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Life right ownership at The Somerset

The Somerset Lifestyle and Retirement Village offers a life right ownership option

By Sister Erika Janutsch – Nursing manager at The Somerset Lifestyle and Retirement Village

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Life right ownership at The Somerset

The Somerset Lifestyle and Retirement Village offers a life right ownership option

By Sister Erika Janutsch – Nursing manager at The Somerset Lifestyle and Retirement Village

, |

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:

  1. Life Right Ownership is a very widely practiced form of retirement home sales worldwide.
  2. The Somerset’s Life Right Ownership offers a flexible range of pricing and contracts. This allows for a capital contribution that suits you.
  3. There are no transfer costs attached to a Life Right purchase as there is no transfer of property taking place.
  4. The Life Right purchaser is not liable to pay rates and taxes.
  5. Consequently, there is no Value Added Tax (VAT) on your Life Right purchase.
  6. Buyers are protected under the terms of the Housing Development Schemes for Retired Persons Act.
  7. Therefore, buyers have the security of knowing that their right of occupation is protected by law.
  8. At the time of sale, all levies must be contractually fixed for the first year and estimated for the following two years.
  9. Included in your levy is the maintenance of your home, house insurance and water & rates.
  10. 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.
  11. Furthermore, Life Rights purchased from CPOA can be traded with Life Rights in other CPOA villages.
  12. 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.

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