Retire properly - with the right property
Category Advice
Whether it's years off or right around the corner, retirement is something that needs to be planned for, particularly as far your preferences around where and how you'd like to live are concerned.
"Many of us dream of a different lifestyle in a different location when we retire one day. And while that's something wonderful to aspire to, it is important to also be practical and realistic," says Giel Viljoen, principal at Leapfrog Stellenbosch.
Viljoen shares some thoughts on what to consider when planning (or shopping) for your retirement property.
Location, location, location
Location is always the central consideration where property is concerned and this is certainly also the case with retirement property. Some people plan to move to the seaside or to a country village in retirement, while others opt to stay in the neighbourhood they know and love. "Location matters because different areas offer different things, particularly in terms of infrastructure and access to amenities like medical facilities, for example," Viljoen says.
He adds that the cost of property can differ vastly from location to location. "A two-bedroom house in a gated estate in the Southern Suburbs of Cape Town is not going to cost the same as a two-bedroom house in a small town in the Karoo, so it's important to weigh up your wishlist against your budget."
Other factors to consider around location are its accessibility in terms of distance from major centres, the weather and micro-climate of the area, and what activities in the form of sports clubs and cultural societies the area has to offer. "Consider how your needs will be different in retirement and work with a trusted property advisor to help you find the place that meets both your needs and your budget in your area of choice," Viljoen advises.
Property for all preferences
Retirement village - or worse, old-age home - may be the property type most commonly associated with retirement but the reality is that today retirement property can be anything from a fixer-upper in the country to a sleek lock-up-and-go apartment in the city, or simply scaling down to a home that's smaller.
"There's no one-size-fits-all answer for retirement property but it depends entirely on the needs, preferences and budget of the individual, which makes it very exciting. But this is also why it pays to start planning for those golden hours and that ideal home sooner rather than later," Viljoen believes.
Viljoen adds though that retirement villages should not be discounted as they very much meet the needs of ageing people. "Many of these facilities offer 24-hour security, on-site medical care, recreation facilities and financial security as many of them offer life rights to residents."
At the end of the day a retirement property needs to be what the person living in it needs to be. "You want to go for a place in a location that meets your needs, suits your preferences and your pocket, and has a 'vibe' you enjoy," Viljoen concludes.
Author: Leapfrog Property Group
