When South Africans are looking for homes, they are no longer looking for a big fancy house. Instead, some are choosing to downsize. Downsizing means a smaller house and less space. So, why are South Africans downscaling?
There are three main reasons, which include:
There’s no doubt that South Africans are feeling the pinch. According to FNB’s data, 12.1% of South Africans sold their home last year due to financial pressure. The fact is, having a large home means increased electricity and water bills – and if you need domestic services to help clean the home, this could also be an extra expense. Downscaling helps with saving, which is why most young families are moving into 2-bedroom homes or even apartments.
2. Simplicity is key
Sometimes it’s not always about the cost but about living a simple life. Minimalism has become quite the trend. Minimalism means living with less than 100 things – this means living without a car, a career, and even a television. Some homeowners have taken the less drastic route and are living with as little things as possible and residing in a smaller space. It means less clutter and hassle. If the homeowners decide to move again, they bring along less baggage and the process of moving is a lot easier.
3. Green living
With climate change, people are altering their lifestyles and this is reflecting on the homes they choose. A smaller space reduces the carbon footprint and cuts down drastically on energy consumption.
How do you downsize?
If you’re moving from a bigger space, you’re gonna be left with unnecessary items or furniture that may not fit in your new space. The big tip most ‘downsizers’ suggest is planning. You need to take stock of items that are in the home to determine which you will take over to the new home or get rid of. Donate less valuable items and perhaps auction or sell bigger ones.
How does this affect the property investors?
This is a new trend in the South African property market, which means investors need to look for smaller buy-to-lets. For guidance on how to find these properties, join us at our free property investment seminars, where you’ll discover how to find the best deals below market value.