Homebuyers seek out older homes with room for all
Category RealNEWS
With the hybrid workweek seemingly set to become the new norm in SA and the growing popularity of multigenerational living, older suburban homes on bigger properties are enjoying something of a renaissance.
That's the word from Gerhard Kotzé, CEO of the RealNet property group, who says agents are experiencing increased demand for larger suburban homes with space to create one or more home offices, cottages or granny flats to accommodate additional family members and gardens big enough for children and pets to play in.
"Family lifestyles have changed significantly as a result of the Covid-19 pandemic, and it is now quite usual for at least one parent to be working remotely full-time or running a home-based business while the other has a hybrid workweek, spending only two or three days a week in the office and the rest of the time at home.
"At the same time, many more students are continuing to live at home now until they graduate, partly because many of their courses are still mostly online and partly because of the steep cost of student accommodation. Also, many more grandparents are now moving in with their children or at least on to the same property, not only to save money or help take care of their grandchildren, but also because their families don't want to risk them being isolated in old age homes as many were during the pandemic lockdowns."
All of this, he says, is supporting the demand for spacious older homes in established suburbs, which may require some repairs or modernisation, but which are big enough to comfortably accommodate the needs and varied timetables of extended families.
"Many families are also pooling their resources to buy such properties because it is the only way they can afford to stop renting and become homeowners while interest rates remain at their current highs. And by doing this they may also be saving money on expensive childcare or elder care that they can use to reduce debt or improve their lives in other ways."
For example, Kotzé says, they may wish to improve the security of their new property so that they can enjoy the same peace of mind about everyone's safety as they might have experienced in a gated complex.
"Alternatively, they might want to embrace a more sustainable lifestyle, and a stand-alone suburban home will often offer them more opportunity to do so than a townhouse or a house in an estate. They will be free to install extra insulation and as many solar panels and geysers as they like to make their homes more energy efficient, for example, or perhaps use part of the garden to grow their own food."
Add in the proximity to schools, shops and other amenities that many older suburbs offer and the resulting prospect of shorter commutes and transport cost savings, and the idea of a roomy family home in such an area becomes even more attractive, he says, even if it is a bit "worn at the edges" and in need of some upgrades.
"And lastly, such properties offer families the opportunity to grow and change over many years without having to move, which is a serious consideration given the high costs in South Africa of selling an existing home and acquiring a new one, including transfer, legal and bond fees as well as moving costs."
Author: RealNet
