Property360 - Digital National Magazine - 8 July 2022

COPING WITH MULTIGENERATIONAL LIVING PAGE 3

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PROPERTY

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MANY parents feel that they are teaching their children valuable life lessons by charging them rent.

PICTURE: LIZA SUMMER/PEXELS

Gen Z and millennials

returning home: Who pays the bills?

There’s no right or wrong approach to what is often a controversial issue BY BONNY FOURIE bronwyn.fourie@inl.co.za

‘M

y 25-year-old lives at home. I want to charge her rent. She thinks it unfair; her father too.”

This is a common situation that is often debated among parents of adult children, and the issue can be controversial.

Many parents believe they are teaching their children valuable life lessons by charging them rent, while the adult children feel they should not have to pay to live at home.

Is there a right or wrong approach to the issue?

John Manyike, the head of financial education at Old Mutual, does not think so.

“There is no blueprint for what is right and wrong insofar as young people paying rent. Families must do what works for them. Every family is different and should always look at their own circumstances when making such decisions.”

More young adults living at home Old Mutual conducts annual studies and reviews on financial-related issues, and recent findings are that it has become common for young adults – those in their 20s – to be living at home. Manyike says that although the 2022 statistics are not finalised, data from 2021 shows that 18% of young adults were living at home or with family members.

“However, we looked at both sides and we also found that 16% of young adults had family members move in with them. We are picking up that a lot of people are doing it because of financial pressures and the rising costs of living.”

In addition, there is also the issue of “black tax” that affects black families and young adults, he says.

“The family places a responsibility on these young adults to financially support other family members and will not allow them to move out unless they renovate the house first, for example, or educate their siblings. It is even harder for young, unmarried women to move out for this reason.”

While the expectation is that the young adults are earning a salary and should support their family,

the responsibility is also placed on those who receive National Student Financial Aid Scheme funding.

“The family does not see where the money is coming from, they just see that the young adult has money and so they should therefore be contributing financially.”

Similarly, Manyike says, the young adults who receive the funding also feel like they cannot let their family go without food when they do have money to buy it.

Farzana Botha, the segment solutions manager at Sanlam Savings, says anecdotal evidence shows that many young people seem to have moved back home in recent years, mainly due to job losses or other impacts of the pandemic.

“In 2021, Sanlam Savings surveyed 1 200 South Africans about the financial and emotional impact of Covid-19 and the associated lockdowns on South Africans.

Through this, we found that…

19% were now living with parents or other family members. These individuals were more likely to be between the ages of 18 and 29.”

With the unemployment rate at 45.5%, many young people are unable to sustain themselves, especially if they have no emergency savings, she says.

“You may also find that parents are struggling financially and adult children move back home to help lighten the load, especially in instances where the family home is paid off.”

The argument for or against charging rent This is a personal decision, Botha says. “Financially, it would make sense to charge your adult children rent if they are employed and can afford to pay. This not only instils a sense of responsibility, it also allows the parent to save more towards their retirement.”

Echoing this, Manyike says every family unit and their situations are unique. However, he warns that there can be a “danger” when a child is made to pay rent and does so begrudgingly.

“If a child feels forced to pay rent and the relationship becomes transactional, there can then be an attitude from the child of ‘well then don’t ask me for favours or to do anything else’.”

The interaction can become like a landlord and tenant which could damage family relations.

“This is always subject to the circumstances of a given family.

There is a lot of poverty out there, a lot of lack, a lot of overindebtedness. Also, if a child is not comfortable paying rent and is being forced to, it can cause problems. If rent is being paid, there has to be mutual understanding.

“As a parent, you should always safeguard the relationship with your child; it must not be a transactional relationship.”

Young adults can also feel resentful if they know their parents are financially comfortable and do not need the money, but are charging them rent. Parents in this situation can, however, take the money they receive from their child and invest it for them.

“This can help the child get used to paying rent. They know that their parents are not charging them to support their lifestyles, but are doing it for their own benefit.

“Whatever the decision, there must always be a case of mutual understanding between the parent and child,” he says.

Botha agrees: “Whatever your decision as parent, it is important to have open and honest conversations with your child to discuss expectations and set boundaries.

While it is natural for a parent to want to support their children, one needs to consider how these decisions affect your financial future.

For example, if you use up your emergency savings, dip into your retirement savings, pause, reduce or stop contributions, it will be difficult to regain this lost ground.”

Paying rent versus contributing to household costs Many parents decide not to charge their children rent but, instead, make them contribute towards

grocery purchases and other household expenses.

“This is the responsible thing to do,” Manyike says.

