MATURE lifestyle living
one size does not fit all any more
TRENDS IN THE MATURING PROPERTY MARKET
Today ’ s mature adults live longer , have a wider range of interests and lead more active lifestyles than previous generations . With more than 10 000 baby boomers turning 65 every day , the investment opportunities in the senior housing market are looking very positive indeed .
Baby boomers are folk who were born between 1946 and 1964 – in other words , they are from 52 to 70 years old − and form a significant proportion of the population of most countries . In South Africa , boomers made up 15.8 % or 8.6 million of the estimated population of 54.5 million in 2015 , according to a recent study by Statistics SA .
LIFESTYLE CHOICES ARE CHANGING
The traditional retirement village is not going to fade away , but it will almost certainly evolve into something more akin to a lifestyle estate . Take , for example , The Somerset Lifestyle and Retirement Village in Somerset West near Cape Town . It ’ s marketed as a retirement lifestyle estate that ’ s indistinguishable from other lifestyle estates , except for the lack of toddlers , teenagers and territorial terriers . And , of course , with a concentration of ageing people come the economies of scale for care centres , nursing stations and other agespecific products . So you know that as you age , those needs we don ’ t like to think about will be taken care of .
Once having opted for a retirement estate , you can choose between various forms of ownership – freehold or sectional title , or a life right . This is a big decision , and you need to do your homework carefully to ensure that you ’ re buying into a financially sustainable property . Whichever option you choose , you need to check that the developers are a reputable company with a proven track record , and – while the charm of a small , intimate estate may be tempting – that the levy base is sufficiently large to sustain itself without excessive increases that may put strain on people with a fixed income . This is a very complex topic , so we will cover it in much more detail in a future edition .
There ’ s a distinct trend towards multigenerational estates – general lifestyle residential estates that have a retirement element . These are particularly popular with families who want to be close to parents and grandparents without compromising the independence of the older family members .
Kindlewood Estate on the KwaZulu-Natal North Coast markets itself as a golf-free estate with lots of wetlands , jogging trails and other sports facilities . The purchase of Phase 4 , Mount Edgecome Retirement village , by the Collins Group , who have opted to develop the