Waterfall Gardens generally operates on a ‘buy and sell’ basis (subject to availability) and for the most part cottages are ‘sold’ in terms of a Lifetime-Use Agreement. Essentially, this mean that you as the ‘buyer’ and your spouse may occupy the unit for the remainder of your natural lives. Once you have voluntarily vacated the cottage or passed on, the unit is “bought back” from you or your family and re-sold to the next person. The Estate of the longest surviving spouse is refunded the original purchase price (less an amount of R20 000, plus any damages that may need to be rectified – normal wear and tear excluded.) One is also free to voluntarily leave the unit at any time. It should be noted that there is no gain on the original capital, you essentially get back what you paid.
Types of Units:
There are basically three types of units built in various styles:
Cape Dutch, Tudor, and Constantia.
Each unit has its own small garden area and Residents have access to all common areas and facilities. Municipal Rates are now payable separately by the COTTAGE OCCUPIER, in addition to the monthly levies.
- Viewing of cottages by appointment only.
- Viewing is subject to an available cottage.
- Applicants will be placed on a waiting list.