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  • You South Africa

    TIME TO DOWNSIZE

    Sep 23, 2022 6 minutes
    BY LETITIA WATSON

    RETIREMENT villages have grown in popularity due to the security and the “resort-style” living they offer.

    Many of them now offer what’s known as life rights, and there are some where you can only purchase a life right in the complex rather than buying a sectional title unit.

    Here’s what buying a life right in a retirement village means, how it differs from sectional-title ownership and some things to consider so you can decide which of these two options is best for you.

    WHAT IS A LIFE-RIGHT PROPERTY?

    When you purchase a life right it means you purchase, for a lump sum, the right to live in a specific property in a retirement village for the rest of your life (or until you choose to leave). You only purchase the right to live there – you do not buy the property. The developer retains ownership of the property.

    Couples can also enter into a life-right contract and the life right then extends to both partners and applies until the

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