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PRICELESS ROLE OF P R O P E R T Y R O O T S PA G E 3 PICTURE: JUDE BECK
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Property values my parents taught me Our heritage - the way we grow up and the homes that we live in - often influence the property decisions we make in our futures. Things we loved about our childhood and family homes will probably be carried through into our own homes and families one day, while those we did not enjoy will be avoided. We asked four property professionals how their homes and ideas about property have been influenced by their heritage and how they honour their roots in their adult lives. BY BONNY FOURIE bronwyn.fourie@inl.co.za
Romona Reddy hopes to inherit this wagon wheel dining set.
ROMONA REDDY
PROPERTY CONSULTANT AT JAWITZ PROPERTIES ESHOWE, KZN What lessons have you learned about property from your parents/ grandparents? One thing I have learned from my parents’ journey is that it’s important to take risks in life, especially when it comes to property investments. They did not have much when they started out over 35 years ago and initially rented a small one-bedroom house before eventually buying their first property which was nothing fancy. They sold this a few years later and purchased a house from the municipality. They worked hard to renovate the property and with three children in a two-bedroom house, things were rather tight but they extended and provided us with a comfortably-sized home. A few years later, they purchased a plot, sold their car and used the funds to build their first big dream home. They now own seven properties in Eshowe. Through this I have learned to not just sit and wait to inherit property. If you have the means to start now, to work hard, and to take risks, then don’t wait to reap the rewards of your parents’ hard work. My parents also taught me that it is important that our family always has a roof over our heads, regardless of how big, small, plain or fancy the property is. How has your family home influenced the type of property you live in or want to live in? My parents always tried to keep up to date with the latest trends, ensured their home was comfortable for their children and, very importantly, it was always wellmaintained. They also chose properties with a granny cottage, which they rented out most of the time for extra income. This has influenced me to purchase property that would be a good investment long-term. Through that, and being an estate agent, I bought my first home that consisted of a main house with two cottages on it. It is spacious, like the one my parents built, modern and well-secured, but I had to have a pool because we never had one growing up. We always said as kids that’s the first thing we would look at when purchasing our own properties. I have also built a smaller home that I lease out, and have purchased and re-sold a few small affordable properties. These are definitely traits I picked up from my parents over the years. Have you inherited anything from your family home? My mom bought a unique solid wood dining room set which has legs made of wagon wheels. It is absolutely beautiful with a gorgeous finish. She still has it and it’s the one thing I have always loved in our family home. She has always promised that it will be my wedding present because I love it so much. I will remind her again when I do get married.
R U Z I A F RY
PROPERTY PROFESSIONAL FOR LEW GEFFEN SOTHEBY’S INTERNATIONAL REALTY IN RETREAT, STEENBERG & HEATHFIELD What lessons have you learned about property from your parents/ grandparents? Neither my parents nor grandparents could afford to purchase property, unfortunately, but they always encouraged us to study hard and go the extra mile to achieve something in life – and to hopefully purchase our own homes one day. The greatest lesson I learnt from them was that home is all about family and that regardless of how grand or modest your home, if your family was around you, that’s all that matters. How has your family home influenced the type of property you live in or want to live in? We grew up in a very modest home, and there was never any money to spare, but my parents never told us when they didn’t have any. They would always make a plan and we always had food on the table. I come from a very big family and my grandparents’ house was crowded as they had their kids and grandchildren living with them. But it was always a happy home, and growing up we had fun, and that is what is still most important now – a happy home. Today, I’m proud to be a property professional in the area where I grew up and to have realised my biggest dream – I bought my own home three years ago. It also means I am able to encourage my own kids by giving them the best, setting an example and nurturing them to the best of my ability.
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My parents’ goal was to make the property as comfortable as possible. Also, family is a big thing, so there had to be enough space to accommodate relatives. And there had to be a cottage that could be let for extra income.
My family believed owning your own home was a way of providing security so, ideally, you would be able to own property by the time you married or started a family. And they would, if possible, contribute towards your deposit.
