Occupancy right (or life right) explained

Pembury retirement home occupancy right explained

Pembury occupancy rights are available in selected units at Pembury Bryanston, Pembury Finch Haven, Pembury Magaliesburg and Pembury Plett only.

Investing in a Pembury occupancy right means that your are purchasing the right to occupy a Pembury unit for your life and to receive the services that are associated with that unit at a 30% discount per month on the monthly service rate.  Pembury occupancy rights are unique and competitive because we offer this substantial financial benefit to the purchase – when you invest in a Pembury occupancy right, you save 30% per month on the monthly service rate.  This means that your monthly occupancy right levy is 30% less than the monthly rental rate.

Examples of these savings are …

MONTHLY RENTAL                           MONTHLY OCCUPANCY RIGHT RATE
R 12,000                                         R 8,400 (Saving of R 3,600 per month)
R 14,000                                         R 9,800 (Saving of R 4,200 per month)
R 16,000                                         R 11,200 (Saving of R 4,800 per month)

Occupancy right is an ownership style suited to retired people, who typically seek a hassle-free lifestyle with secured access to accommodation and certain services like nursing.  Because you do not take private ownership of the unit, you are relieved of the burdens of responsibility traditionally associated with property ownership e.g. building maintenance, management of rates and taxes, dealing with Eskom queries etc.
The occupancy right can also be seen as a lifetime of rent paid upfront; however, unlike rent paid upfront, a percentage is refundable when the contract is terminated and the unit is resold.
The refund is based on how long you occupied the unit:

1 – 12 months of occupancy = 90% of value of unit when sold
13 – 24 months of occupancy = 80% of value of unit when sold
25 – 36 months of occupancy = 70% of value of unit when sold
37 – 48 month of occupancy = 60% of value of unit when sold
49+ months of occupancy = 50% of value of unit when sold

The amount is refunded when the unit is resold and the full purchase amount is received from the new buyer.
We also offer a rental option, so residents have a choice of whether to rent or buy.  You can buy an occupancy right and benefit from a 30% saving on the monthly rate or you can rent and choose to pay the higher levy amount – the choice is yours and we trust we have offered options to suit all needs.