Property360 - National Digital Magazine - 22 October 2021

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PROPERTY

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HOUSING MARKET COOLING YET LOW INTEREST RATES STILL FUEL BUYING

PICTURE: VISHAL SHAH/PEXELS

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A property’s location is a key element in its potential for growth in value. PICTURE: NIKOLA KNEZEVIC/UNSPLASH

Are you ready to buy?

Agents offer advice on key issues such as your credit score, whether it’s better to purchase a new house off-plan or an existing house, and whether the property is likely to increase in value

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

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CONOMIC conditions might be tough, but the property market is still active, thanks to low interest rates.

With lower property prices and interest rates, prospective homeowners could pay off their bond over 20 years and save money on interest, says Sbusiso Kumalo, chief marketing officer for African Bank.

When buyers apply for a bond, they will discover all banks will review their credit score and this is where a good score is either going to come back and delight them – or haunt them.

So, if you’re planning to buy a property, knowing your credit score is the place to start.

UNDERSTANDING AND IMPROVING YOUR CREDIT SCORE Kumalo says he cannot stress enough the importance of a good credit score.

“If you have a low credit score, you are likely to struggle to get a loan from any store or bank, whereas a higher credit score increases your ability to access credit, like a favourable bond or loan.

“Understanding how your credit score is calculated will give you insight into how companies view you according to your credit history and how you manage your money.

“It also allows you to confirm that all debts against your name are correct,” he says.

You can improve your credit score by following these steps:

• Access a credit report – you can do this free once a year – and make sure the information is correct.

• Pay your accounts on time. The easiest way is to set up automated bank payments.

• Track your monthly expenses with a budget and save for emergencies instead of having to take out a loan to deal with unexpected expenses.

“By improving your credit score you improve your overall finances, which is a positive when it comes to applying for a loan and having peace of mind that you are ready for this financial commitment.

“If you secure a home loan, keep your credit record clean so that you are able to apply for credit to make improvements to your home to up its value.”

CHOOSE A HOME WITH POTENTIAL Adrian Goslett, regional director and chief executive of Re/Max of Southern Africa, says when buying a home you must ensure the property has the potential to grow in value over time.

To do this, you should consider the location, which is a key element in the home’s potential for growth in value, and pay attention to the price of other homes in the area, as well as future development plans in the area.

He adds: “Property is one of the most expensive purchases you can make. To ensure that these purchases work for you instead of against you, you need to view

this decision as a medium to longterm investment.

“For the best chance of securing a good profit on selling, homeowners should hold on to a property for roughly five to 10 years. This means they need to be sure, before going ahead with the purchase, that they can live in the home for a number of years.”

BUYING OFF-PLAN For many buyers, particularly firsttimers, buying property off-plan is an attractive option, says Bruce Swain, chief executive of Leapfrog Property Group. As with any investment, there is an element of risk in buying off-plan. However, there are a number of ways in which this can be managed and mitigated.

“Naturally, some buyers are concerned about paying for something that they can’t yet see and that the final product won’t be what they were sold in the development phase. These are legitimate concerns, which is why it is important to approach this kind of investment with an open mind and armed with the right information.”

He says off-plan buyers should:

Check the credentials of the developer: Start by verifying the legitimacy of the developer by checking whether they are registered with industry bodies such as the Master Builders Association or the National Home Builders Registration Council.

Look at other work the developer has done and enquire whether the project was completed on time and within

the budget.

Stay close to the project: Rather than purchase the property and forget about it until it’s ready for you to move in, you should take an active interest in the development by visiting the site regularly, engaging the developer about progress and generally staying on top of where things are at.

Understand the fine print: It’s always a good idea to familiarise yourself with the contents of a contract or agreement that pertains to the purchase of a property.

In the case of off-plan property, pay special attention to things like choice of materials, date of occupation and the buyer’s right to cancel the contract if the developer does not fulfil their mandate in time.

BUYING AN OLDER HOME Claude McKirby, co-principal for Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs and False Bay, says buying an older home could give you entry into a stronger market and a better neighbourhood than you might otherwise be able to afford.

