This year has been a financially stressful one and the economy is going to take a while to recover. Under these circumstances, many tenants are reconsidering their current accommodation situation and opting to rent a smaller space.
Downsizing, whether for a long- or short-term period, can present plenty of opportunities and advantages to savvy tenants. Letting People has a range of smaller and more cost-effective properties on offer.
Letting People understands that no two tenants are the same and they offer the ultimate in personal service and flexible solutions. Renting through them gives tenants choices so that their ultimate decision is one that works for them and in the current financial climate. Choose to rent a property for a year and renew your lease for 6 or 12 months. Or, opt for a month-to-month rental when the situation is less stable and requires even more yield.
Letting People has been working with tenants and homeowners for years and has a repertoire of excellent reviews, testifying to a reputation of consistently good service.
Why Downsizing Makes Sense
Since lockdown, the property market is looking less than optimal, and it’s become increasingly difficult to make major decisions when it comes to buying and selling property.
The adage goes, “When you don’t know what to do, do nothing” and this rings true when it comes to property. While the situation is unstable, it may be wiser not to buy or invest right now. Renting a smaller (cheaper) house, apartment or cottage makes sense because it gives you the opportunity to save money and the time to make decisions for the future.
It also encourages you to take stock of what you have in terms of assets, debts, accounts and other obligations and to re-evaluate what’s necessary. Simplifying your life by stripping away unnecessary things promotes better mental and physical health. And it’s much kinder on your bank balance.
How to Make it Work for You
Here are tips for making downsizing and simplifying your living situation a little easier:
- Start early with tossing and donating old clothes, DVDs, ornaments, sports equipment, and so on. Be ruthless and rational when you declutter – if you haven’t used something in the last 8 to 12 months, you’re not likely to need or miss it. Sell things to make the decision to get rid of them easier and more beneficial for you.
- Use a reputable storage company to keep non-essentials and heirlooms safe for you while you rent a smaller space. Storage King is a great option and has facilities and offices in Johannesburg, Pretoria and Cape Town. Once your situation changes and you want to find a bigger place that can accommodate all these goods, they will deliver and unpack it all at your new address.
- If you’ve been living in an esteemed suburb, which is usually more expensive, think about moving to other suburbs where the houses are older and/or the properties smaller. This can often mean massive savings in your monthly rental cost.
- For tenants that are now working from home, it’s no longer necessary to live in or close to the CBD. Save on expensive rentals by moving further afield.
- If you’re a homeowner, consider renting your house out to one or more tenants and renting a smaller space yourself. This allows you to save on monthly costs while earning an income from your property. Here are some handy tips from Letting People on how to make your downsized property more attractive to tenants and useful information for all landlords that want to cater to the growing needs of downsizing tenants.
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