Property360 - National Digital Magazine - 10 September 2021

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PROPERTY

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BUILDING GENERATIONAL WEALTH IS PATH TO FREEDOM PAGE 3

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Property is my wealth and my future At the age of 25, Nano Shadung was the first in her family to own a home. She takes us on her journey to purchasing property BY BONNY FOURIE bronwyn.fourie@inl.co.za

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ANO Shadung’s mother

and grandmother were domestic workers and the only decent homes they ever knew were the ones they cleaned and then left.

“They couldn’t afford decent properties to one day use as an investment or a head start for us, and the little salary they got went to taking care of their children,” the 29-year-old marketing and promotions co-ordinator says.

“All my mother was ever concerned about was putting food on the table in our oneroom house in Alexandra, in Joburg, clothes on our backs, and providing a decent education for both myself and my sister.”

For Shadung’s family, owning property was something for rich people – not something they could ever afford.

But four years ago, at the age of 25, Shadung shattered that mindset when she bought her own home, becoming the first homeowner in her family.

It was an achievement filled with great pride and joy as the purchase of the three-bedroom, freestanding house in Cosmo City, Randburg, not only made good on a promise to her mother, but opened her eyes to the investment possibilities associated with property ownership.

PRIDE AND PROVISION Initially, her motivation for buying a home was not about owning a bricks-and-mortar asset.

“It wasn’t about being a property owner. It was about fulfilling a promise I made to my mother years ago that I would make her proud by buying her a home.”

However, the purchase also made Shadung realise that her property could help secure her financial freedom.

“When I got my first proper paying job it wasn’t a hard decision to make and I knew nothing mattered at that point other than to have a decent house to call home.”

THE JOURNEY From making this decision to actually buying the property was a tricky process, though, as she knew that her first salary of R8 000 was not enough to secure a bank’s confidence to grant her a home loan. So, she committed to saving money.

“I continued to save and keep a good credit record as well as joined township stokvels as a means of saving more money.

“For many years I had to work two jobs – one permanent and the other part time. The money from both my jobs went to saving for a

deposit for my house and paying lawyers’ fees.”

CHALLENGES In addition to dealing with the usual problems associated with preparing to be financially ready for homeownership, Shadung’s estate agent did little to help her through this process. In fact, she says he was “chasing a quick pay cheque” so neglected to give her important information such as: • The fact that she could try to negotiate the price down.

• The state of the house, including electricity problems that she inherited after moving in.

He also did not push for the previous owners to leave the house and ultimately left her to deal with it on her own.

“To this day, they still owe me a month’s rent for the duration they stayed after the transfer had taken place.”

FROM A HOUSE TO A HOME Despite the challenges though, Shadung’s achievement has ignited hope and pride within her family.

“My mother is still very proud.

Even when talking to people about it, you can see a glow and pride in our achievement.

“The reason I say ‘our’ achievement and not mine is because my mother played an important role in making this dream come true. I am the hope for a better life that my mother did not even see coming.”

Her status as a homeowner has also changed the way she and her family think about property.

“I view this home as an investment and my family is well aware of how it could help me buy more houses and, as a result, lead to the start of generational wealth.

My sister would also love to one day buy her first property.

“I feel that, if I had had a good

head start, I probably would have accomplished a lot more than I currently have and I do not want my children and my niece to walk the same difficult paths I did.”

Shadung’s home purchase has also motivated close friends to take their first steps on the property ladder.

WHERE TO FROM HERE? At first, after buying the property, she felt like she had “made it in life” but this changed as she realised she had more to achieve.

While the purchase “still warms my heart”, it has opened her eyes to the property industry and the potential investment holds.

“My intention was purely to give my mother a home but, with research, I realised I could create wealth from it to buy more houses for investment purposes. This could lead to a sound and stable

retirement plan for myself.”

For this reason, Shadung does not intend to live in this house – which she shares with her mother, sister and niece – forever; it is merely a starter home.

“I would love to purchase a town house for me to live in and, hopefully, another house that I could rent out.

“My mother is truly fond of this house, though, so maybe I will leave her to stay in it while I go make some more bacon to purchase more properties.”

WORDS OF WISDOM Shadung adds: “I encourage more young people to be drivers of their futures and to understand that, while their past is not their fault, where their future takes them is all in their hands.

“Property is my future, my wealth and my legacy.”

And it could be yours too.

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Warm regards

Vivian Warby vivian.warby@inl.co.za

FIND US HERE: @property360.co.za

@property360_za

@property360.co.za

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Property ownership is a great starting point for the creation of generational wealth.

PICTURE: ANY LANE/ PEXELS

Letter from the editor IT’S PEOPLE like Nano Shadung, who a few years ago became the first person in her family to own property, who inspire us here at Property360.

