Discover how downsizing could mean more freedom, less maintenance and new adventures.

The family home holds wonderful memories, but does it still suit your lifestyle?

 

It’s done its job beautifully. For twenty or thirty years, it has been the backdrop to birthday parties, school projects, family celebrations and countless Sunday lunches.  But life moves on. The children have their own homes, some rooms are rarely used, and the garden, pool and gutters still demand attention.

Perhaps you’ve started wondering whether all that space is still necessary. Or whether the time, money and energy spent maintaining it could be put to better use.

And that raises an interesting question: what if downsizing meant gaining more, rather than giving something up?

A smaller home, on your terms

Leaving the family home brings mixed feelings. You say goodbye to rooms full of memories, and you take every one of them with you. What waits on the other side is a lighter routine and a whole new set of Saturday mornings.

Then comes the question of where to go. A retirement community suits some people. Others do not see themselves there. They want their own front door, neighbours of every age and a city within walking distance.

A smaller apartment in a lively neighbourhood offers this. You keep your independence, you lose the weekend chores, and you lock up and go whenever you please.

A smaller home, a bigger lifestyle

For many people in their 60s and 70s, downsizing has nothing to do with slowing down. Quite the opposite. It’s about simplifying life, freeing up time and enjoying the freedom to travel, socialise and pursue interests without a large property demanding constant attention.

Life in the middle of it

Cape Town developer Blok has built apartments in Green Point, Sea Point and the City Bowl for 12 years. These are neighbourhoods with daily life on the doorstep.

In Green Point, a morning walk takes you through Green Point Park or along the promenade. Delis, bakeries and cafés sit within a few streets, and the V&A Waterfront is close by. You run errands on foot and meet friends without hunting for parking.

This move suits a particular stage of life. If you have built up equity in your family home or have savings you would like to put somewhere you can enjoy them, a Green Point apartment lets you do both. You get a home to live in and an asset that stays in your name.

What it costs to run

Here is what a typical month looks like. You pay municipal rates, a levy, water and electricity, plus extras such as insurance and wifi. On a Compact One-bedroom apartment, this comes to an estimated R7 000 a month.  A larger or higher value home will sit above that. These are indicative costs and will vary depending on the apartment, individual usage and future increases in municipal charges and levies.

Then do a quick sum of your own. Add up what your current home costs you each month: rates, garden service, pool care, security, insurance and repairs. Then see what each home asks of you, in money and in time.

Earn while you are away

One of the attractions of apartment living on Cape Town’s Atlantic Seaboard is the flexibility it offers. Heading off to visit family, enjoy a holiday up the coast or spend a few months overseas? Your apartment doesn’t necessarily have to stand empty while you’re away.

Subject to the building’s letting rules, your apartment could generate additional income through short-term rentals, helping to offset some of the costs of ownership. And you don’t have to manage everything yourself. Fluent, Blok’s short-term letting management partner, takes care of bookings, guests and cleaning, allowing you to enjoy your travels without the day-to-day responsibilities of managing a rental property.

For some buyers, there’s another option worth considering: purchasing an apartment as an investment, letting it out initially and moving in when the time is right.

As a guide, Blok’s forecasts for Green Point indicate an estimated net rental yield of approximately 5% per annum for full-time letting. This figure allows for short-term letting management fees and certain running costs, but excludes income tax and furnishing costs.

Of course, rental income will depend on occupancy, seasonal demand and market conditions. Property values can also fluctuate, and projected returns are not guaranteed.

The appeal? A home that offers independence and flexibility today, with the potential to generate income when you’re not using it.

Time to plan your move

Most people buy their next home and then have a few months to sell the family home, sort through a lifetime of belongings and move out. That can feel tight. Buying off plan with Blok gives you far more room. You choose your apartment before it is built, and the time while it goes up is yours to plan the move.

Good homes come to those who wait, and this wait has its rewards. You secure your apartment at today’s price, and that price stays fixed while the building goes up. If property values in the neighbourhood climb over those two years, that growth works in your favour.

Buying off plan with Blok works like this. You reserve your apartment with a deposit: 10% if you plan to use a bond, or 30% if you are paying cash. If you are using a bond, it is secured when you sign, but it only comes into effect once your apartment is complete, so repayments begin then. Cash buyers pay the balance shortly before completion. In between, your deposit is held by an attorney in a trust account, where it earns interest for you.

A new apartment bought from Blok carries no transfer duty, which is a real advantage over buying an existing home. Buying early also gives you a wider choice of apartments, from the views to the floor you like best. The layouts and finishes are thoughtfully designed by Blok, so you know exactly what you are getting. If you would like to add your own touches, customisation is available at an additional cost.

Those two years are yours. You sell your current home at your own pace, sort through thirty years of belongings and move when the apartment is ready. If you plan to use a bond, ask your bank early how it will assess your income at completion.

A real option

A thoughtfully designed apartment in the city deserves consideration, alongside the townhouse and the retirement village. You stay independent, in a neighbourhood with life in it. The upkeep shrinks. Your home earns when you travel. And you have two years to plan the move.

The family home will always hold special memories. But perhaps the next chapter calls for something different. Less maintenance. More freedom. A neighbourhood full of life. And a home that suits the way you want to live today.

Downsizing doesn’t have to mean compromising. Sometimes, a smaller home can open the door to a much bigger lifestyle.

Curious about the possibilities? Take a stroll through Green Point, explore Blok’s apartment developments at blok.co.za and see whether city living could be your next adventure. Don’t forget to take your questions to a financial adviser you trust, and send questions about buying to sales@blok.co.za.

In addition, you can find more information about Blok Urban Apartment Living in the YEI Directory here.

 

Article sponsored by Blok Urban Apartment Living

 

YEI Disclaimer: You’ve Earned It (YEI) shares property and lifestyle options to help our readers make informed choices. The information in this article is provided by Blok and is for general information purposes only. Property prices, running costs, rental returns and investment projections are indicative and may change. YEI does not provide property, legal or financial advice and encourages readers to conduct their own research and seek independent professional advice before making any financial or property-related decisions.