Choosing a home for each life stage

Your home is usually an extension of yourself and mostly reflects your current and/or future lifestyle requirements. Adrian Goslett, CEO of RE/MAX of Southern Africa discusses the different property investment options for each life stage.

THE STUDENT
"A low-maintenance, lock-up-and-go unit, featuring a communal pool and/or entertainment area that enjoys proximity to the tertiary institution of choice and other amenities such as shopping centres and entertainment areas is ideal for these care-free years of one's life," says Goslett. He advises students to consider the following affordable options:
• Renting a garden cottage in someone's back yard
• Renting a room in someone's home
• Renting a room in a student commune
• Renting an apartment
Other options that are slightly more expensive but highly popular among students include renting or buying a unit in a secure student village. Buying an apartment or home where the other rooms can be rented out to students, especially if parents have one or more children who study or intend to study at the same tertiary institution, can be a good long-term real estate investment.

THE YOUNG EXECUTIVE
"Now is the right time to start thinking about buying your first property, especially if you don't have other big financial commitments such as paying off a student loan, for example," says Goslett. He adds that this is certainly one of the most important buying and investment decisions the young executive will ever make, seeing that the market value and prospective price appreciation of one's first property will have a financial impact on just how much one can spend on future real estate investments.
Commenting on the type of property that will suit the fast-paced lifestyle of the young and upcoming executive, Goslett says that an apartment, sectional or full-title unit in a 24-hour security complex or estate is ideal. "Lock-up-and go units that require little maintenance and upkeep are also perfect for this stage of one's life," he says.

THE YOUNG COUPLE
Most people tend to buy their first property once they've got married or committed to a long-standing relationship. "And although young couples' lifestyle requirements may be similar to that of the young executive, their property requirements, however, would be slightly different in the sense that they may consider a property that can also serve as their future family home as they start to settle down," comments Goslett.
Types of properties to consider include:
• Buy-to-renovate properties
• A freestanding full-title home in a security estate or complex
• A sectional-title unit in a security estate or complex

THE FAMILY
"Buyers purchasing a family home are looking for stability because they usually have many responsibilities and commitments in this stage of their lives. Comments Goslett: "The number of bedrooms and other features such as a swimming pool and size of the garden should play an important role in the decision-making process, while proximity to good schools and easy access to shopping, health and medical centres should also be taken into careful consideration. "
He says that buyers looking to purchase a family home mostly seek larger, freestanding full-title properties with features such as a swimming pool and entertainment areas.

THE RETIREE
Respective retirees tend to downsize because a large family home with a garden and/or pool no longer meet their lifestyle requirements. "Aside from the fact that a smaller property will enable the retiree to lock-up-and-go at any time of the year for any given period of time because little maintenance is required, retirees can also look forward to monthly cost savings on rates and taxes, utility bills, insurance and security as well as maintenance and repair costs," notes Goslett.
He advises prospective retirees to consider properties in proximity to shopping centres, 24-hour medical facilities as well as sport, leisure and health centres that appeal to their interests. That said, a sectional or full-title unit, or a small, freestanding home close to other residential property in a 24-hour security or retirement estate is ideal for retirees. He adds that upmarket retirement villages that offer 24-hour access to on-site frail or health care facilities are also a good choice.

Overall, Goslett concludes that location, security and easy access to facilities of choice should always be considered when purchasing or renting any property. "This is especially important for buyers who want to commit to a long-term real estate investment, such as a family home," he says.