Both her mother and grandmother were domestic workers and, for them, owning a home was something that “rich people did”.

Her mother worked hard to put food on the table in their one-room house in Alexandra, and clothes on their backs, and she provided a decent education for Shadung and her sister.

When Shadung bought her first home at 25 she began the journey of building generational wealth in her family.

“When I got my first proper paying job it wasn’t a hard decision to make and I knew nothing mattered at that point other than to have a decent house to call home,” she tells us.

Recently, when singing sensation Makhadzi, 25, built a home for her grandmother, and a home each for her father and mother (who are divorced), she also began the process of putting her hard-earned money into property.

Makhadzi, who started her career singing in taxi ranks and is now Apple Music’s most streamed South African artist, released a new album last week. The Limpopo singer, with her magical Venda lyrics, took to Twitter to tell us it was her dream to see her grandmother and parents living a better life.

Neither Shadung nor Makhadzi have forgotten where they came from and not only do they want to make their families proud of them, they also understand the importance of owning property in building wealth.

Experts tell us how buying property can help secure financial freedom, not only for the purchaser, but for the generations before and after them.

The achievements of Shadung and Makhadzi are those to which we can all aspire.

As Makhadzi says: “I don’t care about wearing expensive clothes but to make sure that all my family have a place to sleep and to hide from hunger is a priority. When you pray and work hard, everything is possible.”

We are inspired!

S E P T E M B E R

A foot in the door Buying a home means more than having a roof over your head – it is the first step in the bid to create a legacy

BY BONNY FOURIE bronwyn.fourie@inl.co.za

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ROPERTY ownership can do more for families than just provide shelter, security and a space in which to create memories – it can create wealth for future generations.

As these assets are passed down to children and grandchildren, they can continue being lived in by the same family or they can be sold for cash that can be used to buy other properties.

Either way, this ownership gives future generations a muchneeded head start. For many South Africans, though, this advantage is not attainable.

“There are segments of society where the concept of using property to create, store and transfer generational wealth is well understood and tested over time, and has yielded favourable benefits for the descendants,” says Vuyiswa Ramokgopa, chief executive of the South African Institute for Black Property Practitioners.

“However, there are also still large segments of our society where we are now experiencing first-generation property ownership. So, it will take some time to really have an impact and shift wealth patterns.”

She says until relatively recently black South Africans were largely prohibited from owning property or land, especially in urban areas, and were only able to rent.

“In rural areas, land was, and is, largely owned in communal ownership structures, which makes it nearly impossible to reap the benefits of generational

property ownership. As a result, we are only now experiencing the first real wave of home and property ownership among young Africans and starting to build the foundations of generational wealth creation.”

Aiding this movement is the fact that there is a lot more awareness about, and interest in, owning property for investment purposes and people are deciding to purchase property a lot earlier.

“I think many young Africans are still grappling with ‘black tax’ and there is a desire to break the cycle and not inflict the same fate on our own children,” Ramokgopa says.

Other challenges to the start of creating generational wealth through property ownership include unemployment and inconsistent employment.

This reality inevitably delays a person’s ability to enter the housing market and maintain a consistent credit record.

“Young people need to be taught how to cultivate responsible financial habits and build their credit scores long before they even start contemplating purchasing their first property.”

She notes: “Property ownership is still very relevant and remains one of the most reliable long-term investment classes. There will always be newer, sexier things one can invest in – and people should always look to diversify – but property remains the most reliable method of storing and transferring wealth inter-generationally.”

Another hurdle to creating

generational wealth is the lack of property ownership opportunities and savvy in many communities.

Matseleng Mogodi, founder and principal at Snooks Estates, says: “Currently, we could maybe look at property ownership and who owns the vast majority of property? It is certainly not black people, and sadly, as the masses scramble for RDP housing and land to build shacks, the real business of property ownership is slipping through the fingers of South Africans.”

In previously disadvantaged communities, she says, people first have to get over the hurdle of owning property; until then, building generational wealth is a “far-fetched idea”. It is, however, one that can come to fruition “if people are willing and ready to think and do things differently”.

“Building generational wealth in property goes hand in hand with emancipation from not having basic shelter.”

Mogodi adds: “Building generational wealth comes with being ready to build yourself as a person, holistically. It is important to have a family whose members are willing to work together to build this ‘generational wealth’.

Ideas and dreams are good, but if you are not willing to do what it takes, it may not work.”

While some young people are buying property, many others are caught up in “lifestyle management”.

“There’s nothing wrong with having a great lifestyle, but if you

can’t pay for the lifestyle, you might even lose the property you own. It’s therefore important to ask yourself how this lifestyle is helping you grow your property portfolio.

