Property360 National Digital Magazine - 4 February 2022

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PROPERTY

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PICTURE: PEXELS/PIXABAY

SOME FLIPPIN’ GOOD REASONS TO INVEST IN PROPERTY PAGE 3

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IF YOU are looking to invest in the short-term rental market, you need to consider your location and demand for accommodation.

PICTURE: TARAS MAKARENKO/ PEXELS

Avoid the nightmares Professionals give advice on the bases to cover if you are thinking of investing in property BY BONNY FOURIE bronwyn.fourie@inl.co.za

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ROPERTY investment done right can be a rewarding and profitable venture. But if done wrong, it can be a nightmare – both financially and in terms of managing the asset.

To avoid making mistakes, property investment experts offer the following advice: Buy-to-let on the long-term market Don’t be tempted to do it alone, says Paul Stevens, chief executive of Just Property.

“Property management is hard, time-consuming work that includes tenant vetting, rental collections, maintenance matters and, in some cases, eviction proceedings.”

The property rental industry is heavily regulated by law and there are potential pitfalls that can land ignorant landlords in trouble, he says.

“The rental market is currently under pressure in many parts of the country, with rental escalations tracking below inflation. Vacancies and arrears are slowly recovering from the Covid blow but have a long way to go before they reflect a stable market.

“Take time to speak to local area experts about what rent you can charge, what tenant behaviours you can expect in the area and what yield you can

expect over time.”

To put it simply, property investor Ben Malapile says you should: • Run your numbers.

• Have proper structures in place for the portfolio and your estate.

• Never buy investment property in your own name.

• Remember that you are playing the long game.

You should also always use a trusted estate agent who knows the area, says Grant Smee, managing director of Only Realty.

“Do your homework prior to purchase to make sure there is demand and that the rent you will receive will cover your bills.

“Ensure every bit of communication between you and the tenant is in writing.”

He says you should also do proper checks on your tenants, such as getting references and credit scores and checking income.

“A long-term tenant is a longterm commitment, so don’t rush into anything.”

Buy-to-let on the short-term market If you are looking to invest in a short-term buy-to-let, Smee says you must: • Consider the location.

• Price your property according to what is suitable for the area.

• Market your property well.

“Remember, there probably

won’t be demand all year round, so budget accordingly.”

If you are buying into a sectional scheme property, such as a flat, says Stevens, you must ensure that the house rules allow for short-term rentals.

If the house is freehold, chat to the neighbours.

“There is often concern from permanent residents that shortterm rentals are disruptive and you may find yourself facing a conflict between residents and visitors.”

You should also research the trends in your area and see whether you can expect guests throughout the year – as you might if the property is close to places of work/ convention centres/ sports grounds etc – or if it is likely to be seasonal.

“This will impact your cashflow planning. For example, property owners in coastal towns like St Francis Bay make as much as six times their average monthly income in the December/ January period but face doldrums outside of school holidays.”

Malapile agrees: “You must budget for vacancies and slow months. Being in the short-term rental industry myself, I had a number of open calendar nights with no bookings at all.

“This pandemic has taught that we have to have saved at least six months’ worth of monthly

expenses at any given time.”

Buying a second property as a holiday home Malapile suggests that, if you do buy a holiday home, you hire a management company to take care of it and let it in the short-term when you are not on holiday and not using it.

Buying a holiday home is an emotional decision, Smee says. This means you need to be rational to ensure you are purchasing a property in a desirable area for future resale purposes.

“Do your homework on the area and ensure that you factor in the maintenance costs of the home,” he says.

Echoing this, Stevens says running a second home means you duplicate costs in areas like rates and taxes; cleaning; maintenance; security; connectivity and more.

“Ask yourself if it makes sense to own – or simply rent regularly.

Consider your stage of life and what you will want, and need, five, 10 or 15 years from now.”

Buying to flip There are also careful considerations to make here, Stevens adds.

“Building or renovating always takes longer and costs more than you anticipate, so

make sure you plan for that.

“Be very clear about your target market and what will appeal to them – solve their wants and needs, rather than do what works for you.”

Look carefully at the market and what you can expect to get for the property should you resell it, Stevens says, as you risk overcapitalising if you are not careful.

You must not buy a property to flip if it has less than 20% to 30% of built-in equity, Malapile warns. This is because you want enough equity to get back your renovation costs and make profit.

