‘Hive-living’ is a phrase used for a concept that is becoming more and more popular. Property prices are rising at a phenomenal rate, and more people are finding these prices unaffordable, and are therefore battling to enter the market.
One solution is for several generations of the same family to purchase and live in a property together. In South Africa, properties with multiple dwellings on the stand are becoming highly sought after for this type of living. Every family has its own separate space but there are common communal areas for the family to get together. Parents are even building granny flats on their existing properties and giving their children the old family home to stay in. Concerns over personal safety and crime in SA are also contributing to this growing concept.
Due to the fact that there are more people living on the property, there is also a greater amount of income available between all the people who are living there. This means that these people should be able to afford to buy a more expensive property and obtain a greater amount of loan finance.
If you choose this type of living arrangement, here are some helpful tips:
- Agree upfront on all the financial arrangements between all the parties living on the property, from the bond repayment to who pays for even the smaller necessities, like the garden service, for instance;
- Establish ground rules on the role of parents and grandparents;
- Make sure you set personal time aside away from the extended family;
- Discuss how guests are going to be entertained or other usage of the common areas;
- Respect each others privacy at all times.
This article originally appeared in Property Power 11th Edition Magazine. To order your copy at the discounted price of R120 click here.