In a rapidly changing property market, more and more senior homeowners of large properties are finding themselves in a tough spot.
Mark de Lange, principal at NS Property Solutions, an estate agency in the northern suburbs of Cape Town, says many ageing property owners don’t downscale from their large homes in time – and end up facing the consequences. The agency’s estate agents are assisting an increasing number of elderly homeowners who are struggling to make ends meet.
“Many people who own large homes think that the house in which they raised their children is the perfect property to enjoy in their golden years. But too few of these homeowners understand the overwhelming benefits of downscaling in time and so many realise it all too late,” De Lange explains.
By the time most seniors reach out to his team of estate agents to sell their large property, their homes have lost value due to a lack of maintenance, says De Lange. These homes then sell for less than they should and the owners end up without enough funds to buy the retirement home they were bargaining on.
“It’s painful to watch our clients realise that they won’t be able to settle in that convenient and safe retirement unit they’ve been planning for,” he adds. “So many of these clients end up moving in with children or opting for a small rental, when they should have been able to afford a comfortable retirement home.”
According to De Lange, the situation is avoidable in many cases if homeowners downscale in time. For homeowners, this means selling their larger properties for a smaller one that offers more convenience, safety and support.
“Ageing homeowners might also have more options than they think when it comes to downscaling. Understanding the benefits of doing so is the first step toward planning for the future,” he concludes.
Contact NS Property Solutions on 021 987 0220, at info@nspropertysolutions.co.za or visit www.nspropertysolutions.co.za
