With its balmy weather, mild winters and beautiful scenery, KwaZulu-Natal is proving a hugely popular choice for retirees.
This is according to Dave Jones, Seeff KZN regional manager, who says in KZN there has been a concentration of retirement options in four particular areas - the South Coast around Scottburgh and Pennington, the Umhlanga area, Hillcrest, and Howick.
Properties that are available range from bedsitters and one bedroom units to three bedroom simplexes.
“Some units are sold on the basis of ‘life rights’, which confers upon the holder the right to occupy an apartment or house for the duration of their lifespan, after which ownership of the property reverts to the original seller. An advantage here is that the original seller stays involved on an ongoing basis, applying their knowledge, experience and reputation to the project.
“When you purchase a life right, this transaction does not attract VAT or transfer duty. In addition, a life right does not have to be referred to the Deeds Office, so no transfer delays are experienced,” he says.
“Once the buyer passes away the life right holder's family is given preference to purchase, otherwise the life right reverts to the original seller or developer - who is entitled to keep a specified portion of any profit made when the unit is sold on. This source of funds to the original developer or owner is then reinvested into the development's facilities.”
Jones says at St John’s Village retirees can purchase vacant land from around R400 000 and build a unit to suit their design. There are also sectional title units available at just over R1 million.Jones says an excellent example of this type of ownership would be the Rob Roy Retirement Lifestyle Village in Bothas Hill. At this respected facility the care centre is separately owned as a business venture, and its operating costs do not impact on the residents’ levies. In short, care centre costs are only incurred when you make use of the facility.
“It can be argued that a segment of the market prefers either sectional title or freehold ownership because these are bondable and offer the opportunity for greater financial growth, as any resale profit is kept by the owner,” he says.
“On the South Coast, we have our most affordable range of facilities, which start at approximately R270 000 to R400 000 and move up to around R1.5 million. The names of developments to look out for would be Lakeview Lifestyle Village, Umdoni Retirement Village and Summer Hill Lodge.”
Jones says the Umhlanga area is soon to experience an expansion of the already operating Kindlewood Estate due to demand. It is expected that a further 300 units will be launched in the near future.
“The Hillcrest area has become a magnet for retirees because of the cooler climate and village-like atmosphere. The most popular developments are Le Domaine, the Hillcrest Country Retirement Estate and the Rob Roy Retirement Lifestyle Village,” he says.
This three bedroom apartment in Prestondale, Umhlanga, is on the market for R2.59 million - click here to view.“The biggest success story in KZN in terms of retirement options is the area of Howick in Midlands. The Howick area has seen property sales of around R400 million per annum, 80% of which are retirement homes.”
Jones says the Amber Ridge Retirement Village and the associated Amber Valley Retirement Village are examples of this success, and offer sectional title ownership. These developments offer extensive frail care facilities, a library, chapel, function rooms and sporting facilities which include heated indoor swimming pools.
“It has been encouraging to see at the recent launch of the St John’s Village that the first phase has already been sold,” he says.
“Here one can purchase vacant land from around R400 000 and build a unit to your design. There are also sectional title units available at just over R1 million.”
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