The results are in – This is the home South Africans want
South Africans want to own their homes and install practical improvements but are being held back by a perceived affordability problem.
This is according to a recent survey conducted by LookSee, in partnership with BusinessTech.
The results of the survey highlight that home ownership is overwhelmingly the preferred form of living for South Africans.
Only 24.3% of South Africans who rent their homes favour this method, whereas 62.4% of tenants said they favour home ownership, but perceive it to be out of their financial reach.
“This speaks to the ongoing desire that South Africans have to have a home that they can call their own and the opportunity for market players to make this goal more affordable and accessible,” said Marc du Plessis, Executive Head of Standard Bank’s LookSee home management platform.
Practical improvements take priority
Survey participants indicated that the improvements they want to make to their homes are centred around practicality.
A home solar solution was the most desired home improvement, reflecting continued concerns about rising electricity tariffs and localised power interruptions in South Africa.
Water backup systems ranked second, which was unsurprising given the widespread water interruptions and quality concerns that have been happening across South Africa.
Other popular home improvement ideas included solar geysers, backup power, and home maintenance cover.
All of this points to one clear trend: South Africans are prioritising practical benefits such as lower running costs, improved reliability, and easier maintenance.
Affordability is critical
The clear message across the entire survey was that South Africans want to own and improve their homes but see costs as the limiting factors.
This presents interesting opportunities for the market to address these challenges.
One example of this is the strengthening of the subscription economy because it could turn an upfront capital expenditure in home improvements into a more manageable monthly payment, says Du Plessis.
South Africans already embrace subscriptions for services like security, streaming and connectivity, and in the right circumstances, home maintenance could be another viable use case.
32% of respondents said they would consider paying a monthly subscription for home maintenance cover, while 31% said the same about a home solar system.
Other categories that had interest from over 20% of respondents included security monitoring, home emergency assistance, and a water backup tank.
Important insights
The recent LookSee survey provides valuable data about homeownership in South Africa which will be used to inspire industry improvements.
The survey also included a competition into which anyone who responded was automatically entered.
Congratulations to Stuart van der Westhuizen for winning a R3,000 Instant Money voucher from Standard Bank!
Learn how you can upgrade your home with solar, water backup tanks and home maintenance services with LookSee.
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