Multigenerational living makes sense
If you asked someone looking to purchase property 20 years ago if they would be willing to share with their parents, or in some cases grandparents, the answer would most likely be an emphatic NO.
Fast track to 2019 and you may be surprised at how the answer to that very question has changed.
Fast track to 2019 and you may be surprised at how the answer to that very question has changed.
Mike Greeff, CEO of Greeff Christie's International Real Estate shares his thoughts on the subject. "Multigenerational living has certainly increased significantly in recent years.
"Escalating house prices, environmental factors as well as increased food and fuel prices have all had an influence on the decision taken by individuals to make the multigenerational living factor a reality.
"In order to make the situation a success, you must be willing to be flexible and understand that the combination of varying personalities will have an effect on the living arrangements."
"Escalating house prices, environmental factors as well as increased food and fuel prices have all had an influence on the decision taken by individuals to make the multigenerational living factor a reality.
"In order to make the situation a success, you must be willing to be flexible and understand that the combination of varying personalities will have an effect on the living arrangements."
We look at some of the reasons why this living arrangement could and should work well.
Property prices are high, making purchasing more difficult
With the price of properties having reached prohibitive levels in the past several years, increasing numbers of buyers have found it harder to purchase property in full or having adequate deposits in order to secure a home.
Should you wish to purchase property together, you may be able to leverage and access funds from one of the older generations who may have sold off their larger property and have available funds to assist with the paying of deposits.
Should you wish to purchase property together, you may be able to leverage and access funds from one of the older generations who may have sold off their larger property and have available funds to assist with the paying of deposits.
Win-Win situation
Family units are stronger with more flexibility in terms of shared chores and responsibilities. There is also an extended support system available to parents with younger children in terms of trusted adults that can offer wisdom, advice and occasionally babysitting services.
The older generation also benefits from having to deal with less admin in terms of paying bills, running errands and occasionally assistance with new technology.
The older generation also benefits from having to deal with less admin in terms of paying bills, running errands and occasionally assistance with new technology.
Living together is a significant cost saver
Owning a property of your own does not only entail monthly bond repayments but several other costs you would be liable for on a month to month basis. Some of these include:
● Food
● Electricity and Water
● Monthly expenses such as travelling costs and fuel prices
Sharing the above-mentioned costs will result in substantial savings every month. This would make the costs of other monthly expenses such as school fees and extramural costs a substantially smaller blow.
There are multiple benefits for all generations who choose to live together
For those interested in giving multigenerational living a try, there are benefits for each generational tier. If you are a parent living with their parents and even grandparents, you could consider a parent taking care of your child and thereby saving on your monthly expenses for creche fees, aftercare fees or even a childminder.
In the same way, the older generation can benefit from a younger generation living with them. While not frail, they could save significantly on retirement living costs and will be in safe hands should they happen to have an accident of any kind.
In the same way, the older generation can benefit from a younger generation living with them. While not frail, they could save significantly on retirement living costs and will be in safe hands should they happen to have an accident of any kind.
While not the most conventional way of doing things, one can easily see the benefits of this living arrangement and more importantly, the huge savings that can be enjoyed.
14 Aug 2019
Author Greeff
