Neighbourhood 27 JANUARY 2019
PROPERTY & LIFESTYLE
Time to slow down Deciding where and how to buy your retirement home can be nerve-wracking. We help you see the wood for the trees, page 2
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LIFE RIGHTS V SECTIONAL TITLE
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Connecting homeowners with great communities
THE REAL COST OF BUYING
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PROPERTY NEWS
27 JANUARY 2019
Neighbourhood
Retirement focus
Choose the right model Life rights or sectional title? Here’s what you need to know WORDS: KIT HEATHCOCK IMAGES: SUPPLIED & SHUTTERSTOCK
EVERGREEN ZIMBALI, KZN
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urchasing a retirement home is so much more than a bricks and mortar property investment. You’re buying into a lifestyle, looking for a peaceful, caring environment that will support you through the rest of your life. Two different purchase models are prevalent in South African retirement developments. Traditionally sectional title is best known, but the life rights model has increasingly gained popularity.
The difference? Sectional title is an outright property purchase. Your house is your own, can be willed to your heirs, and appreciates in value according to the current property market. Maintenance is your responsibility and a body corporate made up of property owners, usually working with a management company, runs the common areas and facilities.
BUH-REIN ESTATE, CAPE TOWN
Life rights give you and your partner a right to live in your house for the rest of your life, but ownership remains with the developer. The developer is responsible for maintenance of the property and management of common facilities. Upon your death the life right is sold on, and your estate receives an agreed percentage of the original entry price.
Life rights
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One reason for the increase in popularity of life right schemes is that a lot of the hassles of property ownership are taken care of for you. “It guarantees professional management, taking away the day-to-day worries facing body corporates such as security, clubhouse management, maintenance and insurance,” says Leon Cohen, Rabie Property Group, who is launching their Oasis Life retirement developments at three sites around Cape Town. “Also, the developer is in it for the long haul. By retaining ownership of all homes as well as the common property, it’s in the developer’s
interest to maintain the village and its facilities to a high standard.” The purchase price of a life right is generally lower than full ownership of a similar property in the area, and monthly levies are set from the beginning, with no extraordinary levies applicable. “Ultimately, life rights deliver peace of mind and freedom from financial worry,” says Arthur Case, Evergreen Lifestyle, the retirement subsidiary of the Amdec Group, who are expanding into KwaZulu-Natal with a development at Umhlanga Ridge. “With transparent and affordable levies, pricing tailored to fit your budget, and tenure guaranteed for life, the prospect of living longer is no longer cause for anxiety.”
Sectional title A sectional title scheme has the advantage of a known and straightforward model of property ownership and the capital gain associated with a property investment. “We considered life rights, but ultimately chose to go with sectional title ownership,” says Craft Homes development director Charl May, currently developing The Retreat at Hazeldean, Pretoria. “Our buyers consisted mainly of owner-occupiers and children buying for their parents. The owner-occupiers preferred direct ownership, desiring to have secured ownership if they pass on, so as not to burden their partner with the complications of life rights. The children generally see the property as an investment in the short term and a property they could retire to in the long term, and want the financial benefit of direct ownership.” Owners belong to the body corporate, so they have a say in the running of the retirement village. Should there be unforeseen maintenance expenses, extraordinary levies might need to be financed. “Both life rights and sectional title have intrinsic benefits,” says Claudius
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PROPERTY NEWS
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EVERGREEN HILTON, KZN
Combrinck, MD, Imagine Property Consulting, currently involved with De Plattekloof Lifestyle Estate in Cape Town. “Sectional title retirement schemes allow retirees the extra benefit from capital appreciation similar to the typical residential property market.”
The purchase price of a life right is generally lower than that of a house or apartment of similar size in a comparable area. With freehold and sectional title properties, however, the buyer pays according to a market-related price. ARTHUR CASE, CEO, EVERGREEN LIFESTYLE
Another option An alternative model to consider, is Renishaw Property’s increasingly popular revisionary transfer obligation (RTO) sectional title model. “Renishaw Hills is unique in that, on selected sites, it offers a sectional title purchase option at a significant discount which essentially mimics the life rights model. This is in terms of a RTO contract providing for reversion of ownership of the home, on disposal thereof, to the developer, at the price originally paid for that home. This model provides a more affordable entry point, while allowing the purchaser to enjoy all the benefits and facilities of an upmarket village,” says Phil Baker, MD, Renishaw Property Development.
Due diligence Whichever model appeals, it’s essential, just as with any property purchase, to look carefully into the fine print of the contracts and check out the financial standing of the development. What are the arrangements should you wish to relocate? How are levies calculated and what do they cover? Are the promised facilities already in place or what’s the time frame for providing them? Speak to the residents too – they’re the best barometer of the lifestyle and community you will be buying into.
