The Somerset offers the option of freehold title ownership, which is the simplest capital structure for retirees. Owners receive the title deeds and have the property registered in their own name(s). Under the Housing Development Schemes for Retired Persons Act of 1988, purchasers can be freehold owners of an erf and dwelling in a retirement village. Owners also benefit from protection under existing South African property laws.
When the property is sold, 25% of the net profit is paid into The Somerset levy stabilisation fund. The Home Owners Association (of which you will be a member) uses this fund to subsidise levy increases in times of high inflation.
Rates and taxes
Under this form of ownership you are liable for:
- Rates and taxes
- Home insurance
- Internal home maintenance
- Levy of the Homeowners Association.
Levies are cost recovery mechanisms with a fixed portion and a variable portion that is dependent on the size of your property. Levies cover costs associated with common facilities and services such as catering, security, garden services and general healthcare as well as external maintenance on all properties. A Managing Agent administers the levies on behalf of the Homeowners Association. See the Levies Breakdown here.
Additional healthcare services are available in your home or at the Health Care centre.
Various floor plans to choose from:
The Somerset offers a variety of floor plans from which to choose, with properties ranging from 116m2 to 300m2 and erf sizes from 234m2 to 807m2. All houses are fully compliant with the SANS energy-saving building regulations, and plans can be amended to suit your needs.
A 6-month period is generally allowed from the time of signature until completion with the plot transferring into the purchaser’s name before building to an agreed building contract, with phased progress payments.