LIFE RIGHTS: The most popular retirement ownership model worldwide

Most retirees today look at selling their family home and downsizing to more manageable and secure accommodation for their retirement. The first decision is whether to simply buy a smaller home with better security or whether to look at living in a retirement community. The next choice is the kind of ownership that different retirement developments offer, typically between sectional title or life right tenure.

We believe that there is no absolute answer as to which is the better option because it involves so many different family and financial circumstances. However, we also believe that for the majority of South African middle-income retirees, the Life Right model has significant benefits to offer, most notably because acquiring a Life Right guarantees you security of tenure for the rest of your life. 

It is primarily for this reason that the Life Right model is regarded to be the most progressive and leading form of retirement ownership worldwide. Although it is comparatively new, it is now the most popular model in the USA, Australia and New Zealand, where it is referred to as a ‘right of occupation’.

Buying a Life Right is very different from buying a property. In effect, what you are ‘buying’ when you enter a life right agreement with a developer is the life-long legal right to occupy your home.

If you ever want to relocate, you may terminate this right, but it is not transferable to another person. On termination of your life right, it will be sold by Oasis Life to another buyer and 90% of the original purchase price will be paid to you or your estate.

Oasis Life retains ownership of the individual homes and the common property and is responsible for maintaining them for the benefit of all the residents.

As Oasis Life’s developer, our interests and those of our residents are aligned in the Life Right model. All village facilities, including the homes and apartments, remain an asset of Oasis Life, so we manage the village carefully to protect the value of that asset, maintaining all communal facilities and keeping gardens in pristine condition.  At the same time, we keep the village finances, levies and levy inflation in check.

Financial Advantages

There are many financial benefits of the life right model, most notably:

  • it is the most affordable way to buy into a privileged retirement lifestyle
  • it means a secure home for life, protected by the Retired Persons Act
  • you save on up-front costs: no VAT, transfer duty or registration costs are payable, just mandatory legal fees
  • maintenance, management and resales are the developer’s responsibility
  • housing levies are subject only to inflation-linked increases
  • you will never be called upon to pay special levies for major refurbishment projects

 

Our villages are designed to accommodate the optimal number of residents required to make our exceptional facilities affordable and to provide professional management services of the highest order. So you can relax, knowing that the future is budgeted for and all the hassles are taken care of!

The value of the Oasis Life brand and its reputation will be based on resident satisfaction, and this will depend on our maintaining the quality of our retirement environments.  This is why we invest heavily in providing access to quality healthcare, security, and hospitality services.

Predictable Costs

Transparency regarding operating costs is mandatory in terms of Life Right legislation. We will always provide an accurate estimate of your levy amounts for two years in advance so you can rest assured that your budget can safely be planned in advance with no nasty surprises in store.

Independence & Autonomy 

In our experience, people in retirement don’t need the headache of maintaining their own amenities and managing the various aspects of the village to sustain the quality of their environment and their lifestyle.  

That’s why at Oasis Life we take on the responsibility of keeping all the wheels turning so you can enjoy your independence. Your interests, concerns, and wishes are clearly communicated to the Village Manager via a Residents’ Committee. It’s a simple process that works well.

Professional Management

Oasis Life Village Management takes care of all day-to-day aspects of the village, such as security, hospitality, maintenance, and gardening. We work together to deliver retirement living at its easiest and its best. 

And we’re always there to help. Whatever your particular needs are at any point in time, as an Oasis Life resident you get to relax, put your feet up, and enjoy the fabulous facilities and amazing amenities on offer.

Meticulous Maintenance

Routine repairs along with painting, plumbing and cleaning are carried out by our friendly, well-trained teams. Communal gardens are beautifully maintained, and the environment is kept scrupulously clean, neat and tidy.