“If you pay too much, you may end up losing money on the investment.”

He also urges those who want to flip properties to avoid overcapitalising.

“Don’t spend too much trying to make it look nice and end up losing money when you sell.”

Ultimately, Smee says, you must do your maths properly and get quotes from reputable companies, with references, if you are outsourcing the work.

Other advice he shares is to: • Make sure that you know the area and what the property could sell for.

• Get advice from trusted contacts who have handled similar projects before.

• Ask an estate agent to value the property as you go along.

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MORE people should be taking advantage of current property market conditions to become investors.

PICTURE: DHYAMIS KLEBER/PEXELS

Letter from the editor AS A RENTER, I have managed to live in two of the most expensive parts of Cape Town – Camps Bay and Clifton – relatively cheaply.

In fact, I ended up living in Camps Bay, falling asleep to the sound of the ocean and being able to walk to the beach, paying less than I would have had I rented similar accommodation anywhere else in the city centre.

My rich friends, who owned a mansion close by, would drop me off after a night out and say how envious they were of my carefree existence – no levies or rates and taxes; no having to fix things when they broke; no hassle of tenants – and I still had the same view as they did. As a renter, I was free, they said.

However, the big difference is as they and I leave the area for greener pastures (we hope), I leave with the suitcase with which I arrived, and they leave with over R30 million in their pocket after an initial R5 million investment (plus numerous renovations) all those years ago.

Some may argue I got to stay in the most wonderful spot, and that was worth more than millions and, of course, I could never have afforded to buy there. Others may say you need to have money in the first instance to grow money.

Which brings me to the focus of this week’s feature – alternative ways to get on to the property ladder, including renting in an area you love and buying in one you can afford – areas which have also shown immense growth in property prices over the years.

More people I know are going for this option in their desire to own property. Not every property you buy has to be one in which you live and the buy-to-let market is thriving.

One only has to look at the approximately 6.6 million residential properties registered at the Deeds Office, of which just over 3.3 million are occupied by tenants. This, property investor Ben Malapile tells our writer Bonny Fourie, shows just how popular buy-to-let property investment is.

Given my friends and my example of how we ended up leaving Camps Bay, it seems owning property is a no-brainer way to grow wealth.

Warm regards

Vivian Warby

vivian.warby@inl.co.za

FIND US HERE: @property360.co.za

@property360_za

@property360.co.za

Great time to invest There are plenty of good opportunities for people to start a property portfolio BY BONNY FOURIE bronwyn.fourie@inl.co.za

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ROPERTY market

conditions might still be great for first-time buyers, but more people should be taking advantage of them to start an investment portfolio.

And investing in property does not only mean buying with the intention to let, although this is still the most popular reason.

Current conditions, with low interest rates, mean aspiring investors could purchase a second property for personal use, or even look at flipping it, which entails buying a property in need of TLC, renovating it, and then selling it for a profit.

Aspiring homeowners who cannot afford to buy in an area where they would like to live, could also consider buying a property in an area they can afford, letting it, and using the rental income to pay their own rent in an area where they want to live.

Whichever investment method you prefer, says Grant Smee, managing director of Only Realty, not enough people are taking advantage of the lower interest rates to buy investment properties.

“The market is still very much driven by first-time buyers, and homeowners either relocating, upgrading their homes, or moving for lifestyle and convenience options.”

Most of those who are investing

are either looking at the long or short-term rental market, the choice of which is made based on the property’s location.

“Areas that are popular for short-term rentals are busy coastal hubs as well as business hubs facilitating regular business travel.”

Investors obtaining holiday homes or buying for the purpose of flipping, he says, only make up a small portion of the general property market. However, in areas like the West Coast of the Western Cape, the Garden Route, the Eastern Cape outside PE and East London, and KwaZulu-Natal’s South Coast, “a significantly larger proportion of property purchases would relate to holiday home purchases, although these markets would still be driven by semigration”.

Ultimately, property is still seen as a lucrative asset class and with properties selling at attractive prices, many investors are cashing in.

“If financed correctly, property can become a great source of passive income.

“In other cases, some want to purchase a holiday house for use at the end of the year, but want to derive income from the property when they aren’t there – so they opt for short-term letting,” Smee says.

