Towards your retirement years, you may consider giving up your home and moving into a retirement village. it is a huge life-changing event and needs careful consideration.

Purchase options
A life rights scheme allows you full use of a property in a village development as if you had bought it through freehold or sectional title.
The life right extends to the lives of both spouses and at the end, the value is adjusted based on the price paid in the beginning. The less you pay for the property the less you receive at the end.

There are practical reasons to consider before moving into a retirement village.

Location
It is very important to choose your location wisely. If you uproot and move far away (the coast) you give up your social circles and family ties. In your twilight years, this is extremely relevant and cannot be underestimated.

Maintenance
The huge advantage of life rights is that the developer remains the owner leaving him with the responsibility of the management, maintenance, and upkeep of the property and the village.

Health care
The village should have close access to health care. If you or your spouse fall ill you will need to be treated close to your home and loved ones.

Levies
The running costs of the village are shared by the residents in the form of levies. These can increase faster than you plan, eating into your retirement income. Life rights offer a more certain option and special levies are avoided.

Timing
If you decide to move into a retirement village it will be better to do so sooner than later. Moving in and settling down with your spouse will be easier and less stressful than waiting until you are older or only when your spouse passes on and you have to do it on your own.

Do your homework and involve your family as this important decision is life-changing and should ultimately result in peace of mind for you and your loved one.