“We need to advocate for more family imbizos (meetings) where the parents and children negotiate in a manner in which the young people do not feel burdened to support the family.

“There are cases where the parents are unemployed and living off grants that are really small and so the children feel obligated to contribute. They feel it is the responsible thing to do.”

He says this goes back to the concept of ubuntu which he feels has been replaced by ‘black tax’.

“A lot of young adults must realise that they too benefitted from ‘black tax’ and so they should also contribute, but not to the point where their contributions are being abused.”

If the adult has the means to contribute financially, Botha believes that giving them the opportunity to do so “instils solid financial habits”.

If, on the other hand, the adult children are not working, it is a “great idea” for them to contribute in other means such as household chores.

“This will take some of the pressure off the parent(s) and make the child feel that they are contributing. It may also give them a sense of belonging.”

She adds that contributing financially teaches adult childen to be responsible, to be aware of the cost of living and to appreciate their hard-earned money.

“It teaches them to budget and to prioritise wants versus needs.”

Advice for parents charging rent The amount a parent charges in rent is up to them – “perhaps a percentage of the rent/bond/ household running costs, or even a token amount based on how much they earn”.

“It would be advisable to partner with a financial adviser to help you work this out and to figure out where to invest the additional income,” Botha says.

“If they are not earning enough, then talk to them about how much they can commit to contribute every month or what chores will they be responsible for. Make sure

expectations are clear so that you can navigate this together.”

If the children are really struggling financially, Botha says parents need to have “the tough conversations about how much you can help so that you can work together to find a solution”.

“In these difficult times, the guidance of a financial adviser is invaluable.”

For parents who are charging rent, Manyike asks: “What are you doing with that rent money?”

He advises that parents invest the money so that they do not become dependent on their adult child living at home.

“Invest in a small business, open a spaza shop, build or buy a small room or apartment that you can rent out for a passive income. People always need to rent properties. Use the money to start a business so that, when your child moves out, you are independent.”

Manyike notes though, that many families make it hard for young, black women to move out of the home. They want to keep them at home so that they continue supporting them financially.

“They delay her moving out.

They tell her to concentrate on her career or studies just to keep her at home. They want to keep her there and unmarried as they worry about who will pay for everything when she leaves. They don’t just want to take the lobolo.”

Older adults living at home It is also common for older adults to move back home, Manyike says. The reasons include divorce, job loss, over-indebtedness, losing property because of repossession, or inability to cope with living expenses.

“And again, families must decide what works for them in terms of whether these adults are charged rent. Each family has different values, nuances, and circumstances.

“But if the adult does move back home, they cannot treat it like a hotel. Unless they have lost their job, it is only fair for them to assist financially.”

He says the adults also need to take a long-term view of their lives.

“What are you going to do with the money you are saving by moving back home?… You need to have a long-term plan.”

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Survive sharing a home with your parents… again

More and more families are opening their homes to younger and older generations BY BONNY FOURIE bronwyn.fourie@inl.co.za

R

ECENT research indicates that the number of adults staying with their parents is on the rise – mostly because of the economic climate – and this can have a negative emotional impact on both parties, says Lusanda Cebekhulu, a clinical psychologist from online wellness company Syked.

“Adult children who return home after a period of independence often feel that they are regressing and have failed.

“Those who have not yet left home might feel they are not progressing as their plans to leave home are delayed.”

Similarly, parents may have had their own plans for reconfiguring their living spaces after their children leave and, when this is delayed, it can come with feelings of anxiety and helplessness, she says.

“They may wish to have their privacy, but also feel the guilt of knowing that they can’t just chase their adult child out.”

Often when adults move back home, they get the “while you are living under my roof you will follow my rules” speech from their parents, and this can cause friction.

Mutual respect and trust, as well as clear expectations, however, “are the most important part of most relationships”, says Farzana Botha, the segment solutions manager at Sanlam Savings.

“In order to live well together and have financial confidence, you FIND US HERE: @iolproperty @iolproperty @iolproperty.co.za

should talk about money, your expectations and responsibilities for each person, and understand each other’s money personality so that you can better support each other. Speak about debt and find solutions together. Remove blame and shame and try to discuss things openly and honestly instead of pointing fingers.”

John Manyike, the head of financial education at Old Mutual, agrees that boundaries must be in place in any situation, but says they must be reasonable.

“For example, telling the adult that they cannot have friends coming over at 11pm and playing loud music is fair. But sometimes parents tell their adult children that they have to sleep at home every night.