Echoing this, Paul Stevens, chief executive of Just Property, says the most obvious reason people invest in property is to create another income

stream, such as buy-to-let. In this space, there are residential and commercial options, as well as short and long-term options.

“Another reason to buy a property without intending to live in it is to rezone or refurbish. With shifting working arrangements as a result of Covid restrictions, this is something worth investigating in your area.

“Shared workspaces where people can ‘hot desk’, and the increased demand for homes that allow for established remote working, provide opportunities.”

He says rezoned and/or refurbished properties can be sold or rented for a profit if they are well-positioned, well-equipped and well-priced.

Property investor Ben Malapile states that, of the approximately 6.6 million residential properties registered at the Deeds Office, just over 3.3 million are occupied by tenants. This shows just how popular buy-to-let property investment is.

In addition to intentionally buying property to let to create an additional income stream, some investors enter this market as a result of their circumstances.

“Some buy a starter home and, when the family grows, they decide to keep that home and let it. Some inherit properties from their parents, maybe try to sell, but

struggle and end up renting them.”

As a result, he says the property investment market is made up of a large portion of unintentional landlords.

Most landlords – intentional or not – prefer the long-term rental market.

“Only about 10% actually have the capital to commit to buying and running a short-term rental or owning a holiday home and running a short-term rental when they are away.”

Buyers of second properties bought as personal holiday homes are normally directors and shareholders of successful companies and other high-net-worth individuals, Malapile adds.

A higher number of investors – about 10% – buy with the intention of flipping.

This, he says, has been spurred by the number of property-flipping shows on TV. Another reason people might buy property without intending to live in it is when they purchase for someone else, like children, parents, siblings, spouses and in-laws.

“Some buyers purchase farms and agricultural holdings to farm and sell their livestock but have no intention of living on them.

“Some buyers also buy property to let it to students as fully/semifurnished student accommodation,” Malapile says.

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 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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O T H E R

P R O P E R T Y

N E W S

Getting smart at home

THE prime lending rate could increase between 0.75% and 1% this year.

PICTURE: STEVE BUISSINNE/PIXABAY

INTEREST RATES ARE SET TO GO ON RISING CURRENT and prospective home buyers must budget for further interest rate increases, advises Rhys Dyer, chief executive of the ooba Group.

This comes after last week’s rate increase set the tone for what is to be expected from the South African Reserve Bank this year.

The prime lending rate could potentially increase between 0.75% and 1% this

year, Dyer says.

However, he adds that a prime lending rate of 7.75% is “still relatively low” in comparison to the pre-pandemic level of 10%.

“It’s important to remember the competition between banks remains fierce and, despite the hike late last year, the average interest rate achieved for our customers (in quarter 4 of 2021) was still prime less 0.21%.”

Looking at a

sliding scale of where most home loan activity takes place, Dyer notes monthly repayments on a R1 million bond (calculated over a repayment period of 20 years) will increase by just R152 a month, while those on a R1.5m bond will increase by just R228.

“A R2m bond will increase by R304 a month, while repayments on a R3m home will increase

by R457.”

SMART home automation is gaining in popularity. PICTURE: CHAUHAN MONIZ/UNSPLASH

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MARTER homes are one of the key trends expected in the residential property market this year, says Yael Geffen, chief executive of Lew Geffen Sotheby’s International Realty.

This is because flexibility and the new multifunction mindset have begun filtering from workspaces through to the rest of the home.

“Key elements include adaptable furniture that has more than one use and progressive robotics and tech which vacuum for you and remind you when

your milk is finished.

“Energy efficiency will get even smarter, thanks to near-autonomous homes that recognise you, your movement patterns and your daily habits, and foldable, rollable televisions will become commonplace.”

Geffen says Amazon recently introduced Alexaenabled Astro that can find its way around, detect unrecognised people and capture video wherever you send it in the house

Now’s the time to buy

HOMEOWNERS must be sure to not to spend to much when renovating. PICTURE: IMMO RENOVATION/UNSPLASH ASPIRING homeowners should buy a property as soon as possible, even if it is smaller and cheaper than they had initially planned.

PICTURE: MICHAL JARMOLUK/PIXABAY

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OUSE PRICES are up all over the country, and with inflation and interest rates also on the rise, aspiring newcomers to the property market need to buy now.

This might mean their first home will be smaller and cheaper than they originally planned it to be, says Gerhard Kotzé, managing director of the RealNet estate agency group.

