1 reviews | Active since Member
After three on site visits and finally selecting our retirement home at Evergreen Val de Vie, we were given an agreement to read/sign. The operating model is based on Life Right whereby a "Life Rght Holder(LRH) purchases the right to live in the home until the death of the last surviving spouse. At that time 90% of the Life Right payment is refunded to the deceased estate. When we were given the contract the reimbur*****t is reduced to 80%, quite a difference on a R5.5M payment. Advantage is that the LRH does not own the home and as stated on their website, the brochure "hidden Cost of Independent living, this is of crucial importance as the developer as owner remains responsible for management, maintenance and upkeep of the property and the village. The contract however makes it clear that the LRH remains responsible for the upkeep, maintenance, repair and replacement off the interior of the home, the external doors and windows, the solar geyser, solar panel, hob, oven and garage door motor upon expiry of the manufacturers guaranties held by the owner. Also for the LRH is the maintenance of irrigation, electrical and plumbing systems as well as external lights. THUS living here is NO cheaper than in your own home, even if here you do not own the home. and do not benefit from increased market value over time. The marketing material also promises financial transparency and predictability. Thus as in Life Right estates the levies for the current plus next 2 years must be published, However in reality, the LRH will also be presented with the FULL MUNICIPAL ACCOUNT, thus rates, taxes, refuse, sewerage and basic charges for water and electricity plus utilities consumption (This is acceptable) are payable by the LRH> So you pay a monthly levy PLUS the municipal account. Where is then the financial transparency and predictability. ? The company also advertises comprehensive health care facilities, Frail care, assisted living, clubhouse, among others. However in the contract all the clauses dealing with facilities to be provided by the Developer start with The Developer MAY provide..... and in case they do not then the LRH has no claim. In case they do the manner in which the LRH will pay is stated. Upon vacating the home, it must be returned in "as near as the same state it was received" (New) then the home will be refurbished for the next occupants. This work will be for the expense of the LRH estate. Note there is an addendum E which differs from the clause in the contract and the contract does not refer to addendum E on these costs. Addendum E holds that 10% of the Life Right paid is withheld to fund the refurbishment and marketing costs of the unit. This explains the reduction from 90 to 80% refund. Refund will only occur after appointment of executor, then the home may be cleared of belongings, then it will be refurbished and marketed for resale. When the subsequent sale is registered the refund can be made. During this entire time the deceased estate is liable for the levies and rates and taxes. Lastly the brochure tells you that Evergreen residents do not need to worry about load shedding as they enjoy back up power from generators in the village. False, The back up power is limited to clubhouse and healthcare facilities. IN your home you are in the dark. For some reason the gas hob in phase 1 and 2 have been replaced and in Phase 3 you get an electrical one. Evergreen Lifestyle refused to answer in writing to our questions preferring to "discuss over the phone" . Phone call best summed up by the CEO comment "The contract is the contract and the marketing material is something completely different . In the meantime "our home" is sold to someone else and an identical home located a bit further up the street is R600.000 more, but we are offered R100.000 discount for "inconvenience".
9 total reviews on Hellopeter
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