Older properties often have great character features, are larger, and are usually built more solidly than newer houses. However, they can also be the stuff of nightmares if buyers aren’t careful.

Cobus Odendaal, chief executive of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg, suggests you make a list of factors

to check and questions to ask before you view a property so that you can make an informed decision based on facts rather than emotion.

Factors that should be checked include:

Foundation/structural faults: Although minor cracking may only be a sign of settling in the home, large cracks can be an indication of serious structural problems.

Another sign that a home is possibly experiencing structural problems is when multiple door frames don’t appear to be square, or it’s difficult to close some doors.

Poor drainage/grading: The most obvious sign of poor drainage is pooling water but another is a bouncy bathroom floor which can be evidence of hidden damage such as a leaking shower drain.

If the garden has mini lakes or continually muddy patches the property might have poor drainage.

Rising damp: Look for bubbles on outside walls as this could indicate that the damp course was not put in at the building stage.

Electrical wiring: It’s typical to see extension cords running from room to room in older homes, placing a burden on the electrical system.

Another common problem is exposed wires, often the result of DIY repairs.

Roof: Ask about the age of the roof as most have a lifespan of around 20 years.

Slate tiles which are out of alignment and cracked tiles are tell-tale signs of potential leaks.

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Letter from the editor BUYING a home can be a terrifying experience for first-time home buyers. No matter how much homework you do, nothing can quite prepare you for the amount of stress and anxiety that comes from having to negotiate for your bond and negotiate with sellers – then there’s all the paperwork and money with which you have to part.

Some will tell you that buyer’s remorse is normal, as you toss and turn at night wondering if you’ve made the right choice.

Of course, buying a house to live in will also mean you are having to leave somewhere else, so it will entail decluttering, packing and moving.

As house prices grow, so buying activity slows.

PICTURE: RELEBOHILE LESEMANE/UNSPLASH

Residential market is cooling down But agents say sales are still doing better than expected

Take a deep breath! These are all stressful events but will mean

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

that, finally, all the money you are ploughing in monthly to have a roof over your head will be money into something that is an asset.

Some say everyone hates their new home for at least a year as they make it theirs. I’m not so sure about that. I do know, though, that making a house a home takes some time and it can be a fun and happy time.

To ease some of your first-time home buyer’s nerves our writer Bonny Fourie has produced an important guide to the process.

I hope it will be of help and that the stress you are feeling will soon turn into celebration and joy!

Vivian Warby vivian.warby@inl.co.za FIND US HERE: @property360.co.za

@property360_za

@property360.co.za

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HILE South Africa’s housing market might be cooling down, activity levels are still exceeding expectations as both aspiring and current property owners look to step on to – or up – the property ladder.

Low interest rates continue to fuel activity but house prices are cooling, meaning that buying levels are also dropping Adrian Goslett, regional director and chief executive of Re/Max of Southern Africa, says the third quarter of 2020 was, understandably, a period of unprecedented activity as recordlow interest rates and pent-up demand following the lengthy Deeds Office closure drove sales to an all-time high.

“But what could not have been expected was that this period of hyperactivity would last as long as it has. It is now a full year later and we are still seeing record-breaking sales volumes.”

Citing Lightstone data, he says more than 44 000 bond registrations were recorded at the Deeds Office from July to last month, with data from the Re/Max National Housing Report showing this was 9% higher than the previous quarter.

“Along with an increase in the number of transactions, house prices also climbed steadily in the third quarter of this year.”

Rode & Associates’s Kobus Lamprecht says in the latest Rode Report the housing market

“continues to cool”, with FNB data showing that nominal house prices nationally increased by 3% year-onyear last month, slowing gradually from the pandemic peak of 5.1% in April. From January to last month, however, house prices grew by 4.3% compared to the same period last year − on par with consumer inflation.

“The strong house prices during the past year or so can be attributed to record-low interest rates, which suddenly made houses more affordable for marginal buyers and saw some tenants switch from renting to owning.

“Young and first-time buyers have been buying properties in high numbers.

