Property360 - National Digital Magazine - 3 June 2022

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PICTURE: JANSEL FERMA / PEXELS

PROPERTY

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IT’S AN OFFICE RENAISSANCE PAGE 3

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BEFORE applying for a home loan there are a number of scenarios to consider and play with. PICTURE: STEVE BUISSINNE/ PIXABAY

5 things you need to do before applying for – and accepting – a home loan Putting in an application for a bond may seem the start of your property-buying journey but there are a few things you need to do first BY BONNY FOURIE bronwyn.fourie@inl.co.za

F

OR MANY first-time buyers, turning the dream of owning a home into a reality starts with an informal evaluation of their budget and goes on to searching online portals for the property they want.

But this is not the best way to go about it. In fact, searching for the dream home and organising viewings should only come after completing a few important steps – the first of which is knowing you will be able to secure a home loan.

Many people believe they will merely approach their own banks and be granted a home loan with the best interest rate, as long as they have a good credit history and can afford to repay the loan.

However, this is “simply not the case”, says Rhys Dyer, chief executive of ooba Group.

“We continue to see differing pricing decisions and credit from the banks, regardless of whether the applicant is that bank’s client.

It’s important to remember each bank has different loan criteria and, in turn, is required to comply with the National Credit Act.” These are the five things prospective homeowners must do before applying for, and accepting, a home loan, experts say:

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Understand how interest rates work The prime lending rate is the cost at which banks are willing to lend you money, explains Shaun Rademeyer, chief executive at MultiNET Home Loans.

The repo rate has a direct

impact on the prime lending rate, which is the repo rate plus the amount which the bank adds on to ensure they make a profit on their loans.

“The lower the repo rate, the lower the prime interest rate...

South Africa’s prime lending rate is currently at 8.25%.”

A lower interest rate will obviously make it possible for more buyers to afford a bond.

With interest rates likely to keep rising over the next few years, Rademeyer says homeowners who haven’t looked over their bond commitments should do so.

“Now is the time to make sure you get the best interest rate or decide if you should fix your interest rate.”

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Compare interest rates Purchasing a home is the biggest investment that most of us will make in our lifetime.

Therefore, it is strongly advised that you remain objective and do your research, Dyer says.

“We’ve seen many buyers rushing into home loan financing out of sheer panic without comparing interest rates to make sure that they are getting the best possible deal.

“Different banks will offer you different interest rates. The bank’s interest rate on your home loan is linked to the prime interest rate set by the South African Reserve Bank – either above or below prime – depending on your credit risk profile.”

This is where comparing home

loans can be a great advantage.

He also urges you to weigh up a number of elements when choosing where to apply, rather than simply waiting for bond approval by your own bank.

“There are a host of factors to be considered, given all the options available to homeowners today. All of these can be carefully explained to you.”

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Consider the repayment period A home loan term is generally a choice of 20 or 30 years, Dyer says, explaining that a 30-year bond means lower monthly repayments on a higher interest rate while a 20-year bond means higher repayments on a lower interest rate.

“A 30-year bond costs more in the long term but will leave you with more room for additional expenses each month. A bond originator can help you to weigh up what’s best based on your affordability.”

Rademeyer recommends that you opt for a shorter loan period.

“Longer loan periods, say 25 to 30 years, will cut down the monthly instalment amount and shorter loan periods, say 10 to 15 years, will help reduce the overall interest payable.

“Buyers can see for themselves how the interest gets reduced drastically for loans with shorter tenures by using a home loan calculator.”

He says it is critical that, before you sign up for a loan, you choose

the loan period carefully so you do not end up paying higher interest against your loan.

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Make an informed decision about whether to put down a deposit or not The uptick in 100% (zero-deposit) bonds being granted by the banks has played a major role in the sustained demand for home loans.

“Of the home loans approved through ooba Group in Q1 of 2022, 64% of applications were for buyers who required financing for the full purchase price – a 5% increase on Q1 for 2021.”

However, Dyer cautions that this does have some drawbacks so it’s vital to work with a bond originator to determine whether it’s the best option for you.

“Prior to applying, it is also important that you work with a bond originator to determine your credit score and affordability, weigh up the financial pros and cons of a 100% bond, and have a clear understanding of the criteria that different banks use when deciding whether to approve a zero-deposit bond.

“All of this information is freely available and easily accessible to potential buyers.”

Explaining the difference between a 100% bond and a 105% bond, he says: “A 105% bond normally cover the costs of transfer and bond registration (usually 8% to 10% of the purchase price) and is generally targeted at first-time buyers and properties below R1.8 million.”

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Decide between a fixed or variable interest rate Rademeyer says buyers often wonder whether they should ask for the bond repayment to be linked to a fixed interest rate or a variable one.

Explaining the difference, he says a variable interest rate means the rate at which the home loan is repaid will fluctuate as the repo rate changes.

“When you apply for a home loan, it is by default based on a variable interest rate.

“Only once your bond has registered, can you apply for a fixed interest rate and then there is a strict time limit attached before the offer lapses.”

Having a fixed interest rate means the interest rate on your home loan will not change over a specified period, usually from 12 to 60 months.

Opting for a variable interest rate means the rate on your home loan will change each time the Reserve Bank raises or decreases the repo rate, Rademeyer says, adding a fixed interest rate is usually higher, as it poses more of a risk to the bank.

“The fixed rate is usually set for a period of up to five years.”

Some banks, Dyer says, might offer you the option of a bond with a fixed interest rate when you apply. This helps to protect buyers from interest rate hikes.

“However, this also means that you will not benefit from monthly repayment savings should it go down.”

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Offices are not dead; they are being reborn The Covid-19 pandemic has impacted the way industries and businesses are using their properties, but the commercial sector is starting to make a comeback

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

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he rise of remote working and the boom in online shopping are a couple of factors influencing the commercial property market, says Franz Gmeiner, chief executive at Orion Real Estate.

And as the country embarks on the new post-pandemic era, which is accelerating developments towards the fourth industrial revolution, he believes commercial properties will remain good assets to invest in.

“Given the country’s tough economic conditions, compared to high-risk stocks and shares, commercial property remains a more reliable form of investment with capital growth over time, especially within certain sectors such as industrial and offices. The key is to stay focused on the long-term future and to be versatile.”

Downsizing and reinvention FNB commercial property economist John Loos says it is clear that South Africa’s offices and parking lots are much emptier than they were before the pandemic. Although there

is no accurate data yet in South Africa to show what proportion of the workforce has returned to the office, he says it is “noticeable” that more people are working from home.

“I always stated that a portion of the workforce would return to the office post-Covid, and we can see that significantly fewer people are working in these spaces.

“I think many companies still have to downscale their office space as the sentiment was very much ‘wait and see’, but I believe that the return to the office is now complete as there are no more lockdowns.

We are seeing a lot of empty offices and parking spaces.”

Loos believes that there is a lot of downsizing of office space to come, and that owners of buildings may consider renting excess space out to tenants.

As firms adopt a hybrid approach to remote working, and adjusted lockdown regulations boost a return to the office, Gmeiner states that the commercial office space is far from being a relic of a bygone era. Many companies are, in

fact, repurposing their spaces or have added new amenities to accommodate the new workplace norms.

“It has become apparent that the commercial office has a role to play for team meetings and other collaborative endeavours.

The market is telling us that while many folks will still work from home, office space is also helpful for colleagues to interact and enhance teamwork, innovation, and productivity.”

However, he predicts that offices will now be smaller, with social distancing in place.

“Hot-desk type services and systems that allow workers to book a desk for a day will play a vital role in commercial properties of the future.”

Office to industrial conversions possible In addition to a number of office spaces being converted into residential apartments, there is also the belief that some offices can be redeveloped into industrial spaces, such as warehouses and last-mile distribution centres to meet the growth of online shopping.

The Q1 Rode Report on the State of the SA Property Market notes that a positive for the industrial market is the ever-growing demand for new-generation warehouse or distribution space. One of the drivers of this is the strong growth of online retail sales.

“Online retail sales made up 2.8% of total retail sales in 2020, doubling from 1.4% in 2018, according to the World Wide Worx’s Online Retail in South Africa 2021 study. This comes after growth of 66% in 2020 as consumers preferred online shopping due to the Coronavirus pandemic...

“Many local retailers have embraced online retail, such as Mr Price (Yuppiechef), Pepkor (Everyshop), TFG (Quench), Checkers (Sixty60), and Woolworths (Woolies Dash).

Spar also finally started with online grocery and liquor deliveries in March 2022 in selected Johannesburg stores through its SPAR2U service,” the report states.

