select
|

Living with parents may become a growing trend in SA as it is overseas

The number of households where adult children will move back in with their parents, or ageing parents will move in with their children, is set to increase in the next few years, says Rudi Botha, chief executive of mortgage originator, BetterBond.

Writing in the BetterNews newsletter, Botha says he believes multigenerational housing will be one of the biggest property trends of the next few years.

He quotes the finding of a survey by US home-building company PulteGroup that among respondents with children aged between 16 and 30, about 14 percent had at least one of their children back living with them after leaving home.

Another 31 percent of respondents expected at least one child to "boomerang" within five years.
Among respondents with living parents, 15 percent had parents living with them, and a further 32 percent expected to be sharing their home with at least one parent in the next few years.

The survey also found that although financial pressures were the main reason for multigenerational homes, nearly half of survey respondents said that family bonding was the best reason for living with extended family.

This reason was given by 46 percent of those with children living at home again and 48 percent for those whose parents were moving in.

"And although we have no similar survey statistics for South Africa, we expect a very similar trend to emerge here, not least because of the difficulty that young people have now in qualifying to buy their first home, and because of the rising costs of home ownership, which are especially difficult for retired people to contend with."

The trend, Botha says, will have a significant effect on the property market.

"A very large percentage of the survey respondents who said they were accommodating additional family members or were planning to do so also said they were planning to renovate their home or buy another one to provide the extra space they needed.

"That translates into a lot of people who will be providing work for additions and alterations contractors, and many who will be looking for larger homes in the next few years."

And what additional space will these home owners want most?

Survey respondents said the most important features to support an extended family comfortably included separate living spaces, such as a granny suite, additional bathrooms and bigger living rooms.

(Weekend Argus - Saturday Edition)


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK