As the name implies, a resident funded retirement village or estate is one where residents pay towards the expenses of the village services and facilities and no government grants are available for this.
The promoter of a village may be a religious or charitable organisation, a friendly society, or a private enterprise. This diversity of interest creates a wide variety of choice - environmental, financial, legal, architectural, cultural and recreational.
In addition to this, different villages have different methods of securing occupation and there is no "correct" or "preferred" method of ownership. Your own preferences and circumstances, and the advice of your financial advisor or Olympic Hervasa Group, will assist in making the decision between sectional title, by way of Life Right developments, Assisted Living, rental, sole ownership or Health Care.
There are basically five different types of capital structures on which a Retirement Villages are based:
- Full Ownership
- Share Block Schemes
- Life Right
- Sectional Title
- Rental Schemes
Our member benefits include:
- Lobbying the government to ensure consultation regarding legislation and government policy.
- Assistance with compliance with the Senior Citizens Act of 1988 and associated regulations [still being drafted].
- Annual industry conference and comprehensive trade show, attracting over 200 delegates.
- Regional managers forums to maximize networking opportunities.
- Educational seminars.
- Regular communication from national office.
- Media profile.
- Bulk purchasing schemes.
- Value added benefits for residents.
- Monitoring of international trends.
- Comprehensive member database, providing quality data of the sector.
- Assistance with dispute resolution.
- Quarterly publication of membership magazine - 'Retirement Views'.
- Comprehensive and interactive website with a resource centre.
The Retirement Village Lifestyle
Choosing the village that meets your needs and expectations can help enrich your quality of life and enable you to pursue your future lifestyle aspirations.
A retirement village offers a wonderful lifestyle to those wanting to live independently in their own homes while enjoying the benefits a retirement village can provide. They are located in prime areas such as near the sea, golf courses or in the heart of the city. The most common phrase we hear from existing residents is "I wish I had made the decision to move sooner."
The term Retirement Village covers an ever-increasing variety of accommodation and services for people over 55 years of age. Villages have an emphasis on 'lifestyle' with resort-style accommodation and facilities.
Each village is unique and can range in size from four to over 200 units. The types of accommodation vary from villas and town houses to apartments, serviced apartments and studios. Most villages have a community centre, offer a range of recreation and care facilities.
Draw factors for people considering retirement villages include:
- The privacy of having their independence and own home in a supportive environment.
- Peace of mind from 24-hour 'on call' assistance and security.
- Access to a variety of services and recreation facilities.
- Very little, if any, maintenance.
Why should you choose a HERVASA village?
HERVASA members are committed to providing quality services within their villages and adhere to a compulsory HERVASA Accreditation Programme. So prospective residents can make the decision to move into an accredited village with confidence that appropriate standards have been met and are maintained.
The HERVASA Accreditation
The Healthcare and Retirement Village Association [HERVASA] is a voluntary membership association for both operators of retirement villages within South Africa as well as individuals or commercial organisations that work within the retirement sector.
HERVASA is a national body that endeavours to represent, protect and promote the interests of its members and their associated services. The principal aim of HERVASA is to represent villages who share our vision for providing quality services. In order to achieve this, the association has a Code of Practice requiring HERVASA members to manage their villages in a professional manner and with the highest level of commercial integrity. The Code of Practice is audited on a regular basis by HERVASA and provides assurance to members that village management meets minimum operating standards.