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Letter from the editor I WAS so heartened this week by the story of a KZN couple who were refused a home loan by a bank for a house in the suburbs, but instead of giving up they decided to build their own mansion in the township, Madadeni, where they lived. It took them two years, but now they have a double-storey home that is worthy of the cover of a magazine. I love how we as South Africans are thinking out of the box. Not everything is going to sit right, or be the best plan of action, but we are being innovative and stretching the boundaries – and we are taking control of what the future can look like. We see it with property professionals taking to TikTok to sell properties and we see it with families considering life in a caravan estate. While economists and trend analysts may be able to help us chart the way forward, ultimately what we do with this moment in time and how we reimagine property and housing is very much in our hands. It is an exciting time even if it may appear dark and gloomy. Indeed, looking globally, it is clear markets have been hard hit by the pandemic and that there have been devastating social and economic consequences. It has also highlighted deep and long-
BRIAN SANGO
PARTNER/HEAD OF OPERATIONS AT PROPERTY MADE EASY What lessons have you learned about property from your parents/ grandparents? One key lesson I learnt from my parents growing up in Zimbabwe was that your property is your home and safe haven. Therefore, making one’s property as comfortable and welcoming as can be has always been the goal. Also, as with any other African household, family is a big thing for us, so having enough space to be able to accommodate relatives has always been essential. And, aside from room for the extended family, having a cottage that we could rent out to tenants was always a need. This was a good way of generating income which helped us get by. Our tenants became part of the family and joined us often for dinner or just weekend barbeques as we always strove to make it a home for all. The vital lessons my parents taught me have helped me not only shape a successful career in real estate but also build an income-generating property portfolio. How has your family home/the home you grew up in influenced the type of property you live in or want to live in? My father was a civil engineer, so our family home was built from scratch from building plans he designed and drew up. Thanks to this, we have always been a family that creates spaces we feel at home in. In my rental property, I too have made adjustments to ensure that it is close to perfection for me. Whether it’s a lick of paint or just a re-arrangement of cabinets, making a space mine is such a fulfilling achievement.
AFRICAN NEWS AGENCY
C H A N TA L B O T E S
standing fault lines in housing throughout
PROPERTY PROFESSIONAL FOR LEW GEFFEN SOTHEBY’S INTERNATIONAL REALITY IN THE WINELANDS, WESTERN CAPE
the world.
What lessons have you learned about property from your parents/ grandparents? I grew up in a traditionally Afrikaans home and my grandparents and parents believed it was important for a young person to become independent and move into their own home as soon as possible. They believed owning your own property was a way of providing security so, ideally, you would be in a position to own a home by the time you got married or started a family. Because of this strong belief, parents and grandparents would, if possible, contribute towards the deposit in order to help you on your way.
have seen the rise of homelessness, of
How has your family home influenced the type of property you live in or want to live in? When we were growing up, our parents and grandparents regularly invited friends and extended family over and there were always wonderful meals prepared for the occasion. So, it was important that a house had a large, well-equipped kitchen with space for a table and chairs because it was the heart of the home where everyone gathered, whether for Sunday lunch or tea and biscuits. A swimming pool was also a big drawcard because in summer most of the entertaining would take place around the pool. My family home reflected our history with photographs and handed-down, precious items. Today, my home is decorated much the same way, and includes a copper vase I inherited.
create something amazing during this
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. Executive Editor Vivian Warby vivian.warby@inl.co.za
In South Africa, and globally, we non-affordable homes languishing on the market and of affordability issues for the lower and middle class. It is in dark times that creative thinking comes to the fore. What will we choose to do? Perhaps like the KZN couple who built their own mansion, we can roll up our sleeves and time. What do you think? Warm regards Vivian Warby vivian.warby@inl.co.za
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Inheriting a home can be a wonderful financial boost but the decision to keep or sell it requires careful consideration.
