Business#OFMBusinessHour - What developers should know about improving retirement villages
─── 18:13 Thu, 13 Jan 2022
The social element in retirement villages via knitting and bridge programmes, are an antidote to the isolation that senior citizens can feel in their later years – especially on the back of Covid-19. And it doesn’t have to cost much.
This is according to Gus van der Spek, developer of retirement village, Wytham Estate, who explains that "good service doesn’t cost anything, it’s a state of mind".
He tells the OFM Business Hour that the rising interest in retirement villages and senior living centres are a global phenomenon.
He attributes this to the economic prosperity experienced by the baby boomer generation as well as advancements in medical technology that have seen the modern day elderly man/woman live longer. The modern day retiree needs this type of facility in their later years.
Furthermore, Van der Spek explained the differences between life rights and sectional titles.
According to him, life rights “buys you the right to live in a home in a retirement facility and gives the holder of the right the security of tenure for the rest of their life”. He says life rights straddle a lease agreement and home ownership and as a result there are no transactional costs involved.
Van der Spek adds there is a bouquet of services available in a life right situation versus sectional title situation. He says sectional titles “refer to ownership of a unit within a complex or development. This differs from a full title, which is where full ownership rights, including the land upon which the property is built, are purchased”. There is a greater responsibility and as a result service levies need to be paid.
#OFMBusinessHour - ‘Good service doesn’t cost anything, it’s a state of mind’: