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Vaccine mandates won’t work in complexes
The repo rate rise will not have a huge impact on homeowners’ monthly bond repayments. PICTURE: TOWFIQU BARBHUIYA/UNSPLASH
REPO RATE INCREASE NOT TOO BAD FOR HOMEOWNERS AN INCREASE in the repo rate of 25 basis points means homeowners with a R1 million bond will be paying R151 more a month on their loan repayments. Ooba Group chief executive Rhys Dyer says this will take the monthly repayment from R7 753 to R7 904. However, despite the increase, he still believes now is a good time to be a homeowner and the
increase in the repo rate to 3.75% will have little effect on the sustained demand for home loans. Latest oobarometer data reveals that the average price of a home in South Africa is around R1.3m, which means most of the country’s homeowners will have to budget for an increase of under R200 on their monthly bond repayments. “A marginal increase in the repo rate was imminent.
It’s important for homeowners to budget accordingly and to plan for every eventuality.” At the higher end of the home loan spectrum, Dyer says loan repayments on a home purchased for R2.5m will increase by R377 a month (up from R19 382 to R19 759), while repayments on homes which were bought for R3m will increase by R452, going up from R23 259 to R23 711.
Housing estates do not yet have the right to insist residents and visitors produce proof of vaccination before using common facilities. PICTURE: PEGGY UND MARCO LACHMANN-ANKE/PIXABAY
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AN RESIDENTS of an estate or their visitors be compelled to produce proof of vaccination before entering the complex or using the common facilities like the swimming pool, gym or clubhouse? According to specialist community schemes attorney and BBM Law director Marina Constas, the answer is probably “no”. “I believe they would be overreaching and unlikely to succeed in implementing a vaccine mandate.” Constas says common property is owned by all the members of the body corporate, which is
composed of all the owners in the complex. “Every owner has an undivided share of the complex’s common property and cannot be prevented from using it. “Right now, no definitive decision has been made by the high court in South Africa regarding vaccine mandates... “Without a relevant law, such as a public health order or a valid by-law, there would be no legal basis for sectional title trustees or homeowners’ association directors to mandate vaccination among residents in their community scheme or for visitors.”
Public infrastructure spending crucial to recovery
The construction industry can expedite economic recovery and help create jobs. PICTURE: PIXABAY
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HILE the GDP has seen some growth in the past four quarters, the construction industry remains key to recovery and creating jobs, says chief financial officer of GVK-Siya Zama, John de Sousa. Investor sentiment has started to shift since Q3 this year and this augurs well for the industry and the country. “We are hoping to see the fruits of this in the next year as Covid gradually loses its grip on the country.” Another catalyst to the recovery of the industry will be government infrastructure spend which, De Sousa says, is vital
for job creation and economic recovery. “Government infrastructure spend and the roll out of projects and services to communities remain critical to the wellbeing of our country and its people. The government can jump-start the economy and create numerous jobs through infrastructure spend. “In turn, the construction industry plays a multifaceted role in economic growth through skills transfer, SMME growth and development and creating local employment in communities where projects are taking place.”
DO DEVELOPERS UNDERSTAND WHAT PEOPLE REALLY WANT? Many retirees consider moving into senior living developments for companionship PICTURE: STEVE BUISSINNE/PIXABAY
PROPERTY developers are always looking for ways to attract buyers but may be missing what people really want. Prospective buyers aren’t looking for the retirement village or estate with the most bells and whistles – they’re looking for a new home which will help them feel part of a close-knit community, says Gus van der Spek, developer of Wytham Estate in Upper Kenilworth, Cape Town. “It’s important to have lifestyle-focused facilities on-site
but for the reason that they promote social interaction and are a convenient location to meet new people.” As people get older it is almost inevitable that their social circles will shrink and the effects of loneliness can be devastating. An increase in the risk of chronic illness, cognitive decline and depression have all been linked to social isolation. However, retirement villages or estates that are deliberately designed to promote a sense
of community can go a long way in mitigating this, says Van der Spek. “As a result of the pandemic, many older adults are now considering moving into senior living for the first time because these developments promise a built-in community to become part of. They hope that by being surrounded by fellow retirees, they will find regular companionship that will not only improve their quality of life, but possibly extend it.”
