Downsizing - 2020's big trend
Category Knight Frank Lifestyle Property
The thought of moving into a smaller home is often seen as a step down in life, however, it has become a trend that many homeowners have embraced. With the increase in the demand for safer properties, convenient lock-up-and-go apartments, and the decreasing desire for huge mansions for retirees, downsizing has become a rapid reality for many South Africans.
Here are the main reasons as to why homeowners are choosing to downsize:
Convenience
Sectional title properties within a complex or a lifestyle estate appeal to those who prefer the convenience that the Body Corporate or Managing Agent provides. The homeowner does not have to deal with the stress that comes with maintaining and repairing a property, pool, or its gardens. Downsizers also tend to seek spacious apartments closer to urban areas with easy access to amenities such as restaurants, cafes, shopping facilities, and a social life.
Security
Given the increased crime rates in the country, homeowners are beginning to value higher levels of security. Larger properties are sometimes easier for criminals to gain access to and to hide until they are ready to strike. In most instances, larger homes are isolated from neighbours and require fencing, beams, alarms and cameras to maintain a sense of security. This can cost a fortune to install and maintain, whereas security estates and apartment complexes come with top-notch security, such as patrol units, entrance guards, CCTVs, etc.
Financial constraints
Sadly, with the current economic pressure and life's uncertainty, the choice to downsize is not really a choice. Events such as unemployment or divorce can be the reason for downsizing to a smaller property. Also, moving to a more expensive area for a new job may lead to you getting a smaller property closer to work than having to travel a long distance daily.
Advantages of downsizing
Downsizing will allow you to have access to more money. If you were paying a bond for a large property, a smaller property will cost much less. This means that you will have money left over every month for other needs.
Your utility bills will be much more affordable in a smaller home and you will be able to reduce the use of energy.
A smaller home will take lesser time to clean and maintain. You can spend more time doing something else more enjoyable.
Disadvantages of downsizing
When you downsize into a smaller home you probably would have to sell, give away, or throw out items that you do not have space for in the new home. Bulky furniture, old books, as well as stuff that you have a sentimental attachment to will need to go. This step can not only be emotional for homeowners but also stressful.
If you are used to hosting parties and holiday dinners, then a smaller home will limit the number of guests you may invite over. In most cases, there will not be an extra room for your guests or grown children who have left the nest to stay over during their visit if they from out of town.
Not only is downsizing a lifestyle change, but it can be less prestigious if you had to take this step due to financial constraints. Often, people are concerned about the way they are perceived by others and the thought of now being inferior is likely to cause depression with the individual.
Downsizing may turn out to be a great move for your future. Contact Knight Frank Properties now to get started! We can assist you in selling your current home and help you downsize smoothly to a property that suits your needs.
Author: Knight Frank
