Legacy homes: How to buy with the next generation in mind
Property is more than just a lifestyle item for many wealthy people; it's a legacy. The idea of a home that outlives its first owner and continues to serve children, grandchildren, or even charitable foundations is both emotionally significant and financially astute. Purchasing with the future generation in mind in the dynamic luxury market of today requires a combination of strategic investment, preparation, and vision.
- What defines a legacy home?
A legacy home is more than a beautiful property; it is an enduring asset built to deliver value for decades. Often located in prime, highly desirable areas with strong long-term appreciation, these homes combine timeless architecture or heritage significance with the versatility to accommodate multigenerational living and evolving lifestyle needs. Many also integrate sustainable design and forward-thinking amenities, ensuring they remain relevant well into the future. Whether it’s a coastal villa in Clifton, a wine estate in Franschhoek, or a contemporary mansion in Constantia, a legacy home carries both emotional resonance and lasting financial strength.
- The rise of multigenerational living
Changing family dynamics and increasing global mobility are making multigenerational living more common among affluent families. Properties that feature independent living spaces, such as separate wings, garden cottages, or dual master suites, offer the flexibility to accommodate adult children, elderly parents, or long-term guests. Homes with multiple kitchens or kitchenette options, private entrances, self-contained apartments, and ample en suite bedrooms paired with shared family zones create a balance between connection and privacy. Incorporating security features, accessibility, and smart home technology further enhances convenience and peace of mind, allowing families to live together while maintaining independence.
- Long-term value creation
To ensure a property retains its relevance and value for future generations, buyers should look for locations with strong infrastructure, reputable schools, low crime rates, and consistent demand. Choosing a timeless design over fleeting trends is equally important, favouring quality craftsmanship, natural materials, and adaptable layouts that can evolve with changing lifestyles. Sustainability is another essential factor, with energy-efficient and environmentally conscious features such as solar power, greywater systems, and thermal insulation offering both eco-friendly benefits and long-term appeal. Regular renovations and diligent maintenance will further safeguard a property’s capital growth and desirability over time.
- Estate planning
A legacy home should be supported by a well-considered estate plan that not only protects the asset but also ensures it is managed, transferred, or sold in line with your wishes. This may involve placing the property in a trust to simplify inheritance and reduce unnecessary tax exposure, establishing legal structures that allow multiple beneficiaries to use or benefit from the home, and seeking professional advice on local and international tax implications, particularly if heirs reside abroad. Knight Frank’s Private Office can connect you with the right legal and financial experts to help structure a legacy that is secure, streamlined, and sustainable.
- An emotional anchor in a global life
For families living across different continents, a legacy home can be a place to gather, share memories, and uphold traditions. It is more than a valuable asset; it is an anchor. Increasingly, buyers are driven not only by investment potential but also by the wish to pass on something tangible, meaningful, and enduring.
At Knight Frank, we understand that buying a home is also about investing in your family’s future. Whether you’re seeking a heritage estate, a modern multigenerational residence, or a retreat to pass down through generations, we’re here to help you find a home that you will love. Contact Knight Frank today.