downsizing your home for retirement

What options are there if you are thinking of downsizing your home for retirement? What are the benefits of retirement villages in terms of improving wellbeing and alleviating feelings of loneliness?

Downsizing can be a challenging; leaving the house that you have created so many wonderful memories in is difficult. When making the next move and choosing a retirement home to live in, one has to conduct a lot of research and visit a number of retirement villages before making any decisions. After all, you will be spending the majority of your well-deserved leisure time there.

According to research in 2017 conducted by AgeUK 31.4% of those aged 65+ have said that their main company is the television, and 8.5% “often or always” feel lonely. In sunny South Arica there certainly are more opportunities to enjoy the outdoors. However, no one wants to do that on their own – wine tastings, country walks and weekly visiting entertainers could fill the days no matter which country you are in.

Expat South African entrepreneur, Arran Kerkvliet, runs One Touch Property Investment brokerage which sources retirement property. He says; “Retirement properties are a stable and lucrative investment because there is an aging U.K population with 23% over 65”.

Residents at retirement villages, based in the South West part of the U.K, enjoy gourmet meals created by a top chef who has worked at Michelin-starred Castle Hotel and alongside celebrity chef Antony Worrall Thompson. The beauty of the idyllic English countryside is not the only advantage; all the produce is locally sourced and residents can cultivate the gardens where the ingredients are grown.

Unlike South Africa, there is a limited availability of land due to greenbelt protection and restrictive planning permission. The resulting outcome tends to be positive on two accounts; the types of properties that are acquired for retirement property investments are conversions of stately homes which have an enchanting character and charm. Understandably, there is a shortage of these type of homes and the obvious appeal drives demand far in excess of supply.

Weekly rents, including meals and entertainment, are R21,450. Elderly guests that require an element of nursing care will pay extra for the additional services. The caring communities were designed for self-paying guests over 65 years of age that want to enjoy the company of like-minded people and also have access to care if required. For couples that have one sickly partner in need of 24-hour nursing care, they can still live together.

Readers may be able to relate to the soft benefits that create a tangible positive impact on residents’ lives. There are also encouraging investment returns to be made; One Touch Investment director explains; “South African investors love to own property and that is what they will be doing. They will own a property (full title deeds) within a retirement village and the operator will lease the property back for a period of 10 years with 10% net income”.

For more information on how these later living investments work and downsizing your home for retirement, please download the free guide or seek UK property investment advice from consultants who visit SA each quarter.

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