Whether you picture yourself living your golden years in a vibrant retirement community, jet-setting from a lock-and-go home base, or settling in a quiet cottage by the sea, choosing the right retirement property isn’t a task to be taken lightly.
READ: Press pause before you decide where to buy your retirement home
According to David Jacobs, Gauteng Regional Sales Manager for the Rawson Property Group, these are the top 6 questions everyone should be asking before making any retirement property decisions.
Will I be close to friends and family?
Most retirement-aged people will have spent a number of years in one town or neighbourhood, setting down roots, building a friend group and being with family. While retiring to a quaint cottage in a seaside town may sound idyllic, Jacobs cautions people not to take their community ties for granted.
“It’s very easy to say, ‘My kids and my friends will come visit me,’ but in reality, life often gets in the way,” he explains. “The last thing you want to do is end up feeling isolated and alone in your retirement. If you’re not joining a community where you can easily forge new ties, I’d definitely suggest staying within comfortable reach of the people you love.”
Will I have easy access to the amenities I need?
Realistically, most retirees reach an age where they’re not comfortable driving long distances. That makes it important to find a retirement property close to the amenities you may need. Jacobs highly recommends retirement buyers check out the shops, restaurants, parks, social clubs and medical facilities in a neighbourhood before deciding to move in.
READ: Retirement village or old age home | Which one best suits your lifestyle?
Will I be safe?
It’s a sad fact that we become more vulnerable to crime as we get older. Your retirement property should be a sanctuary where you (and your belongings) feel safe and secure.
“Security is one of the biggest draw cards for community living in retirement,” says Jacobs. “Both retirement-specific and ordinary sectional title developments offer far more sophisticated security than your average freehold property.
“It’s also comforting to have neighbours nearby who will notice if anything happens to you or your property,” he adds. “Freehold homes may offer more space and privacy, but can also be more isolating.”
How much maintenance will I need to do?
Getting older inevitably makes basic home maintenance like mowing lawns and clearing gutters a lot more difficult to DIY. Unless you’re great at organising contractors, Jacobs suggests opting for a low-maintenance property that won’t take too much effort to keep in shape.
“This is another draw card for sectional title properties where a significant portion of maintenance is handled by the body corporate,” he says. “Of course, if you’re an avid gardener, you’re going to want to opt for a townhouse or ground floor apartment rather than the lowest maintenance option of a lock-and-go apartment.”
READ: Downsize early and start enjoying your 'golden years'
What costs will I need to budget for?
All properties come with monthly bills. Freehold properties have rates, water, electricity and sanitation services, and sectional title properties add levies to that list as well. “Retirement communities often have much higher levies to pay for value-adding services like social clubs, healthcare and communal dining, for example,” says Jacobs. “You’ll need to weigh up the value these might add to your life to figure out if they’re worthwhile for you.”
Jacobs also cautions buyers to make certain they understand the full implication of any life rights conditions that may apply to retirement properties.
“These can make a big difference to your estate, which may or may not factor into your decision,” he says.
Are there any restrictions that may impact my freedom?
Your retirement should be a time to enjoy life’s pleasures, not a time to be limited in what you can and can’t do.
“If you’re buying into a sectional title development, in particular, you’re going to want to read the code of conduct to check any restrictions,” says Jacobs . “A lot of places may not be pet friendly, for instance, which would be a deal-breaker for fur parents. Ultimately, your chosen property needs to support your ideal lifestyle as well as any activities – and cohabitants – that will bring you joy".
READ: Upside to downscaling? | Why micro-living continues to be popular
An article published on Property24 on May 25, 2022, features Ana Roberts of Just Property Upper Highway, who explains that another great benefit of downscaling is that small spaces require less furniture - a few great statement pieces allow for simple, minimalist décor and a beautiful, welcoming home at a fraction of the cost of furnishing a big house. And the cleaning is a breeze!
Less clutter equals less stress, and isn’t that what we are all looking for now?
Tips for cosy-home hunting:
Location, location, location - You want to remain close to your family and friends, and have ease of access to stores and other amenities such as doctors, hospitals etc. Narrow your search to areas that tick these boxes.
What are your deal breakers? Does the home offer the main assets that are important to you, for example, a good kitchen, nice family space, shower etc?
Current wants vs future needs - If you are downsizing because the children have moved out and you are getting older, consider a single story with the ease of access rather than a property with stairs that may cause a problem later.
Growing pains - Will you be able to handle the upkeep of a big garden, or is it time for something smaller that is more manageable? Will your pets cope with a smaller space; is there somewhere nearby where you could walk them?
Fit for purpose - Will your favourite furniture fit in the new space? Make a list of every piece with which you can’t part. Take measurements. Then take a tape measure with you when you start narrowing down your list of potential new homes.
Storage war - Is there enough cupboard space in the bedrooms and the kitchen? Do you need outside storage too?
Peace of mind - Check the security features of each property you visit. Find out how safe the area is and what security is available. Ask the neighbours, chat to the local police, and phone a security company that focuses on the neighbourhood.
Guest appeal - Consider how many bedrooms you will need going forward - if your kids have all moved out of home, you may only need one spare room for when they or your friends come to stay.
Paper trails - Remember to ask for compliance certificates, even those that aren't required in your province (for example, gas installations and solar geysers should come with a compliance certificate - if something goes wrong and you don't have one, your insurers may refuse to replace the geyser, or cover damage caused by a gas issue).
Complex questions - If you are moving into a complex or an apartment, be aware that there may be the added expense of levies, clubhouse fees and/or security. Ask about historical escalation rates and request a copy of the body corporate rules (if applicable.)
Ask your neighbours if there are any noise issues, does sound travel through the walls and ceiling? How old is the plumbing, the lifts etc - upgrading such items is very expensive and you’ll have to contribute. What parking is available for guests?
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*article updated 28 December 2023
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