Inheriting a home
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Being bequeathed a property is a wonderful push towards wealth but there are plenty of potential legal complications when deciding whether to keep it, let it or sell BY BONNY FOURIE bronwyn.fourie@inl.co.za
HE FAMILY home often offers a strong emotional connection to your past and can evoke a number of sentiments when it comes to selling or inheriting this piece of personal history. Property owners selling their much-loved homes often struggle to separate emotion from the transaction but when you have been bequeathed the home of a late parent or family member the feelings can be more powerful. Add to this the financial implications and beneficiaries could find themselves unsure what to do. The death of a loved one is difficult and dealing with the intricacies of inheritance while grieving is not easy, says Bill Rawson, chair of the Rawson Property group. However, understanding your options and obligations can make the process much simpler. Jawitz Properties’s Mariette Breytenbach agrees and says inheriting fixed property brings with it several pros and cons to consider.
CONSIDER THE FINANCIAL IMPLICATIONS When inheriting a property there are financial considerations to take into account. There might be outstanding debts on the property and beneficiaries need to think about the estate taxes, she says. “Once the property is officially transferred to the beneficiary, other expenses related to maintenance, possible renovations and monthly rates and taxes need to be taken into account.” The legatee also needs to understand that they may not be
the only person with a claim to the asset, Rawson says. “There may be outstanding bond payments, unpaid rates or utilities, or even a loan secured using the property as collateral, and those debts will need to be settled, either by the estate or by the beneficiary, before transfer takes place.” The party responsible for settling any property-related debts may depend on the specifics detailed in the will but he recommends asking for all the relevant financials from the estate’s executor, regardless. “It’s also important to check that the details on the title deed are correct as errors here can lead to delays and complications with the transfer.” BOOK A VALUATION Once you are aware of any liabilities relating to the property and have confirmed that the title deed is in order, Rawson says your next step should be to book a professional property valuation and comparative market analysis. “This is important for a few reasons. The most obvious is, in the event that you decide to sell, you need to know where to position the property on the market. “The value of an inherited property on the day the title passes to the beneficiary also serves as its base cost for capital gains tax purposes, so it’s vital that a figure is officially recorded.” For beneficiaries who want to keep the inherited property, a valuation is also important because it is a way to ensure adequate home insurance and to assess potential rental returns.
GET A HOME INSPECTION In addition to a valuation, Rawson strongly recommends beneficiaries have a home inspection performed, as serious maintenance issues might affect the viability of both keeping and selling an inherited home. “A lot of older family homes require a fair amount of repair or renovation to bring them up to modern standards, which can be more of a financial burden than beneficiaries are willing to bear.”
FAMILY WEALTH Breytenbach says inheriting a property is a “huge boost” to an individual or family’s private wealth. In terms of wealth creation, it is an opportunity to establish a financial future that has long-term benefits and offers a degree of security and financial protection. “Property in South Africa has a long history of appreciating in value, so keeping the asset for the medium to long term will act as a wealth creator. “In addition, letting an inherited property will provide more passive income and the increase in the value of the property adds monetary value to grow the owner’s asset portfolio.” She says additional tax deductions can also be applied if the property is used for the generation of income. Weigh up your options Once all the necessary steps have been taken to evaluate the financial implications of owning the property, Rawson says beneficiaries need to decide whether to move in, sell or find tenants. “If you’re in any doubt, sit down
with your estate agent and have an honest conversation about what you hope to get from the property. “Sometimes, sentimental value is more important than profit. Other times, a clean break is just easier from an emotional and financial point of view.” COSTS OF KEEPING THE HOME Conveyancing fees and transfer duties are typically paid by the estate, not the beneficiary, so the only real cost – other than settling debt and doing maintenance and improvements – is if capital gains tax applies, Rawson says. Luckily, under South African tax law, this tax applies only when the property is sold by the beneficiary, and is calculated based on the difference between the property’s present-day value and its value on the day it was inherited. It helps to know beforehand that you will be inheriting property. The intricacies of bequeathing or inheriting fixed property are complicated and there are many factors to take into account. Breytenbach, therefore ,suggests that property owners discuss the bequest of a property with the potential beneficiary before they find out about it at the reading of will. This will allow them the time to carefully consider the various expenses and legalities. “Nonetheless, inheriting a legacy property is an opportunity for wealth creation and a way in which to solidify wealth across generations, while retaining and celebrating history, culture and family ties,” Breytenbach says.
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