Cape Town’s bounce-back Gregg Huntingford, chief

executive of Spire Property Solutions, says recovery of Cape Town’s commercial property sector is being fast-tracked, with office, retail, and industrial occupation rates showing a “healthy bounce-back” as the return-to-work trend continues and companies begin to focus on growth and recovery.

The reasons behind this rebound in the Mother City include the return to officebased workdays and the fact that the Western Cape is attracting skilled labour from other provinces.

“This semigration is supporting Cape Town’s resilient property market as skilled workers, entrepreneurs, and big corporates – both local and international – migrate to Cape Town to find work, set up businesses, and relocate their offices.

“Various multinational corporations are setting up bases in the Mother City. Apart from the obvious enticement of this beautiful city, South Africans from other provinces are in search of safety and security, and a better quality of life.”

CAPE TOWN’S commercial property market is making a comeback. PICTURE: ROHAN REDDY/UNSPLASH

FIND US HERE: @iolproperty @iolproperty @iolproperty.co.za

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.com Executive editor 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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GETTING the best interest rate is vital when applying for a home loan.

PICTURE: SUKHJINDER/PIXAHIVE

The show must go on when selling homes While virtual tours have proved popular, most buyers still want to pay a physical visit to a home to get a feel for it before they purchase

Q

: WE ARE selling our home and wondering whether it is really worth it to have a show day when we can just show buyers via a virtual tour.

A: Show houses are still very relevant in the sale of property. By necessity, virtual tours were honed during lockdown to enable us to keep servicing our clients and they were well-received by the public as an alternative for viewing properties.

They will continue to be useful in the marketing of property, but just as an add-on to existing protocol, because the fact remains that the majority of home buyers – by some margin – still rely on the opportunity to physically visit a house to get a feel for it before they commit to buying.

And show houses are also the best way to limit the inconvenience for sellers as it can be stressful and challenging to juggle work and family with having to keep the house pristine and have people traipsing through it at dinner time.

Show houses have always been an integral part of our commitment and superior service agreement to our sellers and, with our extensive database of approved buyers, they are still a very efficient means to showcase and sell property.

Attracting preferred buyers to our properties creates a strong platform from which we can equate a fair field of competitiveness among interested buyers and, at the same time, present our sellers with serious, qualified potential purchasers.

– Cobus Odendaal, chief executive of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg

Q: I want to apply for a home loan but am worried about my credit score not being good enough. I know I can afford the repayments.

How can I make sure my score is good enough and, if it is not, how can I improve it?

A: The score range in South Africa is 0 to 999, where 0 is the worst you could have and 999 is the best.

Ideally, you would like to be at the highest possible score, however, very few people (if any) have a score of 999.

For the best chance of a home loan approval, with the best possible interest rate, you want your credit score to be somewhere between 614 and 999. Most people who are considered to have good credit have a score between these ranges.

The level of debt you have can significantly influence your credit score.

Having some debt is better for your credit score than having none at all. If you have debt, and are paying it back every month and on time, it shows you are reliable and capable of paying back debt, which increases your score.

While having no debt is not good, taking out too much debt is worse. Being blacklisted by a creditor for any reason will leave a long-lasting stain on your credit record that is difficult to remove.

Missing payments or not paying on time – even if you make the payment up the next month – will count against your credit score.

Schedule any payments as debit orders or set reminders to pay on time, every time.

Making too many credit applications, or too much enquiry activity, in a short period of time could also affect your score

negatively. Try to wait a month before applying to a different financial institution, if your application was rejected.

It is fairly easy to check your own credit score and most places allow you to check your score once a month for free. Checking your score is considered a soft inquiry and won’t affect your credit.

There are four main credit bureaus where you can check your score: Experian, TransUnion, Compuscan and XDS. Some banks also allow you to check your credit status on their banking apps. – Adrian Goslett, regional director and chief executive of Re/Max of Southern Africa Q: How important is location really if we are only buying a starter home and won’t be in it forever?

A: Many buyers mistakenly believe area is not that important, as long as it is convenient for them. This is because they think they will more than likely move to a different home in a couple of years’ time.

The location of a home remains critical because, whenever you do decide to move, the price that you can get for your current home will significantly affect the price that you can afford for a new one.

So, to give yourself the best start on the property ladder, when you buy your first home you should aim for the most desirable area and best position in that area that you can afford.

If you have a choice between two areas that are close to work, for example, you should pick the one where there is most demand and which has shown the best

price growth in recent years.

You should do this even if it means that you have to buy a slightly smaller or older home to be able to afford to live there.

– Gerhard Kotzé, managing director of the RealNet estate agency group Q: What should I do to get the best interest rate possible on my home loan?

A: Here are three tips for reducing your interest rate: 1 Go for a shorter loan period: Your loan repayment period is one of the primary factors responsible for the interest you will be paying. Longer loan periods, say 25 to 30 years, will cut down the monthly instalment amount; shorter loan periods, say 10 to 15 years, will help reduce the overall interest payable.

2 Compare interest rates online: It is critical that you do proper research on loan products and compare rates before deciding on a particular product or lender. There are several third-party websites that can give you a clearer picture of the rates and other costs charged by different lenders.

3 Pay more as a down payment: Most banks and other financial institutions finance 75% to 90% of the total value of the property.

You are required to contribute 10% to 25% of the remaining cost of the property.

However, instead of paying the least, it’s better to contribute more from your pocket as a down payment. The higher the amount you pay initially, the lower the loan amount is, which directly reduces the interest you must pay as well. – Shaun Rademeyer, chief executive at MultiNET Home Loans

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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 Sherine Budhram

084 460 7295

sherine.budhram@inl.co.za

TO ADVERTISE IN WESTERN CAPE Abigail Wilmot

083 212 1141

abigail.wilmot@inl.co.za

TO ADVERTISE IN GAUTENG Antoinette Gilbert 083 793 5382

antoinette.gilbert@inl.co.za

PICTURE: ROBERTO NICKSON/UNSPLASH

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96 ON NEWLANDS

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

Cit y-st yle convenience, country-st yle locale.

96 on Newlands offers an exclusive opportunity to enjoy a lock-up-and-go lifestyle in one of three unique properties in Cape Town’s sought-after ‘green’ suburb, nestled at the foothills of Table Mountain.

Situated near the edge of Newlands Forest, this brand new development is ideally located in an area characterised by tree-lined roads, mountain views, streams, forests and picturesque walks along with a charming mix of characterful homes of varying ages and sizes. Priced from R6.795 Million (VAT Incl. - No Transfer Duty).

96 on Newlands. Where style meets substance.

Paul Upton +27 (0)71 610 8088 paul@dogongroup.com The depictions herein are for illustrative purposes only and are subject to change without notice.

FFC NO: 0525859

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C A M PS B AY - R 10 0 MIL L IO N E XC I T I N G N E W R E L E A S E

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Sublime views over Camps Bay and Lion’s Head with the 12 Apostle Mountain range creating the perfect backdrop for this architectural masterpiece. Set over 2 plots this home is flanked by a green belt and combined with the generously sized lush landscaped garden, allows for total privacy. This pristine, contemporary 5 bedroom home has unprecedented pockets of beauty in every corner offering a luxurious lifestyle for you and your family

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This is a very rare find & likely wont be available for long. This gorgeous lock-up & go unit is situated in the prestigious & very secure “Three Fountains”

High in the sky, this 2 bedroom, 2 bathroom corner unit - arguably the best positioned unit in the entire complex - is an entertainers dream

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The unit has 3 bedrooms & 2.5 bathrooms. There is a covered parking bay & a lock-up garage offering direct access. A must to view

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NEW DEVELOPMENT

FOR SALE FROM R1.595 MILLION

No Transfer Duty Back-up generator Table Mountain, City & harbour views Secure parking & excellent security Fibre internet connectivity Short-term letting & pet friendly

www.TheHolly.CapeTown VREDEHOEK David - 072 385 4386 Catherine - 074 384 3127

Devin - 072 340 1323 Tamsyn - 082 535 5457

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

Contact us today for all your Buying, Selling and Rental needs on 082 448 7795 / 021 685 2212.

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CAVENDISH HEIGHTS R2,1 MILLION WHITEHALL COURT R1,35MILLION MILLION RONDEBOSCH R1,95 R1, 5 MILLION MILLION RONDEBOSCH RONDEBOSCH R5,3 UPPER R1,95 MILLION RONDEBOSCH RONDEBOSCH R2,3 MILLION CLAREMONT R4,995 ON SHOW Sunday 2 – 5 pm Cathay View, 12 Devonshire Hill Road, Rondebosch

ON SHOW SUNDAY 2-5PM

Small Security Complex.