Fortunately, many people are able to work from home most of the time now, so they

can consider a property that is further from the centre of town, where properties are generally less expensive.

He says those who still need – or prefer – to be close to a city centre will find developers are back in the market with small apartments that are relatively affordable.

“But whatever your preference is – and this actually goes for repeat buyers too – it is time to buy before rising costs make it difficult, if not impossible, for you to finance your home purchase.”

DON’T OVERCAPITALISE WHEN DOING UP YOUR HOME EVER since the pandemic hit, the trend for home renovation projects has increased.

But Adrian Goslett, regional director and chief executive of Re/Max of Southern Africa, advises homeowners always to consider the resale value of their properties before spending a lot of money.

“Even if the homeowners have no intention of selling in the near to far future, it is always advisable to consider how the renovations could impact on the resale value of the property.

“Shoddy workmanship

could have a negative impact on the home’s value. Similarly, homeowners might never make their money back if they have overcapitalised on renovations.”

To avoid overcapitalising, Goslett recommends having a real estate practitioner professionally evaluate the property and suggest guidelines on a potential price cap in the given suburb.

Once the project has been decided on, there are several ways in which a homeowner can fund a home renovation. The first is simply to save up until they

can afford to tackle the project.

Alternatively, those who have an access bond could access the funds through their home loan.

Goslett says this would be one of the most affordable ways to access credit.

“But, unless you’re near the end of your loan term, I would caution homeowners to repay the loan as soon as possible. Interest accumulated over a 20-year home loan period will work out to be far more expensive than a personal loan taken out over two or three years.”

Those without an access bond facility could take out a personal loan to fund the project but this will be at a much higher interest rate, he says.

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5 PICTURE: KALEIGH SAWERS/PEXELS

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Steenberg Green, Zwaanswyk Road, Tokai, Cape Town is poised to become the ultimate residential address for those who wants to live a lifestyle that offers endless opportunities. It is time to discover an estate unlike any other and a home beyond compare. With only 10 luxury homes on the estate, residents will experience an ultra-exclusive secure lifestyle offering.

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LAST FEW FROM THE DEVELOPER

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Urgent timed online liquidation auction of a 36-bed boutique hotel & contents previously known as the Caledon Boutique Hotel & Spa: Lee Barns Blvd, Ballito Duly instructed by the Liquidators of Erf Boulevard 44 (Pty) Ltd Reg. no. 2009/017709/07, Master`s Ref no. D38/2018

BIDDING OPENS ON TUESDAY, THE 15TH FEBRUARY 2022 AT 12 NOON & CLOSES FROM 12 NOON WEDNESDAY, THE 16TH FEBRUARY 2022 Bid online via our APP https://bidlive.maskell.co.za

Download our APP “Peter Maskell Auctioneers” – from IOS or the Play Store OR visit https://bidlive.maskell.co.za • R50 000 to obtain buyer’s card by EFT prior to date of sale • 10% deposit from successful bidder to be paid on the fall of hammer • FICA to be provided • Contact Danielle 0333971190 / 082 801 6827 • Sale is subject to confirmation • “Above subject to change without prior notice” (E & OE)

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TIMED ONLINE AUCTION OF ±1,9HA PROPERTY WITH 3 BEDROOMS AND TWO SELF-CONTAINED FLATLETS 18 WINGATE AVENUE, MARGATE, SOUTH COAST Duly instructed by virtue of Special Power of Attorney

BIDDING OPENS ON WEDNESDAY, THE 9TH FEBRUARY 2022 AT 12 NOON & CLOSES THURSDAY, THE 10TH FEBRUARY 2022 FROM 12 NOON Bid online via our APP https://bidlive.maskell.co.za

For further details contact Danielle on 033 3971190 | 082 801 6827 or email: danielle@maskell.co.za or view our website www.maskell.co.za - R50 000 to obtain Buyer's card - 10% Deposit payable by successful bidder on fall of the hammer - FICA Docs to be provided - Above subject to change without prior notice (E&OE)

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TIMED ONLINE AUCTION OF ±8174 SQM RESIDENTIAL STAND WITH DISTANT SEA VIEWS CNR OF VICTORY AND GREYS ROAD, SHELLY BEACH Duly instructed by virtue of Special Power of Attorney

