LIFE RIGHTS EXPLAINED
When you buy a life right you acquire the legal right to live in your home for as long as you live, together with your partner, if applicable. At the same time, you do not become the owner of your home. This has enormous advantages.
To start, there is a big up front cost saving. It would probably cost 30% – 50% more to get exactly the same living space if you were to become the owner. And you have pretty much the same security of tenure as if you were the owner. So that saving can be put it into your bank account!
Because you do not have to take transfer, you do not pay transfer duties or fees; you do not pay VAT. So that saving can be put it into your bank account!
You have all the advantages of ownership, but you do not have to pay to maintain your home; if there is a leak, it is not your problem; we pay to fix it. A plumbing issue, call us. No charge.
Importantly, at Ryn Village you will never have to pay a special levy. As a Life Rights holder, you are protected from unforseen ownership expenses, an attractive option if you are living on a fixed retirement income.
The life rights model means that the Developer always has the same interests as you the legal occupier. It is not like sectional title ownership. They do not walk away when the units are built. Since the units belong to the Developer they are their assets and it is in their best interests to improve and maintain them. Keeping the property and communal facilities in immaculate condition protects their value, thus ensuring you live in a well maintained estate at all times.
