The pros and cons of retirement village life
Category RealADVICE
Senior citizens have lots of residential options when they decide to downsize from a family home, including sectional title complexes, gated estates and retirement villages - and now there is a growing trend towards renting in one or more type of development, and in a few different locations, before deciding on a permanent retirement home.
"Many seniors have lived in their family homes for many years and are unsure how they would adapt to a community housing environment or a different area," says Gerhard Kotzé, MD of the RealNet national estate agency group. "So they are choosing to try out one or more rental homes before making a final decision about where to retire.
"And one of the most popular options is to rent an apartment or a cottage in a retirement village where they can assess whether this type of development would be the right choice for their retirement."
Some advantages to consider, he says, are the following:
- Better quality of life. Many retirement villages offer assisted living services and access to a range of health and wellness facilities, so that you can continue to enjoy a good quality of life as you age.
- Affordability. Living in a retirement village and sharing the security and property upkeep costs is often more affordable than living in a free-standing suburban home.
- Community life. Most retirement villages are designed to provide a sense of community for older people and encourage them to form new friendships and engage in a variety of recreational activities.
- Easier access. Many retirement villages offer a range of on-site amenities such as community centers, libraries, coffee shops and wellness and recreational facilities. They may also offer transport to nearby shops, churches, doctors and entertainment venues.
- Maintenance-free living: Living in a retirement village typically means that you no longer have to worry about home and garden maintenance, which can become really burdensome as one gets older.
However, says Kotzé, it is also important to consider some things you may not like about living in a retirement village. These could include:
- A loss of independence and privacy. In a retirement village, you will be living closer to your neighbours and will also have to abide by community rules and regulations with regard to how the property is managed and even the appearance of your home. You need to be comfortable with the fact that this will require a sacrifice of some privacy and independence.
- Levy increases. Retirement villages depend on levies to be able to pay for the security and other services and amenities they offer, and in most cases these levies can be expected to increase over time. You need to consider how this will affect your retirement finances.
- Distance from family and friends. Many people think it would be a good idea to relocate when they reach retirement age, only to discover how much they miss their families and long-time friends. You need to make sure you are choosing the right location before committing to a purchase in a retirement village.
Author: RealNet