Your answer will help you see whether you have a desire to grow property wealth or not.”

The South Africa of the past has created “such a dent in people’s minds”, Mogodi says, many do not believe they can own property or build generational wealth.

However, she is blessed to have witnessed many families owning a property for the first time and to have shared in the “tears of joy”.

“It is in those moments that one can build the next moment – of growing a property portfolio.”

Echoing this, Ramokgopa says she is “personally very encouraged by the surge of young people, particularly women, who are taking the plunge and investing in property”. She hopes, over time, more of this trend will be seen.

For South Africans who want to take that first step onto the property ladder, but perhaps are not in a financial position to do so, Paul Stevens, chief executive of Just Property, says they could consider buy-to-let partnerships.

“I’ve always seen property as one of the best ways to create wealth and leave a legacy. There certainly are opportunities out there right now, and if you’re young or don’t have the capital to take advantage, then co-buying – setting up a buying partnership or a syndicate – can help you get a foot in the door.”

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 Executive Editor Property Vivian Warby vivian.warby@inl.co.za Features Writer Property Bonny Fourie bronwyn.fourie@inl.co.za Design Kim Stone kim.stone@inl.co.za

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O T H E R

P R O P E R T Y

N E W S

Home owners’ insurance policies, to cover property damage and repairs, are usually mandatory when taking out a home loan. PICTURE: EMMA GONZALEZ/PIXABAY

INSURING YOUR FUTURE WHEN you buy a new home, the bank will usually insist that you take out a home owners’ insurance policy.

Gerhard Kotzé, managing director of the RealNet estate agency group, says this will provide for the repair or replacement of the property in the event that it is damaged or destroyed by fire, flood, wind, earthquake or other disaster.

“Such policies often

also provide insurance against less serious damage resulting from things like burst geysers, falling trees and collapsing garden walls.

They provide home buyers with peace of mind in that they know they will not end up having to pay off a home loan on a property that has become uninhabitable, or have to pay for it to be repaired or rebuilt.”

However, most lenders

are less insistent that you take out life insurance to cover the outstanding balance of your home loan in the event of your death.

“This cover, usually referred to as bond insurance, can make all the difference to your family at a difficult time by enabling them to stay on in a home that is fully paid off and so you should consider it very seriously,” Kotzé says.

The spring to-do list for your home

Some landlords doing better than others Properties where tenants pay rents between R4 500 and R7 000 a month are most in demand. PICTURE: STOCKSNAP/PIXABAY

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ANDLORDS charging rents of R4 500 to R7 000 are currently in a better position than most.

Not only are properties in this bracket most in demand – and making up around a third of all lease agreements – but most tenants in this segment (82.76%) are in good standing, says Michelle Dickens, chief executive of TPN Credit Bureau.

Of this figure, 67.67% are paying their rent on time.

“Landlords with properties at the lower end

of the market – below R3 000 a month – struggle to get their rents, with 16.08% of tenants unable to pay and a further 15.72% making only partial payments.”

She says the traditional sweet-spot segment is monthly rents between R7 000 and R12 000.

Although this segment continued to perform well in the second quarter of this year, there is concern that affordability is acting as a key constraint in this segment while rental escalation remains in negative territory.

DEMAND FOR LUXURY HOMES ON THE UP

Spring gives residents the opportunity to spruce up their gardens and home exteriors. PICTURE: INSPECTOR/PIXABAY

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HERE are many quick and easy measures homeowners should take to ready their properties for summer and repair any damage caused by winter weather, says Adrian Goslett, regional director and chief executive of Re/Max of Southern Africa.

The first item he recommends to put on the spring maintenance list is to sand back and varnish any exterior wooden features, including decking; window and door frames; sheds and outdoor furniture. This will protect the wood and prevent any splintering.

Next on the to-list is to inspect the roof and gutters for blockages and leaks.

“While homeowners might not have noticed any leaks or damage yet, there might still be potential blockages or cracks in the roof and gutters caused by winter weather.”

Once all the checks and repairs have been completed, homeowners can look at setting the scene for the coming outdoor fun. One way this can be achieved is by trimming shrubbery and weeding flowerbeds and pathways.

Last on the checklist, he advises homeowners to ensure the sprinkler system is working.

Penthouse apartments are highly sought after and offer good investment returns. PICTURE: ALICE KANG/UNSPLASH

ONE OF the noticeable trends in the freehold residential property market this year has been a discernible uptick in demand for luxury homes in the R10 million-plus band, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

“Much of this demand has been driven by local buyers who have identified specific areas of interest

and understand that the current market, characterised generally by motivated sellers and well-priced stock, presents opportunities which offer exceptional value for money.”

