The Life Rights System is considered by the property industry to be a retirement option that costs less and provides the retired individual with the right to occupy a unit in a complex for the remainder of their life. This 'right' is paid for with a capital investment and on relocation or death the unit is ceded back to the development at the full invested price and this payment becomes part of the deceased estate.
This option provides the investor with a means of supplementing their income from the sale of a previous home without having to sacrifice their lifestyle or standard of living. Once the price of the unit has been paid, the buyer pays a monthly levy and does not have to be concerned about the cost of their accommodation escalating beyond their means. The retired individual is then in a better position to fund their lifestyle, using the remainder of their capital.
This retirement option sets the price of accommodation for the life of the buyer and does not include a transfer duty. Locally, the Life Rights System has been officially recognised by the Housing Schemes for Retired Persons Act of 1988 and it is an option that is said to be ideally suited to the retired individual in their 70's or 80's.
The Life Rights System is being offered as a purchase option in Normandie Mews, the fourteenth (14th) village at Le Domaine. The thirty six 110sqm apartment style units feature two spacious en-suite bedrooms with exceptional views over the indigenous gardens. The living area is comprised of an open-plan lounge / dining room and kitchen area, which opens out onto a covered patio area. All units have a lock up garage and the use of stairs has been minimised to allow easy access for residents. The finishes include fitted granite tops, under counter ovens and microwaves, glass hobs and built in washing machines.
The Life Rights System at Le Domaine varies from R798, 070 to R937, 090 per unit and as Jenny Aitkin from Wakefields says, "There are only 36 units out of 680 that are available on the Life Rights System at Le Domaine. The advantage of this exclusive offering is that the buyer has access to the active lifestyle options of the development and can plan for a full and enjoyable retirement, knowing that their investment is secure and they are not financially strained." With Normandie Mews being sold on a Life Rights basis, the Le Domaine developer can offer units at a 30% discount off comparable sectional title prices and the Levy Stabilisation Fund set in place by the estate ensures that the monthly amenities payment of R1,100 remain affordable. As MD John Bezuidenhout states, "Le Domaine is the leader in the property market for over 50's and including the Life Rights option was an obvious next step. Expanding the variety of residential choices at Le Domaine ensures that we have something for everyone."
Le Domaine is an upmarket gated community located in Inanda Rd, Hillcrest. Launched in 2002 by the Le Domaine Joint Venture Group, the estate has redefined the concept of active living for over 50's and encourages a lifestyle characterised by health, companionship, security and care. The northern villages of the development are sold out, with the remainder expected to be purchased in full by in the end of 2008. New additions to the estate include the Le Domaine Lodge and the soon to be launched Soins de Vie Care Centre.
For more information contact 031 566 1777 or 084 555 6597 or send an email.
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