Life right ownership at The Somerset
The Somerset Lifestyle and Retirement Village offers a life right ownership option31st Mar 2020
A Life Right purchase is a transaction where you and your spouse/partner, as the nominated occupants, attain the right to live in a particular house for the duration of your lifetime, after which your capital is returned with an additional profit share, depending on the options chosen.
When you decide to purchase a Life Right home, you have the comfort of a secure return on investment without the hassle of having to worry about:
- Home maintenance
- Safety and security
- Access to on-site health care services and facilities
A Life Right property at The Somerset is an option that many are considering for the following reasons:
- Life Right Ownership is a very widely practiced form of retirement home sales worldwide.
- The Somerset’s Life Right Ownership offers a flexible range of pricing and contracts. This allows for a capital contribution that suits you.
- There are no transfer costs attached to a Life Right purchase as there is no transfer of property taking place.
- The Life Right purchaser is not liable to pay rates and taxes.
- Consequently, there is no Value Added Tax (VAT) on your Life Right purchase.
- Buyers are protected under the terms of the Housing Development Schemes for Retired Persons Act.
- Therefore, buyers have the security of knowing that their right of occupation is protected by law.
- At the time of sale, all levies must be contractually fixed for the first year and estimated for the following two years.
- Included in your levy is the maintenance of your home, house insurance and water & rates.
- In addition, the Life Right property owner is the Cape Peninsula Organisation for the Aged (CPOA), a non-profit organisation with a 62-year track record in caring for the aged.
- Furthermore, Life Rights purchased from CPOA can be traded with Life Rights in other CPOA villages.
- This is a service unique to the CPOA, and made possible due to the fact that the organisation has a large number of residential developments throughout the Western Cape. Terms and conditions apply to these trades.
For more information about your purchase options at The Somerset Lifestyle & Retirement Village, please contact us.