DE PLATTEKLOOF LIFESTYLE ESTATE, CAPE TOWN
NEW RETIREMENT DEVELOPMENTS • Oasis Life: Clara Anna Fontein, Burgundy and Century City (WC) • Evergreen Lifestyle: Umhlanga Ridge, Zimbali, Hilton (KZN); Val De Vie (WC) • CPOA: Quadrant Gardens, Claremont (WC) • Craft Homes: The Retreat, Hazeldean (Gauteng) • MSP: Buh-Rein Estate retirement village (WC) • De Plattekloof Lifestyle Estate (WC) • Shoreline Sibaya (KZN) • Renishaw Hills (KZN) • Lazuli Coastal Retirement Estate (KZN) • The Village at Langebaan Country Estate (WC) • Blok: EightOnN (WC) EVERGREEN UMHLANGA RIDGE, KZN
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PROPERTY NEWS
27 JANUARY 2019
Retirement pitfalls Avoid these potential stumbling blocks when buying your retirement home IMAGE: SHUTTERSTOCK
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nvesting in a retirement village is a major life decision that requires extensive research and serious considerations.
2 Construction
5 Purchase model
There are endless stories about poorly constructed retirement estates the world over, that have left investors battling court cases and seeking alternative housing options. You need to look at the building materials and check that the construction companies and architects working on the retirement estate are all properly accredited.
Currently the two main purchase models for retirement estates in South Africa are sectional title properties or life rights. With life rights, you’re investing in a home for the remainder of your life, but essentially don’t own the property. Sectional title is the separate ownership of units in the development, with the undivided share of common property.
Phil Barker, managing director, Renishaw Property Developments, says the Renishaw Hills mature lifestyle development on the KwaZulu-Natal South Coast has been designed to put quality of life first. “We analysed retirement development models internationally and locally to ensure we were providing residents with a holistic retirement investment that was financially accessible, while also creating an inviting living space,” says Barker.
3 Levy costs
6 Opportunities
“There are so many elements to consider when establishing a retirement estate that many people often overlook, and we’re confident that Renishaw Hills ticks all the right boxes.”
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It’s important to remember that a retirement home, while possibly the last home you will invest in, is likely to be a place you reside in for decades, so it has to meet all your specific needs.
If you’re looking to invest in a retirement home, Renishaw Hills have outlined eight potential pitfalls to avoid:
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Location
A retirement estate might appear to have all the necessary facilities and amenities, but location is vitally important when investing in property. You’ll need to consider the proximity to medical facilities, retail centres, entertainment and transport networks.
A high levy might not necessarily mean you’re getting everything you pay for. When researching retirement estates, make sure you understand exactly what’s included in the monthly levy because this is an ongoing cost that should make retirement living easier. Things to consider are maintenance and insurance costs, garden services, internet access, security, health care options and the use of estate facilities.
Health care services
When it comes to retirement, health has to be a consideration, even if you’re in peak physical condition when you invest. Retirement estates may offer frail care services, have a frail care unit on site or have no health care facilities at all. Renishaw Hills and its health care provider, TruCare, offer home-based health care solutions tailored to the individual. Rather than following the traditional frail care model, home-based health care means residents receive treatment from the comfort of their home, with couples able to stay together even when one is in need of care. Residents are also offered personal medical advice as a way to prevent future health issues.
When you retire, hobbies will take a more central role in your life, so you need to ensure that your particular interests are catered to at the retirement estate. Check what facilities are available, the terms of use, whether there are any social clubs or community initiatives in the area, and what sports or outdoor excursions are around.
7 Home configurations
When investing in a retirement estate, you have to consider long-term health restraints rather than your current abilities. This means elements such as the stairs and home layouts need to be carefully considered. Even a single step, gentle gradient or uneven flooring can create untold hassles later on.
8 Developer’s background
Unfortunately, there are many developers looking to make a quick buck out of retired individuals which means poorly constructed homes with inadequate access to facilities and services. Find out everything you can about the estate developers so you’re assured they’re looking out for your best interests.
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ADVETORIAL ADVERTORIAL
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Hello to urban retirement These days, more retirees are making the most of their active years by opting to move into smaller homes that require less upkeep, such as apartments in independent living developments SEE FOR YOURSELF 087 820 0050 sales@blok.co.za For more information and to register your interest, visit blok.co.za
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ndependent living is designed to surpass traditional retirement living expectations by embracing the vibrant lifestyle people are accustomed to and providing residents opportunities to grow and flourish, confident that their needs will always be met. This innovative new concept is gaining popularity abroad and promising to service a growing local market. Cape Town urban property developers Blok’s latest venture, EIGHTONN, encompasses a new boutique approach to independent living by providing highly accessible and spacious twoand three-bedroom apartments, with the high spec that people have come to know and expect of the brand. The development is aimed at mature clientele who are looking for a future-facing home that will accommodate their evolving needs. As with any residential property, location is key and EIGHTONN allows residents to remain within the urban communities that they’ve considered home for years, as opposed to requiring them to relocate to the urban edges and beyond.
