Downscaling for lock-up-and-go peace of mind

DOWNSCALING from a large home to a smaller one is usually linked to financial challenges or to a change in phase of life, but this is no longer necessarily the case, according to Pam Golding Properties. Pam Golding’s managing director for the Western Cape region, Laurie Wener, says a number of buyers are choosing to move out of substantial family homes on large plots and into more manageable apartments or townhouses, even before their younger children have finished school. “This trend is being noted in all areas of Cape Town. Reasons for such a move include the desire to live in a secure estate or complex, and the convenience of not having to manage a larger property,” she says. “The lower utility costs associated with smaller properties are also a significant factor, given the recent significant increases in rates, water and electricity bills.” Wener says there will always be demand for big family homes with large gardens, especially in key areas close to top schools, such as the southern suburbs. However, buyers are weighing up their priorities and deciding that security and low maintenance are more desirable than space. “The most popular move is to a three-bedroom apartment in a secure building, which still offers ample living space for the f a mi l y, b u t w i t h o u t t h e headache of substantial utility bills and maintenance responsibilities. Such properties are also good long-term purchases, as they continue to offer a practical and manageable lifestyle for these buyers even after their family has grown and left home. At this point, the convenience of l ock- up- and- go security becomes even more important, as it allows empty-nesters the freedom to travel with ease.” Among t he developments which are proving popular with this category of buyers are luxury complexes such as Two Oceans Beach and Aquarius in Mouille Point, where three- bedroom apartments cost from R12 million to R18m, as well as The Herschel in Claremont, where a 168m² three-bedroom apartment on the top floor was priced at R4.9m. Also popular are small complexes consisting of just two to six units, in areas such as Camps Bay, Fresnaye, Claremont and Kenilworth.

LOW MAINTENANCE: Among the developments that are proving popular with early downscalers are luxury complexes such as Two Oceans Beach in Mouille Point, where threebedroom flats cost from R12 million to R18m.