Membership

People wishing to have their and their spouse’s /partners name put on a waiting list for a cottage, are required to pay a non-refundable R2000.00 deposit, and thereafter an annual FGV membership fee. This fee is currently R330 per person annually  or part thereof and it is reviewed annually.

Members are entitled to book lunches in the dining room, pre-book the dining/lounge area for a function, take-away catering, swimming pool, library, guestrooms as well as making use of the Registered Healthcare centre on a permanent or temporary basis. Members may also take part in various activities that are on offer, such as petanque, mini-market, bridge, and movie days.

 

 

Memberships

How is the waiting list managed?

The FGV waiting list is well-managed according to a policy, and strict chronological order is adhered to.

The length of time on the waiting list is dependent on the cottage type and size, with less demand for the smaller cottages, resulting in a relatively short waiting period.

For the more popular, bigger cottages, the waiting list is longer, and one could expect to wait up to ten years.

However by planning your transition to a retirement village, this wait can be minimised, and it is advisable to sign up as a member years before you plan to retire.

Download Application form here

Investing in your retirement - Choosing a scheme that suits you

Few South Africans have made adequate provision for their retirement, and estimates are that only 6% of the population will be able to retire comfortably, without sacrificing their standard of living. Inflation, life-expectancy, deteriorating health requiring special healthcare all place a strain on savings. Your retirement years should be as stress-free and enjoyable as possible. Having financial peace of mind, certainty around your healthcare needs,  security, and leading a healthy social life, contribute to your quality of life and wellbeing.

Creating peace of mind

Financial

Healthcare

Social

Security

Deciding where to retire and which type of scheme you buy into can be a daunting task, so it is strongly recommended that you consult a reputable financial planner, research the various options available to you, before making this decision. Most importantly, start planning when you are young, when retirement seems many years off. 

With people living longer and retiring or relocating at an earlier age, gone are the days when we spoke of old-age homes. The demand for retirement villages, retirement resorts, lifestyle resorts is growing, and each year more are being developed and advertised.

What you need to know about Life Rights

Life Rights explained

What is a life right scheme?

A life right scheme is a way in which you can buy into a retirement lifestyle, rather than buying the actual property in a retirement village. It is effectively a long-term lease with no fixed expiry date, whereby occupation of a unit is guaranteed for an indefinite period. It was designed primarily for the retirement housing market and ensures that you and your spouse or partner have a secure home for the remainder of your lives. A life right agreement is protected under law Housing Development Schemes for Retirement Persons Act 65 of 1988 (HDSRP) and since there are no transfer fees, bond registration costs or VAT payable, it provides a low cost to entry. There is no ‘sale’ on termination, so no estate agent’s commission.

When a cottage becomes available for re-sponsoring , it reverts back to the Public Benefit Organisation, who can then re-sponsor the cottage or unit, at which stage the deceased estate will receive the agreed 80% of the original purchase price, generally about ten days after the new funds have been received.

Some important differences between Freehold and an FGV Life Right

FREEHOLD

  • Transfer Duty on Acquisition
  • Estate agent’s commission on sale
  • Entitled to Capital Growth
  • Suffer possible Capital Loss
  • Bear cost of external maintenance
  • Suffer consequences of fire, etc.
  • Refurbishment cost on leaving
  • Discounted Healthcare Centre cost
  • May sub-let
  • Building Insurance

FREEHOLD

  • YES
  • YES
  • YES
  • YES
  • YES
  • YES
  • YES
  • NO
  • YES
  • NO

FGV LIFE RIGHT

  • NO
  • NO
  • NO
  • NO
  • NO
  • NO
  • NO
  • YES
  • NO
  • YES

Advantages of life rights

For those with less capital to invest or living on a fixed income, the life right option is more cost-effective, reducing the risks posed by inflation, maintenance and unexpected special levies.

Owners of sectional title property or freehold property may incur hidden or unexpected costs from time to time, such as painting, maintenance, repairs etc. Life right holders are protected from such expenses, as these are covered in the levy payments, making it an appealing option financially and removing onerous personal responsibility.

Why choose Formosa Garden Village?

FGV has a proven track record of excellent, well-managed care, within a fully-supported, beautifully maintained and secure environment.
FGV is governed by its constitution, practises sound financial management with excellent accounting principles, and is financially self-sustainable and well-funded. Audits are conducted bi-annually, with clean audits being the standard.