographic and those in their 70s and 80s.
Devmco Group have designed a model that places lifestyle benefits at the forefront and offers home-based care with a focus on proactive health management and preventive care. This model showcases how retirement communities can evolve to meet the needs of modern seniors and serve as a benchmark for future developments with freestanding homes starting from R2 705 million and residential stands starting from R1 295 million.
Taking a page from Capri Village’s book, modern retirement communities are reinventing themselves to offer a wider array of amenities. These communities now offer outdoor fitness and wellness facilities, private gardens, heated indoor swimming pools, libraries, and even bowling greens and bocce ball courts.
These amenities aim to promote an active, social lifestyle among residents, breaking away from the stereotype of seniors confined to their homes, engrossed in the news and daily soap operas. Such a shift in offerings underscores the need for retirement communities to continue evolving to match the changing retirement landscape.
The intricacies of buying retirement housing extend beyond physical attributes and amenities. Legal arrangements, namely life rights and sectional title ownership, play a significant role. Life rights allow residents to reap benefits during their lifetime, albeit without capital growth participation, while sectional title ownership provides benefits from capital growth and allows asset transfer to heirs. It’s crucial for seniors and their families to understand these nuances as they significantly impact investment decisions in retirement housing.
The changing retirement housing landscape mirrors the evolving needs and aspirations of today’s seniors. It reflects the shift towards multi-generational living, the preference for community-based living, and the quest for independence and active lifestyle. With society’s continued evolution, the concept of retirement living, too, will undergo significant changes. The future promises a retirement experience that’s rich in activity, community interaction, and lifestyle satisfaction.
Retirement living is currently on a trajectory of significant transformation. The desires and health needs of today’s over 50’s are driving this change. As industry professionals innovate and respond to these shifting paradigms, retirement living promises an exciting future. An active, community-focused, and fulfilling lifestyle in our golden years is not a distant dream but a tangible reality.