Citing Lightstone data, he adds: “Freehold homes have clearly benefited from lockdowns and the shift to remote working.

“They have seen a 6% price

appreciation since the start of the year (January to April) compared to 3% for sectional title homes.”

In the apartment sector, Golding says penthouses are highly sought after and in limited supply. This means they offer very good returns on investment, sometimes enjoying a premium of 20% to 25% over other apartments in the same building.

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National Listings

T O A D V E RT I S E I N K WA Z U L U - N ATA L Anne Reddy 0 8 2 8 2 8 0 0 1 0 Larissa Marks 0 7 6 2 3 1 1 0 8 9

anne.reddy@inl.co.za larissa.marks@inl.co.za

TO ADVERTISE IN WESTERN CAPE Leigh Auret 074 991 3373 Shevon Philander 078 422 4925

leigh@property360.co.za shevon.philander@inl.co.za

TO ADVERTISE IN GAUTENG Contact any of the four sales representatives above

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SECURE ESTATE LIVING

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To advertise in print, please get in touch with our representatives: PRINT ADVERTISING Cape Town & Gauteng Leigh Auret 074 991 3373 | leigh@property360.co.za Shevon Philander 078 422 4925 | shevon.philander@inl.co.za KZN & Gauteng Anne Reddy 082 828 0010 | anne.reddy@inl.co.za Larissa Marks 076 231 1089 | larissa.marks@inl.co.za

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WHERE TO INVEST YOUR RENO BUDGET BEFORE

AFTER

Create a lifestyle, not just a home A new renovation in Three Anchor Bay, currently for sale by Dogon Group Properties (Sales Agent, Byron Kruger 082 401 5179), has answered two of today’s most important homeowner briefs. Alexa Horne, MD of Dogon Group says “Buyers are looking for a lifestyle space where working from home and entertaining is seamless.”

Upstairs the owner has rationalized the spaces by extending the guest bathroom into what was a box-room, with the main bathroom now a luxurious shower/toilet wet room. The new vanity became part of the custom joinery in the dressing room.

When it came to the bathrooms the owner did away with expensive tiling and spent extra on fixtures and fittings.

The house was naturally divided into two by the staircase. The owner kept the front room as a work-from-home study/lounge.

A lift into the custom bookshelf hides the television when not in use and the added French doors ensure the heat from the old Victorian fireplace is not lost on cold winter evenings.

“ This is a client who knows his market and who has been able to dot every i – for the homeowner that is more price sensitive: paint rather than replace, buy decent entry level imported sanitaryware and don’t forget to maximise the identity of your home. The creation of a lifestyle and personality goes a long way to finding a buyer. Most importantly do your market research with regard sales in your area. Work with an agent to get a better understanding of where to spend your budget don’t overcapitilise.” Says Horne.

Alexa Horne Managing Director

A more contemporary flow was created toward the back by opening up the wall between the kitchen and dining room - the space was then flipped allowing the rear courtyard to become an integral part of the living space. The entire concept was linked, visually and texturally, by using the same paving in a herringbone pattern from the front gate to the rear courtyard.

082 349 7799 alexa@dogongroup.com

d o g o n g r o u p . c o m A visionary company with decades of experience

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3 BEDROOM HOUSE IN BENTLEY COUNTRY ESTATEHEATHERVIEW PTA NORTH ONLINE AUCTION!!

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Extent: ± 394 m².

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HOME LOANS

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A G E N T S ’ D I R E C T O R Y

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COUNTRY & COASTAL PROPERTIES Western Cape Office 082 576 9366 Email: info@countrycoastal.co.za www.countrycoastal.co.za

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KINGSFORD ESTATE Westville, KZN Office: 087 012 5670 Email: info@kingsford.co.za www.kingsford.co.za

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

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

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

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

DOGON GROUP PROPERTIES Southern Suburbs, Claremont Office 021 671 0258

BALWIN PROPERTIES Ballito Office 084 788 1020 Email: michelle@balwin.co.za www.balwin.co.za

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

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KZN Gauteng ONLINE BIDDING: 12:00, 10-11 086 AUGUST Office: 033 397 1190 Office 111 82672021 BID AND REGISTER: www.vansauctions.co.za Email: info@maskell.co.za www.bidlive.maskell.co.za www.vansauctions.co.za

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www.property360.co.za Extent: ± 3000 m² Improvements: Ÿ Entrance hall, lounge, dining room with sun room & family room Ÿ 4 bedrooms Ÿ 3 bathrooms (2 en suite) Ÿ Separate toilet Ÿ 2 TV rooms, kitchen & scullery

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