“The boundaries have to be reasonable. If an adult is single, they are going to be having relationships and maybe not come home, but this is all based on how the child was raised and the family’s values. Everything needs to be based on a foundation of consideration and fairness.

“It is only fair that if you, as an adult, are not coming home or will be home late, you should let your parents know. They also do worry about your safety. And if your parents cook for you, it is also fair to let them know early if you will not be home to eat because food then gets wasted and this impacts finances.”

With everyone having their own internal conflict about the

living arrangements, Cebekhulu says that if the dynamics are not acknowledged, “things can go south quickly”.

For families grappling with rising living costs, it makes financial sense to house more than one generation under the same roof, says Carl Coetzee, the chief executive of BetterBond.

“While having a granny flat or student digs on a property is not a new concept, we are seeing more families opening their homes to older and younger generations, for various reasons.”

Citing 2020 data from Statistics SA, he says just over 45% of households are double generational – with parents and children living together, while almost 15% have three generations in one home.

“The pandemic highlighted the importance of having family close by, and it’s likely that these numbers have increased. Instead of having to travel to grandparents or visit them in an old-age home, many have seen the value in having their elderly parents with them on the same property.”

However, sharing the financial load of household expenses has always been one of the main draw-cards of multigenerational living, and is especially the case today amid rising fuel and electricity costs.

“Being able to share food, electricity, and utility costs will provide welcome relief to families.

The high unemployment rate has also seen more young people

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MULTIGENERATIONAL living requires planning and setting boundaries.

PICTURE: ANDREA PIACQUADIO/PEXELS

opting to stay at home with their parents until they are able to become financially independent.”

Coetzee says multi-generational living provides support in other directions too.

“Grandparents enjoy a renewed sense of purpose as they can help with childcare, while, for the younger generation, there is the comfort in knowing that there is a support structure in place at home; especially if both parents work.

And, of course, the grandchildren enjoy the gift of spending quality time with their grandparents.

“Many hands make light work, so having more than one family on a property helps with home maintenance, household chores and other tasks. Also, with more than one family on the property, the home is unlikely to be unoccupied for extended periods, making it more secure.”

This is not to say that multigenerational living does not have its challenges, he says.

“Privacy and independence can be affected, so make sure that there are separate entrances to granny cottages or student flats, if possible.”

He also recommends that everyone is allowed space and time to pursue their own hobbies outside the broader family unit.

“Larger properties that allow for a communal area for the family to gather, as well as space within the home to enjoy time alone, are better suited to multigenerational living.

“As with any living arrangement, there are pros and cons to consider. It’s advisable to have an agreement in writing that outlines everyone’s financial responsibilities and obligations.”

HOW TO HAVE A HAPPY HOUSEHOLD LUSANDA Cebekhulu, a clinical psychologist from online wellness company Syked, says multigenerational living requires intentional planning, including: Setting boundaries This becomes beneficial when these are collaborative, where all parties negotiate, with compassion, what they need from one another.

“In this way, expectations become aligned, making it easier for each to respect the other’s boundaries.”

Setting up the space Adult children can also negotiate how to make their “old room” more adult-like, Cebekhulu says, explaining that being an adult in a room filled with teenagestyle designs can dampen one’s mood and become a reminder of one’s challenges.

Negotiating chores She says these need to be negotiated beforehand, despite the comfort of having the parent take over.

“This helps avoid the shock to one’s system of being instructed to do chores unexpectedly like a child.”

Maintain external connections Both parents and the adult child can continue with their recreational activities or spend time with their social networks, Cebekhulu says, as this brings a sense of normalcy.

Foster long-term relationships “Families can use this period to mend relationships that may have been compromised over the years.”

DISCLAIMER: The publisher and editor of this magazine give no warranties, guarantees or assurances and make no representations regarding any goods or services advertised within this edition. Copyright ANA Publishing. All rights reserved. No portion of this publication may be reproduced in any form without prior written consent from ANA Publishing. The publishers are not responsible for any unsolicited material.

