Paradyskloof in Stellenbosch.
One of the most important decisions you will ever make in your ‘Golden Years’ will be about the retirement property you decide to buy, says Dorothy Foster, Broker/Owner of RE/MAX Oaktree, which services the Stellenbosch area.
“There are a wide variety of options available to South African property buyers looking into retirement communities. These range from modest entry-level properties to luxury homes, so buyers can make the appropriate decision based on their criteria and financial status,” says Foster.
Adrian Goslett, chief executive of RE/MAX of Southern Africa says as with any property purchase the first step is to do your homework and assess your finances carefully.
“When buying a retirement home, you need to ensure that once you have paid for your home, your monthly income after deductions should be four times the amount of levy that you pay. It is best to consult a professional financial adviser to assist you in correctly working out what you can afford.”
Foster says most property investors in this life-stage already own some kind of property, but the properties they own no longer meet their requirements and they wish to downsize or move into a more secure environment close to amenities such as hospitals and frail-care facilities. She says that investors who own property should have it valued by a reputable estate agent to help them assess how much they can afford to spend on their new home.
“In Stellenbosch secure retirement estates like Paradyskloof Villas are very popular among property buyers over 50 years old due to the excellent security and frail-care facilities available. There are not many Stellenbosch properties that have all these facilities so there is a great demand, even for clients looking to rent. Many investors have bought properties and rent them out until they are ready to move into the estate themselves. Rental incomes range from R8 000 to R12 000 a month,” says Foster.
Aside from the frail-care services available to residents at Paradyskloof, there are other facilities such as a restaurant for residents and their visitors, tennis courts, a swimming pool and a dam.
The 58 sectional title units on the estate range in size from 124m2 to 260m2, and two kinds of property options are available to investors. The two-bedroom units have two bathrooms and a single remote operated garage. The three-bedroom units have two bathrooms and a double garage.
Prices differ depending on the location of the units. Two-bedroom units that directly overlook the dam are priced at about R3.2 million and others cost around R2.55m. The three-bedroom units cost between R3.5m and R2.95m.
Foster says it’s important that buyers choose the retirement complex that suits their requirements and their lifestyle.
“Buyers should ask whether their lifestyle can fit into the environment that the retirement complex provides. This will ensure a happy transition into this new and exciting phase of their lives,” she says.
Cal Louise Brink 082 578 5085.
