Retirement living choices in the 21st century
Category News
People getting older and approaching their retirement, or even their 50s, naturally start to consider their living arrangements and how to remain comfortable - and cared for - as they age. It's an important decision, and it helps to know the options as early as possible.
"The concept of 'retirement' now is very different from what it used to be," says Berry Everitt, CEO of the Chas Everitt International property group. "It's common to find people still working or even starting new business ventures in their 60s, and many seniors are still active and independent well into their 70s.
Consequently, many aren't ready to move to what we traditionally think of as 'old age homes' or care
centres until they are much older."
What are the Retirement Village benefits that attract seniors?
Because of how the world has changed, with people living longer and enjoying more years of vitality, housing solutions for seniors have also evolved, with Retirement Villages being a popular option for the following reasons:
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Retirement Villages offer more security than traditional suburban living.
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Seniors enjoy increased peace of mind about their health and ageing issues, because of a sense of community and having neighbours as well as qualified carers nearby to check up on them regularly.
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Those advancing into old age can worry less about their long-term care if they reside in a retirement community with assisted living, frail care and memory care facilities.
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Of special interest to those who no longer work and earn an income, living in a Retirement Village offsets the concerns over the challenges of home maintenance, as this is usually covered by a fixed levy.
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Those living in a retirement community may enjoy a better social life. Modern villages often organise club activities, social events and community gatherings.
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Over-50s who wish to continue enjoying an active lifestyle may benefit from access to onsite sports facilities such as tennis courts, bowls fields, swimming pools and walking trails where they can participate in safety.
"The bottom line is that most people approaching retirement are looking for ways to downsize, simplify living, and make their retirement savings last longer. In many cases, they have to stretch their financial resources even further than predicted, because life expectancy is now longer, and because living costs are always on the rise. For these reasons, we're definitely seeing a preference for smaller, low-
maintenance (and often lower-cost) housing options," says Everitt, "and some solutions other than RVs
that are beginning to trend."
Lifestyle estates
More and more, senior housing is being integrated into new lifestyle estates. These estates - often luxurious and high-end in nature - offer affordable apartments and stands for young, first-time buyers, as well as townhouses or cluster homes for seniors who are ready to scale down. These are generally couples whose families have left the nest and are ready to move into the next phase of their lives, while still enjoying access to estate facilities like golf courses, clubhouses and wellness centres, as well as multi-generational communities.
Granny flats
A trend that has been on the rise for years, and continues to escalate, is the demand for freehold properties with "granny flats", or cottages. Family members who wish to keep their senior parents nearby may opt to comfortably accommodate everyone on one property. The benefits of multi- generational living with a granny flat include:
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Senior accommodation without the cost of buying into a Retirement Village.
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Security for the elderly, being under the protection of the family home.
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Savings potential of shared living costs.
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Opportunity to save on child care between working parents and grandparents.
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The convenience of sharing responsibilities such as laundry, cooking and errands.
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Where senior tenants are elderly, granny flats that can accommodate nursing staff are particularly convenient.
Renting instead of buying
Nowadays, many seniors are choosing to rent rather than buy. This allows them the freedom to move should the accommodation become too expensive or if they choose to relocate to coastal or countryside destinations, as many retirees do. It allows people to "road test" an estate before sinking their life savings into a lifestyle that they don't enjoy, or one that they can't afford long-term. It also means that Retirement Villages have become an attractive proposition for property investors, as retirement rentals continue to rise.
The high-end downsize
At the top end of the market, wealthy seniors are increasingly selling their large, luxuriant homes in desirable suburbs in order to move to plush, high-end apartments that offer all the comforts and amenities of a five-star hotel. While this is the exception rather than the norm in South Africa, it's a stunning option for those who can afford it.
"Of course whether you decide to buy, rent or reside with family in retirement will be a personal decision," says Everitt. "But it is important to recognise that it is a serious commitment and for many, the last opportunity to decide where to live and in what conditions. Consequently, we encourage those at this stage of life to take special care to understand the pros and cons of the different types of living arrangements, and to consider their age, their state of health, their available support circle, their finances and their standards of living before making a decision."
Are you ready to start slowing down and enjoy the best years of your life? Reach out to an experienced Chas Everitt property consultant for honest, caring advice about your retirement options.
Author: Chas Everitt