Two Spacious Security Complex Ecklenberg in pretty garden Delightful North-Facing Three Bedroomed, Bedroomed Apartment with lounge setting.

Spacious Three Bedroomed Apartment Two Bathroomed Apartment (126m²) leading to large Fitted Kitchen with Lounge &Balcony.

Dining Room.

Fitted (200m²) with Stunning Mountain Views. *Kitchen, & Full Room, Bathroom. *Parking Bay. Kitchen.*Communal Garden. *Garage.

Dining Sun Room, Two Full Bathrooms, Close to Street Shops, Restaurant *Walk toDean Rondebosch Boys Prep & High TV Lounge & Laundry Room. *Tandem Garage. and Jammie Stop.

Schools andShuttle Groote Schuur Primary! *Close to Shops & Transport.

*Cavendish Heights, 233 Main Road. Enter in WIlderness Road.

Small Security Complex above the Main Charming Two Bedroomed Apartment (95m²) Road.Fitted LargeKitchen modernised with open Bachelor to Dining Room / converted One Bedroomed Lounge andto Balcony with views. Apartment Full Bathroom (46m²) Kitchenette, and Sepwith Toilet. **Covered Built-in ParkingCupboards Bay. **Walk andKingsbury Balcony. Shower Walk to to Hospital,Bathroom.

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Spacious Two Spacious Three Bedroomed Apartment Spacious North-Facing North-Facing TwoBedroomed Bedroomed Apartment with and Balcony with (123m²) above the Main Road in pretty Apartment with Lounge Lounge and Balcony with Mountainsetting.

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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

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KLOOF / PADFIELD PARK LIVE THE LIFE YOU'VE IMAGINED

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URGENT LIQUIDATION AUCTION OF PRIME 13HA SITE WITH FUTURE DEVELOPMENT POTENTIAL ~ CAMPERDOWN RURAL ~

Obo the Provisional Trustees of Insolvent Estate ME Stevenson, Master’s Ref no. N294/2019/PMB

BIDDING OPENS ON WEDNESDAY, THE 22nd JUNE 2022 AT 12 NOON & CLOSES ON THURSDAY, THE 23rd JUNE 2022 FROM 12 NOON Bid online via our APP https://bidlive.maskell.co.za

This well positioned property is easily accessed from the N3 National Road via Uitkomst Road.

The property is located in close proximity to the highly anticipated Cato Ridge Logistics and Dry Port Contact 0333971190 OR Danielle 0828016827 OR danielle@maskell.co.za • R50000 to obtain buyer’s card

by EFT • 10% deposit payable by successful bidder on fall of hammer • FICA to be provided • Sale subject to confirmation • “above subject to change without prior notice” (E & Oe)

TIMED ONLINE AUCTION TUES, 21ST JUNE 2022 @ 12 NOON https//:bidlive.maskell.co.za

Semi-detached double-storey family home with 3 bedrooms and single lock up garage: 98 Barracuda Road, Newlands East, Durban Duly instructed by the Curator of the Joint Estate of BN and KW Wiese, Case no.: KZN/DBN/RC 2215/20

Bidding opens Tuesday, 21st June 2022 at 12noon & closes From* 12noon Wednesday, 22nd June 2022

Contact Danielle 082 801 6827 / danielle@maskell.co.za • R50 000 buyer's card deposit payable by EFT • 10% deposit payable on fall of hammer • FICA to be provided • “Above subject to change without prior notice • Sale subject to confirmation (E&OE) • *Staggered auction times • To be offered with and without the lease agreement

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A G E N T S ’ D I R E C T O R Y

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360

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

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

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

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

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

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

DOGON GROUP PROPERTIES Southern Suburbs, Claremont Office 021 671 0258

PETER MASKELL AUCTIONEERS KZN Office: 033 397 1190 Email: info@maskell.co.za www.bidlive.maskell.co.za

NOBLE RESORTS CAPE TOWN 010 612 6060 sales@nobleresorts.co.za www.nobleresorts.co.za

VAN’S AUCTIONEERS Gauteng Office 086 111 8267 www.vansauctions.co.za

WIDENHAM RETIREMENT VILLAGE South Coast, KZN 066 306 0669 / 066 306 0612 www.hibiscusrv.co.za

southernsuburbs@dogongroup.com

www.dogongroup.com

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

www.iolproperty.co.za

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www.widenhamretirementvillage.co.za

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