By Sitha Maliwa
As interest rates continue to drop and salaries rise, first-time homebuyers are seizing the opportunity to enter the property market. The recent increase in the transfer duty exemption threshold by 10%, saving buyers up to R3,300, further fuels this surge. According to Jonathan Spencer of OneDayOnly.co.za, first-time buyers now make up a significant 46% of all home loan applications. But what are they buying? The answer: starter homes.
A starter home is a smaller, more affordable property that serves as a stepping stone for those looking to enter the property market without the financial strain of a larger, more expensive home. These homes typically feature one or two bedrooms, a single bathroom and range in size from 70m² to 116m². They’re cozy enough to keep maintenance costs low but spacious enough to allow for personalization and comfortable living.
Spencer highlights that starter homes offer a smart short-term solution, meeting all the basic needs of a home while still providing potential for future growth. With less space, owners benefit from reduced utility bills, insurance costs, and property taxes. This creates room in the budget for those extra touches that make a house feel like a home.
For first-time buyers, starter homes are an ideal way to climb the property ladder. They allow new homeowners to enter the market with a manageable financial commitment while still enjoying the benefits of homeownership. Furthermore, they offer future flexibility. Whether you’re planning to live in the home for a few years or eventually rent it out for additional income, starter homes offer a great return on investment.
“Not only do these homes cater to the needs of new homeowners, but they also have the potential for significant rental income down the line,” Spencer says. “Starter homes are incredibly versatile, and their compact size makes them highly sought after by renters looking for affordable living spaces.”
Decorating Tips for Small Spaces
One common misconception about starter homes is that they lack the potential to be stylish or functional. In reality, small homes can be transformed into chic, personalised spaces with a little creativity. Spencer offers several tips for making the most of your compact home.
- Start with the essentials
Before splurging on trendy décor, focus on the must-haves: a comfy couch for relaxing, a quality mattress for restful sleep, and a dining table that fits your space. These essential pieces will set the foundation for the rest of your décor. - Double-duty furniture
When working with limited space, multifunctional furniture is a game-changer. Opt for ottomans that double as storage, dining tables that can also function as desks, or bookshelves that act as room dividers. This not only saves space but also adds a touch of modern style to your home. - Create the illusion of space
Small spaces can feel bigger with a few clever design tricks. Keep floors clutter-free, use light-coloured walls to reflect natural light, and incorporate mirrors or glossy surfaces to make the room feel larger. Adding houseplants is another great way to enhance the room’s ambiance while creating a fresh, airy feel. - One room, many roles
In a starter home, each room can serve multiple purposes. Consider transforming a bedroom into a home office or a kitchen into a cozy dining nook. With smart furniture choices and thoughtful layouts, you can maximise every square meter without sacrificing comfort or style. - Get creative
Think outside the box when decorating your starter home. Why settle for a bulky bedside table when a chair can do the job just as well? Wall sconces are another creative solution for providing mood lighting without taking up valuable surface space. - Lighting matters
Good lighting is key to making a small home feel inviting and stylish. Layer overhead lights with table lamps or floor lamps to create a warm atmosphere. Swap outdated fixtures for modern statement pieces to elevate the room’s look instantly.
Take your time
Decorating a home is a journey, not a race. Invest time in curating your space and finding pieces that reflect your personal style. A well-decorated home doesn’t happen overnight, and slow, thoughtful decisions often lead to the most beautiful results. – @NewsSA_Online