Aspirant property buyers 'should revise/downgrade their ambitions'
Rawson Property Group advises that aspirant home buyers should revise/downgrade their ambitions regarding the home they would like to buy, rather than always remaining tenants.
A recent FNB Property Barometer shows that many South Africans are doing exactly that.
Property expert Meg Wilson adds that this trend is taking place worldwide - almost all countries are now selling newly built homes that are smaller, but more energy efficient, than those of previous eras :
One of the big compensations for space 'lost' by having smaller units is that today's smaller homes, if they have a garden, can often link an indoor/outdoor living area to it, which is now 'almost standard'. In addition, he says, today's homes are increasingly electronically sophisticated and internet friendly and the laptop, pc and iPad are now beginning to rival the TV as out of work time consumers.
"Although these and other innovations make smaller homes, especially sectional title homes, more attractive, there are still a large number of people among the younger generation who will insist on opting for large, more sophisticated rented accommodation in a good area rather than knuckling down and getting on the property bandwagon by buying cheaper homes, in a less fashionable area. It goes without saying that we at the Rawson Property Group can mention numerous cases in which this attitude has led to financial disaster later on because as the person gets older and goes onto part-time pay or pension, the continued paying of rent, which tends to increase year-by-year, can be so burdensome as to make their life almost impossible."
Rawson Properties Press Release