“The slowdown in house price growth of late suggests that the interest rate-induced demand has probably already peaked.”

Lamprecht also notes cooling house prices “do not come as a surprise”, given record-high unemployment levels, and says the economy, albeit recovering, has not yet reached pre-pandemic levels.

“It will probably only do so in 2022 or 2023 due to the extent of the damage caused by the virus and government policies over many years. The impacts of the third-wave restrictions and unrest in July have been further setbacks.”

In addition, the prospect of local interest rates rising in 2022/23 does not bode well for house prices over the medium term, he says.

“In fact, one might argue that the upcycle in global interest rates has already started with South Korea lifting rates in August, the first developed country to do so in the pandemic era, while Brazil (an emerging market like South Africa) also hiked rates in August and September. Both countries cited higher inflation as a concern.

“In the US, we believe the Federal Reserve Bank will also start to lift rates late in 2022 or in 2023.

This means the start of the upward interest rate cycle in South Africa can’t be far away.”

Goslett says house-price appreciation is strongly linked to the rules of supply and demand.

“When buyer activity is high, sellers are more likely to achieve higher asking prices. This then causes greater house-price appreciation until the demand levels out.”

The nationwide average price of freehold homes is R1.352 million, a 2% increase compared to Q2 2021 and a 21% increase when compared to Q3 2020. Lightstone data shows that the average annual price changes (for the year to date) for sectional titles is 6%, and 12% for freehold properties.

Analysing buying activity across the various price brackets, the Re/Max report reveals that, at 26.7%, sales of properties priced between R800 000 and R1.5m continue to account for the largest portion of all transfers occurring in Q3 2021. This is followed

by transfers between R400 000 and R800 000 at 23.1% of total transfers.

Siphamandla Mkhwanazi, senior economist at FNB, says the Q3 2021 Estate Agents Survey also shows market activity is starting to drop, with deceleration across most price segments and regions.

However, the decline was more noticeable in KZN, probably as a result of the July riots.

“In line with softer market activity, estate agents’ sentiment – as measured by the proportion of agents who are satisfied with prevailing market conditions – pulled back across most price segments and regions.

“Nevertheless, the indicator remains upbeat, particularly in the Western Cape, presumably in line with activity that is still above pre-pandemic levels and on anticipation that unrest in KZN would benefit the Western Cape.

“The decline was more visible in KZN, with 51% satisfied with prevailing market conditions, compared to 72% in the previous quarter and the national average of 74% in (Q3 2021).”

He adds, nationally, properties are taking longer to sell, with the average time spent on the market increasing for the first time in a year. This is yet another sign of a cool-down in home buying.

“The reason for selling matrix remained broadly unchanged from the previous quarter and shows sales are still elevated due to financial pressure.”

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

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P R O P E R T Y

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BE HONEST AND UPFRONT ABOUT HOME DEFECTS

Disclosing faults in a property at the start of negotiations minimises the chance of a sale falling through. PICTURE: JON TYSON/UNSPLASH THE BEST way for a seller to fulfil their legal obligation to disclose any property defects without negatively influencing a sale is to be open and honest with buyers from the start, says Roger Lotz, franchisee for Rawson Properties Helderberg Group.

“Documents relating to every property sale must include a disclosure document that lists any defects the current owner may be aware of.

“That document should include everything from structural defects to plumbing and electrical issues, to noisy neighbours and that stain on the carpet you hide with your couch.”

Most estate agents have a standard disclosure questionnaire that they’ll run through with sellers at some point during the listing process. However, Lotz says, these are sometimes held back from buyers until an offer is accepted.

“Waiting until an offer has been accepted before disclosing any defects to the buyer defeats the purpose, in my opinion.

“The entire point of disclosure is to ensure buyers are fully informed before making their offer.

“This minimises the likelihood of the sale falling through, avoids disputes during the transfer process and prevents potentially expensive litigation down the line.”

