A report by 10X Investments shows that only 6% of the South African population are able to retire comfortably, this is due to a general lack of understanding of important elements, such as the need for retirement savings that also keep up with inflation. As a result, Retire KZN wants to educate our community on the Life Right model, which could be more beneficial for those looking for an alternative retirement opportunity.
The Housing Development Schemes for Retired Persons Act No. 65 of 1988 helps provide those who have opted to live in a Life Rights model protection. Retirees can rest easy knowing that once they have settled into a Life Rights model, they have a guaranteed secure home for the rest of their life.
An affordable opportunity
Choosing to live within a Life Rights model, retirees will not need to pay any transfer duties, VAT, registration fees or capital gains tax. The levies are stipulated from the outset and if maintenance, renovations, refurbishments or upgraded security is required, these additional costs are the developer’s responsibilities. Additionally, Life Right opportunities can be adapted to the retiree’s budget and is usually less costly than buying a sectional title or freehold home.
Investment in lifestyle
Although a Life Rights model is not a financial investment, it does provide security and a lifestyle that is comfortable and of a high quality for retirees. Life Rights opportunities offer similar, if not the same, luxury lifestyles that upmarket retirement estates do, with healthcare on hand, and first-rate facilities on your doorstep.
There are so many different elements that make the Life Right model more achievable for retirees to enjoy a luxury lifestyle tailored to their existing budget restraints.