Publisher Vasantha Angamuthu vasantha@africannewsagency.com Executive editor Vivian Warby vivian.warby@inl.co.za Features Writer Bonny Fourie bronwyn.fourie@inl.co.za Design Kim Stone kim.stone@inl.co.za

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PICTURE: ADRIEN OLICHON/PEXELS

National Listings

T O A D V E RT I S E I N K WA Z U L U - N ATA L Sherine Budhram

084 460 7295

sherine.budhram@inl.co.za

TO ADVERTISE IN WESTERN CAPE Abigail Wilmot

083 212 1141

abigail.wilmot@inl.co.za

TO ADVERTISE IN GAUTENG Antoinette Gilbert 083 793 5382

antoinette.gilbert@inl.co.za

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KLOOF / PADFIELD PARK LIVE THE LIFE YOU'VE IMAGINED

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CITY BOWL

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MODERNIST GLAMOUR HIGGOVALE

R 48 000 000

Nestled amongst tall trees on a totally private double plot stretching 2 534m2 along the top road of Higgovale with only Table Mountain as your backdrop, one is dazzled by this glamorous family home with the most jaw-dropping views imaginable. This South-entry, North facing home in a quiet cul-de-sac, is set in a beautiful, almost jungle like terraced garden. Flooded with light, the house is centred around an impressive atrium with a view of Table Mountain and sweeping views across the City Bowl, Table Bay and beyond.

This is an ideal home for entertaining on a grand scale with generous proportions inside and out, with a choice of four reception rooms and two outside dining terraces and a pool. An art collector’s delight with enough wall space for an extensive private collection.

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Contact Elisabeth 083 252 4562, Lisa 083 446 0444.

LET US TAKE YOUR BREATH AWAY HIGGOVALE

R 45 000 000

This spectacular six bedroom property is situated at the end of a quiet cul-de-sac with sweeping views across the entire City Bowl, Table Mountain and beyond.

A contemporary architectural masterpiece with an abundance of natural light and floor to ceiling glass doors and windows throughout which not only makes your heart skip a beat, but with each visit this home reveals the meticulous detail and bespoke finishes which showcase its elegance.

A stunning floating staircase leads up to the first floor via a double volume atrium surrounded by forest and mountain views. The master suite is superb; imagine looking across a forested glen and up at Table Mountain and Devils Peak. A walk-through dressing room is complemented by a bathroom with endless views over the city.

Generously proportioned and luxurious throughout, the lounge features a fireplace and stack-back glass doors making the areas blend together. The alfresco dining area features a fireplace and built-in braai and is finished off by a pretty garden. And just when you thought it couldn’t get any better, a floating staircase will take you to a roof garden and terrace where one is rewarded with an uninterrupted 360° view.

R 45 000 000 | SOLE MANDATE • WEB REF: KAPS-1625

Contact Jean 072 211 2024, Elisabeth 083 252 4562.

Heritage Home

Victorian Beauty ORANJEZICHT

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ORANJEZICHT

This stunning North facing, four bedroom Victorian is one of a kind. A stately façade with high sash windows allows for an abundance of natural light in this very spacious property. The elevated courtyard garden has thriving pomegranate and lemon trees, and the roof terrace with 360° views will take your breath away. Within walking distance of Sy Cyprian’s School and De Waal Park.

In the quiet heart of the city is this spacious, character home. It offers a sunshine pool, open plan living areas with a crackling fireplace, a large kitchen opening onto an internal courtyard for al fresco dining, two luxurious en-suite bedrooms, a spacious TV lounge with an ornate fireplace, undercover parking for two cars, a laundry and a storeroom. Excellent security and beautifully loved.

A landmark home with breath taking views of Table Mountain and a wealth of period features. Set in a glorious garden with a rolling lawn bordered with large shrubs and a vine covered terrace, ideal for a family with three bedrooms and a double garage. Behind the house is a large separate studio, an ideal retreat for a yoga or art studio, or an income producing apartment.

R 4 950 000 | SOLE MANDATE • WEB REF: KAPS-1689

Contact Flore 078 862 6044.

Contact Susan 083 327 0404.

R 9 250 000 | SOLE MANDATE • WEB REF: KAPS-1732

R 5 350 000 | SOLE MANDATE • WEB REF: KAPS-1734

Contact Elisabeth 083 252 4562, Lisa 083 446 0444.

VISIT US AT 11A DE LORENTZ STREET, GARDENS OR CALL US ON 021 424 2211 Whilst every effort is made to ensure the accuracy of the information contained herein, no warranty is given in that regard. E&OE

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WELCOME TO THE MARLO

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Rising from one of the last remaining development sites along the Atlantic Seaboard is THE MARLO. Between the highly prized platinum belts of High Level Road and Ocean View Drive, you’ll discover this exclusive 4 storey, 20 unit residence. With uninhibited, secured ocean views across living areas and bedrooms you can watch the Atlantic fade into the horizon.

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The depictions herein are for illustrative purposes only and are subject to change without notice.

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B A N TRY B AY - R 39 MIL L IO N

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(VAT INCL. - NO TRANSFER DUTY)

E XC I T I N G N E W R E L E A S E

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LUXI A R AVI NE - ELEVATED BEYOND TI ME

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H O M E W ITH TAB L E M O UN TA IN AS A BACK DR OP

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BIDDING OPENS ON WEDNESDAY, THE JULY 2022 AT 12 NOON & CLOSES ON THURSDAY, THE 14TH JULY 2022 FROM 12 NOON 13TH

Bid online via our APP https://bidlive.maskell.co.za

OBO the Provisional Trustee of A.M. and L.E. Goosen (Under Prov. Sequestration), Master’s Ref. no: D209/2021

INSOLVENCY AUCTION OF A TWO BEDROOM FLAT: SS BETHLEN, 220 ROLAND CHAPMAN DRIVE MONTCLAIR Residential Sectional Title Unit: Section number 34 of SS Bethlen Scheme no. 233, situated at Montclair, in the Ethekwini Local Council, Province of the Kwazulu-Natal extent of 51sqm and known as Door 30 Bethlen, 220 Roland Chapman Drive Montclair The unit is situated on the second floor and comprises of a lounge, kitchen, 2 bedrooms and a bathroom with bath, wash hand basin and toilet. https://online.flippingbook.com/view/321989668/ Contact 0333971190 OR Danielle 0828016827 OR danielle@maskell.co.za • R50000 to obtain buyer’s card by EFT • 10% deposit payable by successful bidder on fall of hammer • FICA to be provided • Sale subject to confirmation • “above subject to change without prior notice” (E & Oe)

TIMED ONLINE AUCTION WED, 20th JULY 2022 at 12 NOON https//:bidlive.maskell.co.za

Urgent timed online liquidation auction of prime Northern Natal properties located in Hattingspruit and Dundee

Erf 89 Hatting Spruit in extent of 8631sqm comprising of an unimproved vacant stand

Erf 90 Hatting Spruit in extent of 1,2189ha comprising of a large awning and outbuilding

Erf 92 Hatting Spruit in extent of 1,6818ha comprising of 2 semi-detached blocks & outbuilding with small ablution

Erven 1304 & 1307 Dundee in extent of 1119sqm & 1119sqm respectively held under Title Deed no. T27710/2019 : 27 Cuthbert Street, Dundee.

The main building comprises 2 lounges, 1 with fireplace, kitchen, 2 bedrooms (MES) - The outbuildings comprise an outside toilet; rondavel with en-suite; outbuilding with 2 rooms & ablution facilities. The property is serviced by a swimming pool (poor condition) and boundary fencing

Bidding opens Wednesday, 20th July 2022 at 12noon & closes from 12noon Thursday, 21st July 2022

Contact Danielle 082 801 6827 / danielle@maskell.co.za • R50 000 buyer's card deposit payable by EFT • 10% deposit payable on fall of hammer • FICA to be provided • “Above subject to change without prior notice • Sale subject to confirmation (E&OE) • *Staggered auction times

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DOGON GROUP PROPERTIES Atlantic Seaboard Office 021 433 2580 thekings@dogongroup.com www.dogongroup.com

RHONDA RAAD PROPERTIES Cape Town Office 082 448 7795 Email: rrpsales@mweb.co.za www.rhondaraadproperties.co.za

SHELLEY RESIDENTIAL KZN Office 082 412 4463 Email: hello@shelley.co.za www.shelley.co.za

DOGON GROUP RENTALS Sea Point Office 021 433 2580 enquiries@dogongroup.com www.dogongroup.com

THE WOODLAND Umhlanga Office 081 281 3960 Email: info@woodland.co.za www.woodland.co.za

KAPSTAD INTERNATIONAL Cape Town Office 021 424 2211

DOGON GROUP PROPERTIES Southern Suburbs, Claremont Office 021 671 0258

PETER MASKELL AUCTIONEERS KZN Office: 033 397 1190 Email: info@maskell.co.za www.bidlive.maskell.co.za

NOBLE RESORTS CAPE TOWN 010 612 6060 sales@nobleresorts.co.za www.nobleresorts.co.za

VAN’S AUCTIONEERS Gauteng Office 086 111 8267 www.vansauctions.co.za

WIDENHAM RETIREMENT VILLAGE South Coast, KZN 066 306 0669 / 066 306 0612 www.hibiscusrv.co.za

southernsuburbs@dogongroup.com

www.dogongroup.com

DOGON GROUP PROPERTIES Western Seaboard Office: 021 556 5600 or 021 433 2580 enquiries@dogongroup.com www.dogongroup.com

www.iolproperty.co.za

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www.kapstadtinternational.co.za

www.widenhamretirementvillage.co.za

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