How to know when to accept an offer

Remote working behind buying trend Low interest rates continue to fuel home ownership. PICTURE: PAUL BRENNAN/PIXABAY

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IDDLE-AGED home buyers are taking advantage of current low interest rates to purchase upgraded properties with improved amenities.

Some are looking beyond the major urban areas for homes with integrated living and working spaces more geared towards the new remote-working reality, says Marcél du Toit, chief executive of Leadhome Properties.

Despite the prevailing economic climate, he says the property market is “surprisingly” showing resilience.

“Pent-up demand seen earlier this year has held and, while market appetite slowed slightly during the recent lockdown, it is anticipated to revive and escalate towards the end of this year.”

Kyle Rigney, bond adviser at bond originator Bondspark, says the sustained low interest rate will keep homeownership on the radar for South Africans who wouldn’t otherwise be able to buy property.

“It also means that consumers who have bought properties in the past 18 months will continue to be able to afford their bond repayments.”

GET COVER BEFORE YOU RENT OUT

Sellers should go for the highest offer but they need to check that there are no conditions attached. PICTURE: RODNAE PRODUCTIONS/PEXELS

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IRST-TIME sellers taking advantage of low interest rates to buy bigger and better homes should know what to expect – and what offers to accept, says Samuel Seeff, chairperson of the Seeff Property Group.

HE ADVISES: • Appoint an experienced local agent on a sole mandate so that you deal with only one agent who can provide the best advice for the current market.

• If an offer is within an acceptable range of 5% to 10% below the asking price, with minimal conditions, consider it seriously. There is no guarantee of a higher offer.

• If there is more than one offer, the highest price is usually the one you want to go for but be aware of any conditions attached.

• A cash offer with no conditions is always first prize.

• A conditional offer should include a “72-hour clause” to enable you to continue marketing the property until the conditions are fulfilled.

• If you get a direct offer from a buyer or another agent, you must follow the conditions of the mandate. You cannot accept offers which are not provided via your appointed agent as you risk being liable for a double commission claim.

Talk to your insurers prior to letting your property – even if it’s only a room. PICTURE: OUTSITE CO/UNSPLASH

OWNERS looking to rent out any part of their home should ensure they will be covered for the additional risks, says Wynand van Vuuren, King Price Insurance’s client experience partner.

Opening your property to paying guests can expose you to a range of risks and liabilities, which you may not even have thought about, and often aren’t covered by standard homeowners’ insurance policies.

“It’s becoming increasingly common to see people sharing spaces and letting rooms to save on living costs. And with the holiday season coming up, many let their homes or flats on platforms like Airbnb to generate income. But they need to think about the effects this will have on their insurance.”

The risks, he says, include: • Loss of, or damage to, the homeowners’ belongings.

• Loss of, or damage to, the

belongings of guests.

• Third-party liability if paying guests are injured on your property.

• Damage caused to the buildings themselves by tenants.

Even if you are only letting a room, you need to let your insurer know, as there might be conditions on your cover. For example, many insurers will exclude cover for communes and boarding houses, as the risk is too great.

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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

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WELCOME TO THE MARLO

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Rising from one of the last remaining development sites along the Atlantic Seaboard is THE MARLO. Between the highly prized platinum belts of High Level Road and Ocean View Drive, you’ll discover this exclusive 4 storey, 20 unit residence. With uninhibited, secured ocean views across living areas and bedrooms you can watch the Atlantic fade into the horizon.

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The depictions herein are for illustrative purposes only and are subject to change without notice.

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RHONDA RAAD PROPERTIES We specialise in the Sales and Rentals of residential property in the Southern Suburbs and Surrounds.

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PixieG Estates

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TIMED ONLINE AUCTION TUESDAY, 2nd NOVEMBER 2021 AT 12 NOON https://bidlive.maskell.co.za Duly instructed by the Liquidators of ANR Agencies CC, Master Ref. no.: N000029/2020

URGENT LIQUIDATION AUCTION OF ±2HA INDUSTRIAL STAND WITH STORAGE AREA OF 2000-3000mᶟ LOCATED AT 2 OLD MAIN ROAD, PIETERMARITZBURG

IDEAL OPPORTUNITY FOR INVESTORS

The property currently comprises of vacant land which is zoned as General Industrial.

The site is utilised as a storage area with the capacity to store 2000 to 3000m³ of sand and stone THE PROPERTY WILL BE OFFERED WITH THE LEASE AGREEMENT AND THEREAFTER WITHOUT THE LEASE AGREEMENT

BIDDING OPENS AT 12 NOON ON TUESDAY THE 2ND OF NOVEMBER 2021 & CLOSES FROM 12 NOON FROM WEDNESDAY THE 3RD OF NOVEMBER 2021

Download our APP “Peter Maskell Auctioneers” – from IOS or the Play Store OR visit https://bidlive.maskell.co.za Contact Danielle 082 801 6827 / 033 397 1190 / danielle@maskell.co.za • R50 000 buyer's card deposit payable by EFT • 10% deposit payable by purchaser on fall of hammer • Commission @ 6% (six percent) on the purchase price payable by the PURCHASER on the date of auction • FICA docs to be provided • Sale is subject to confirmation • “ABOVE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE” (E&OE)

TIM ED ONLINE AUCTION T U E S D AY, 1 6 t h N O V E M B E R 2 0 2 1 C O M M E N C I N G AT 1 2 N O O N https://bidlive.maskell.co.za

INSOLVENCY AUCTION OF A 3-BED SPLIT-LEVEL FAMILY HOME WITH SINGLE LOCK-UP GARAGE AND FLATLET 13 TROY STREET, STARWOOD, PHOENIX Duly instructed by the Trustees of the Insolvent Estate: M Perumal, Master’ Ref. no: D50/2020

BIDDING OPENS TUESDAY, THE 16TH NOVEMBER 2021 AT 12 NOON & CLOSES FROM WEDNESDAY, THE 17TH NOVEMBER 2021 FROM 12 NOON Contact Danielle 082 801 6827 / danielle@maskell.co.za • R50 000 buyer's card deposit payable by EFT • 10% deposit payable by purchaser on fall of hammer • FICA docs to be provided • Sale is subject to confirmation • “ABOVE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE” (E&OE)

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A G E N T S ’ D I R E C T O R Y

360

PROPERTY

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PixieG Estates

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

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

PIXIEG ESTATES Upper Highway - KZN Contact: 083 562 3630 Email: info@pixiegestates.co.za www.pixiegestates.co.za

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

NOBLE RESORTS Cape Town 010 612 6060 sales@nobleresorts.co.za

KLOOF RETIREMENT VILLAGES Upper Highway - KZN Contact: 073 2100 577 Email: lhan@telkomsa.net www.kloofretirementvillages.co.za

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

southernsuburbs@dogongroup.com

www.dogongroup.com

TOP ADDRESS IN HYDE PARK, JOHANNESBURG!!

STYLISH AND SPACIOUS RESIDENCE WITH SWIMMING POOL ,TENNIS COURT & MORE ONLINE LIQUIDATION AUCTION

DOGON GROUP PROPERTIES Western Seaboard Office: 021 556 5600 or 021 433 2580 Email: enquiries@dogongroup.com www.dogongroup.com

In liquidation: Sandton Property Developments 2001 (Pty) Ltd. Master’s ref: G1160/2020 PETER MASKELL AUCTIONEERS VAN’S AUCTIONEERS

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

AUCTION OF: 81, THIRD ROAD, HYDE PARK, JOHANNESBURG

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

WEB21/0141

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HOME LOANS

Now is the time to find out how much you qualify for as the repo rate is at a record low.

Celestine is always available to take your call and guide you through the process from application through to registration.

She will pre-qualify you for a home loan before you start house hunting.

A pre-approval is very useful when house hunting as it helps the agent narrow down which properties to show you and not waste unnecessary time.

Complete one application and she will apply to all 4 major banks and negotiate the best interest rate on your behalf.

Call her for quick and efficient service Please feel free to contact Celestine at any time on 084 559 1786 | celestine@property360.co.za

www.property360.co.za

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