Real Estate Investor Magazine South Africa September 2016 | Page 30

21ST CENTURY LIVING

The Rise of

Multigenerational
and Dual Living
How to make it work for you

T

ough economic conditions globally are
increasingly forcing people to look for
innovative housing solutions, and among
the most popular current trends are dual living that
provides a rental income stream and multigenerational
living that cuts down on costs.
Both options benefit from – and depend upon numerous people peacefully co-existing on the
same property, though, which can present unique
challenges. And if you’re considering converting a
property for dual living, there are also practical and
regulatory issues that need to be taken into account
and addressed.
Multigenerational living is a growing world-wide
phenomenon that’s becoming more prevalent as
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SEPTEMBER 2016 SA Real Estate Investor

spiralling costs make it difficult for families to make
ends meet and for youngsters to leave the nest.
And according to Lew Geffen Sotheby’s International
Realty Executive Director Sandy Geffen, who
has more than three decades of property industry
experience under her belt, South Africa isn’t immune
to this trend.
“Young adults are living with their parents for longer,
affordable retirement accommodation is in short
supply and home ownership is frequently delayed for
years as young families and first-time buyers now have
to save for bigger deposits,” says Geffen.
According to the last South African Census, just over
50% of the country’s households are multigenerational,
reflecting a study reported in Time Magazine last
www.reimag.co.za