BIDDING OPENS ON WEDNESDAY, THE 9TH FEBRUARY 2022 AT 12 NOON & CLOSES THURSDAY, THE 10TH FEBRUARY 2022 FROM 12 NOON Bid online via our APP https://bidlive.maskell.co.za

For further details contact Danielle on 033 3971190 | 082 801 6827 or email: danielle@maskell.co.za or view our website www.maskell.co.za - R50 000 to obtain Buyer's card - 10% Deposit payable by successful bidder on fall of the hammer - FICA Docs to be provided - Above subject to change without prior notice (E&OE)

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TIMED ONLINE AUCTION OF AN UPMARKET 4-BED DOUBLE-STOREY FAMILY HOME LOCATED IN BISHOP COUNTRY ESTATE, BEACON BAY, EAST LONDON Duly instructed by virtue of Special Power of Attorney

BIDDING OPENS ON WEDNESDAY, THE 9TH FEBRUARY 2022 AT 12 NOON & CLOSES THURSDAY, THE 10TH FEBRUARY 2022 FROM 12 NOON Bid online via our APP https://bidlive.maskell.co.za

For further details contact Danielle on 033 3971190 | 082 801 6827 or email: danielle@maskell.co.za or view our website www.maskell.co.za - R50 000 to obtain Buyer's card - 10% Deposit payable by successful bidder on fall of the hammer - FICA Docs to be provided - Above subject to change without prior notice (E&OE)

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AMANDASIG, PRETORIA NORTH!!

SPACIOUS FAMILY HOME, GREAT IMPROVEMENTS ON LARGE STAND ONLINE AUCTION! ONLINE BIDDING: 12:00, 22-23 FEBRUARY 2022 BID AND REGISTER: www.vansauctions.co.za

AUCTION OF: 336 KREMETART AVENUE, AMANDASIG, PRETORIA NORTH

WEB21/0252

Extent: ± 2786 m².

Improvements: Kitchen, dining room, bedroom/study, outside patio, outside braai room with bar, lounge area and toilet, TV room, 2 in house - flat portions, 4 bedrooms, study, swimming pool, outside room, workers room & bathroom, workshop area and large double garage.

Auctioneer’s note: This is a panhandle with beautiful family home in the popular and established suburb of Amandasig, situated behind Amandasig secondary school, close to the R80 and close to the Wonderpark Mall.

R50,000 registration fee, 10% deposit plus commission. Bidders to register & supply proof of identity and residence. Regulations to Consumer Protection Act: www.vansauctions.co.za Rules of Auction to be viewed at 36 Gemsbok Street, Koedoespoort Industrial, Pretoria.

Tel 086 111 8267 | Auctioneer: Anton Shand

BIDDERS TO REGISTER ONLINE, REGISTRATION FEE OF R50,000 PAYABLE VIA EFT ONLY, FICA DOCS REQUIRED TO BE ABLE TO REGISTER.

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BIDDING OPENS TUES, 22ND FEBRUARY 2022 AT 12 NOON AND CLOSES WED, 23RD FEBRUARY 2022 *FROM 12 NOON Bid online via our APP: https://bidlive.maskell.co.za

TIMED ONLINE INSOLVENCY AUCTION OF A 9-BED DOUBLESTOREY DWELLING FEATURING TWO DOUBLE GARAGES, COVERED ENTERTAINMENT AREA, SWIMMING POOL AND OUTBUILDING: 53A HAYGARTH ROAD, KLOOF Duly instructed by the Trustees of the Insolvent Estate of TK and VTZ Khanyile, Master Ref: D53/2020

For more information contact Danielle - 0333971190 / 0828016827 or danielle@maskell.co.za • Buyer’s card deposit: R50000 via EFT • 10% deposit on purchase price and 10% + vat (on the purchase price) auctioneer’s commission to be paid by successful bidder on fall of hammer • FICA to be provided • Sale is subject to confirmation “ABOVE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE” (E&OE) - SOLD WITHOUT VACANT OCCUPATION *If a lot receives a bid within the last 10 min. it will remain open for an additional 10 min

A G E N T S ’

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

D I R E C T O R Y

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

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PROPERTY

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

PixieG Estates

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

PIXIEG ESTATES Upper Highway 083 562 3630 / 031 764 7996 Email: lara@pixiegestates.co.za www.pixiegestates.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.property360.co.za

www.widenhamretirementvillage.co.za

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