Choosing a home to suit your life stage

A homebuyer’s life stage will largely determine the type of property that will appeal to them and meet their requirements, says Adrian Goslett, CEO of RE/MAX of Southern Africa. He says that this is due to the fact that a home is often a reflection of the owner’s lifestyle.

Goslett looks at the different property investment options available for each life stage.

While hitting the books

“The ideal residence for a student is a low-maintenance, lock-up-and-go unit, featuring a communal pool and/or entertainment area that enjoys proximity to their tertiary institution of choice. Sectional-title units that are located in secure complexes are particularly sought-after among students across the country. A property that is also close to other amenities such as shopping centres and entertainment areas is perfect for students with limited transport,” says Goslett.

He adds that in many cases universities will list off-campus accommodation on free property listings that are handed out to their students who cannot be accommodated on the premises

“Buying an apartment or home where the other rooms can be rented out to students, especially if parents have one or more children who study or intend to study at the same tertiary institution, can be a good long-term real estate investment,” says Goslett.

He advises students to consider the following affordable options:

·         Renting a garden cottage in someone’s back yard
·         Renting a room in someone’s home
·         Renting a room in a student commune
·         Renting an apartment

The up and coming

“This is the right time to start thinking about buying your first property. If possible a young executive should pay off their student loan as quickly as they can and start saving for a deposit. This will assist them in the bond approval process,” says Goslett. He adds that buying a property will certainly be one of the most important investment decisions a young executive will ever make, seeing that the market value and prospective price appreciation of one’s first property will have a financial impact on just how much one can spend on future real estate investments.

According to Goslett, due to the fast-paced lifestyle of the young and upcoming executive, an apartment, sectional or full-title unit in a 24-hour security complex or estate is ideal. “Young executives are very similar to students in terms of what meets their needs. Lock-up-and go units that require little maintenance and upkeep will also suit this stage of one’s life,” he says.

The newlyweds

The large majority of people tend to only purchase their first property once they are married or in a committed, long-term relationship. “While young couples’ lifestyle requirements may be similar to that of the young executive, in terms of their property criteria, however, they are slightly different in the sense that they may consider a property that can also serve as their future family home as they start to settle down,” explains Goslett. “Because property is a long term investment, and it is important to view property with future plans in mind.”

Types of properties to consider include:

  • Buy-to-renovate properties
  • A freestanding full-title home in a security estate or complex
  • A sectional-title unit in a security estate or complex

A happy family

“Buyers purchasing a family home are looking for stability because they usually have many responsibilities and commitments in this stage of their lives. The number of bedrooms and other features such as a swimming pool and size of the garden should play an important role in the decision-making process, while proximity to good schools and easy access to shopping, health and medical centres should also be taken into careful consideration,” says Goslett.

He says that buyers looking to purchase a family home mostly seek larger, freestanding full-title properties with features such as a swimming pool and entertainment areas.

The Golden Years

“Often retirees tend to downsize because a large family home no longer meets lifestyle requirements. The ideal property for a retiree is a smaller property which requires less maintenance and gives the retiree the freedom to lock-up-and-go at any time of the year for any given period of time. A smaller property is also more affordable and retirees can look forward to monthly cost savings on rates and taxes, utility bills, insurance and repair costs. Some retirees may have additional needs and many upmarket retirement villages offer 24-hour access to on-site frail or health care facilities,” notes Goslett.

He adds that retirees generally have three main options when purchasing a retirement property which are Sectional title, Share Block Scheme and Life Rights or Occupation Rights. Each option will have its respective benefits and should be considered carefully before the retiree makes their choice.

“Regardless of a homebuyer’s life stage, it is always important do the necessary research and purchase a home in the right location.  This is especially important for buyers who want to commit to a long-term real estate investment and see a good return on their investment when they decide to sell,” Goslett concludes.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us