Buyers seeking less home, more lifestyle
Some homebuyers and owners still associate the idea of downsizing with a loss of status, especially if they own a large family residence and aren't yet at retirement age, but this perception is steadily changing as more people realise that they can actually enrich their lifestyle by moving to a smaller property.
“We see the tiny home movement gaining ground all over the world now, especially among young, first-time buyers who are struggling with affordability and also really want to live sustainably,” says Denese Zaslansky, CEO of the Firzt Realty group, who notes that this trend is supporting the demand for the micro-apartments currently on offer in many new developments.
“But we are also noticing a growing trend now among older, repeat buyers towards downsizing from large suburban homes to more compact properties that they believe will offer them and their families a better overall quality of life.”
New cluster homes and townhouses in the boutique security complexes that are now being developed in many older suburbs are especially popular, she says, because they offer families greater security without the inconvenience of having to change schools, adjust to a new area or find new routes to work.
“The overall trend has also been driven, over the past two years, by higher interest rates as well as the rising costs of ownership, including property rates, insurance and maintenance. In fact, figures from the FNB Property Barometer show that while almost 22% of property sales currently are due to owners seeking to relieve financial pressure, the majority of those sellers are choosing to remain homeowners by buying a less expensive property rather than renting and becoming tenants.
“Add to this another 22% of sellers who are downsizing to smaller homes due to life stage, and it’s clear that many repeat buyers want greater financial freedom while continuing to enjoy the benefits of homeownership. They have realised that in addition to lower bond repayments, smaller and newer homes generally come with significantly reduced monthly expenses and maintenance requirements.
“And this financial relief often translates into greater opportunities for families to improve their lifestyles by sending children to better schools or to university, for example, or by taking up new hobbies or sports, travelling more or even investing in a new business.”
Zaslansky says that those who downsize can also expect to pay less for essential services such as water and electricity, while living more sustainably because smaller homes require fewer resources to build and run. “Fewer rooms and smaller spaces also mean less time required for cleaning and household chores, and more time for family activities you enjoy or simply relaxing with friends.
“So, while the idea of moving to a smaller home may initially seem like a step back in terms of status or success, it can actually be a big step forward in terms of life satisfaction. Making the choice to downsize often means less stress, more free time, and the opportunity to focus on what truly matters.”
She acknowledges that there are some potential drawbacks. "You might have less space to accommodate out-of-town guests or to host large gatherings. Initially, you might also feel a bit cramped or miss having separate rooms to retreat to for some quiet time.
“However, these challenges can often be mitigated with thoughtful space planning and design, and many people find that the trade-off is worth it when they consider the benefits of a simpler, more organised living environment and freedom from the time-consuming demands of a large home.”
Issued by Firzt Realty
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About Firzt Realty
Established in 2003, Firzt Realty initially focused on residential real estate, but has since expanded to offer a broad range of services in both the residential and commercial property sectors, including sales, rentals, auctions and property management.