“Special consideration was given to the unique spatial requirements of this market. We wanted to ensure that residents had ample space to retire to, but still felt connected to a greater community along Cape Town’s Atlantic Seaboard,” says Blok managing director Jacques van Embden. In keeping with modern building features, this development offers its residents a holistic care package that includes an on-site concierge and care services that accommodate their current and future health needs, as well as security services, high-speed internet, and water-wise fittings and appliances. Independent living developments can also encourage life’s lighter side by facilitating communal living experiences and providing luxury social amenities like wellness studios, pools, gardens, dining and recreational areas and, in EIGHTONN’s case, even a deli. “Through this new development we’re working to widen our community and increase its vibrancy,” Van Embden concludes.
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PROPERTY NEWS
27 JANUARY 2019
Neighbourhood
What lies beneath When it comes to buying a property, it’s vital to take additional costs into account. They’re not hidden, but these figures often come as a shock. WORDS: ANNE SCHAUFFER
IMAGE: SHUTTERSTOCK
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hen you’re property shopping, understand and budget for the costs over and above the purchase price. They shouldn’t come as a surprise, but rather be considered part and parcel of the buying process and cost. There are a number of costs covering different “functions” of the process. The major advantage today is you can access the costing online, so you have a good estimate from day one. Once the process gets underway, some conveyancers, such as Meumann White Attorneys, allow you to track your property transfer. Everything’s transparent.
What costs are involved?
These are the property transfer registration costs; if the purchaser requires a bond to be registered over the property there are bond registration fees; and transfer duty.
Who is it paid to?
The property transfer fees and disbursements are paid to the property transfer attorney (otherwise called a conveyancer), usually appointed by the seller to transfer ownership to the purchaser. This cost varies and is dependent on the purchase price. The costs payable to the property transfer attorney comprise the conveyancer’s fees plus VAT, the transfer duty payable to Sars, estimated rates, levies, and other standard disbursements. If the purchase price of the property is less than R900,000, you’re exempt from paying transfer duty. The bond registration costs are paid to the bond registration attorney (this could be
the same firm that is attending to the property transfer registration). If the seller had a bond registered over the property, that bond has to be cancelled, in which case a bond cancellation attorney is instructed by the bank which initially gave the seller a loan. These bond cancellation costs are paid by the seller.
How to work it out
Rhys Dyer, CEO of bond originators ooba, urges buyers to access ooba’s easy online bond and transfer costs calculator. Input your property price and size of home loan, and you’ll have the relevant acquisition costs within seconds. Dyer believes education around these costs is vital, and should be understood and budgeted for before shopping for a property. These costs cannot usually be included in the loan applied to for the purchase price. “Depending entirely on the circumstances of the buyer,” says Dyer, “first-time homeowners can get up to a 104% bond for a property being sold for R1m or less. Securing more than a 100% bond, the home loan financing is likely to cover the cost of the property, as well as the transfer duty and related start-up costs such as conveyancing fees, bond registration costs and the cost of valuing the property. That means they’ll have enough to cover the monthly home loan repayment without paying a deposit. Each case is looked at individually, and the banks (only two currently do this) generally only do this for clients who earn below a certain earnings threshold – currently about R23,000
per month. The customer would need to have sufficient affordability and a strong payment history.”
Raising funds
For those who don’t qualify, saving for a deposit and costs can be challenging. “We advise customers to start saving for these costs around two years before they intend buying a property. Change your lifestyle and spending habits, so you have extra to save every month, plus any bonuses or gifts. If you haven’t done this, other options are to use some of the profit you’re making on selling your existing property; borrow against your pension fund; consider the financing or re-financing of a movable asset such as your vehicle; or if you’re not selling your existing property, draw against your access bond facility or take a bond on this property if it’s currently unbonded; consider applying for a personal loan; try selling unwanted and unused goods; and finally, perhaps borrow these costs from your parents – they may even consider ‘gifting’ these funds as an early inheritance,” Dyer says.
Those unhidden costs unpacked
The two main costs for a purchaser are therefore: • the bond registration attorney’s costs and disbursements • the property transfer attorney’s costs and disbursements – which includes the transfer duty payable to Sars, estimated rates payable to the municipality, estimated levies (in the case of sectional title), deeds office fees, and other sundry and petty items
Example If the price of your new home is R2,5m, and you’ve been approved for a home loan of R2m, your total costs, estimated by the ooba calculator, including VAT, are R179,608. Bond registration costs (incl VAT) Bond registration cost (incl VAT) Bank initiation fee (incl VAT) * Post, petties, Fica and other fees (incl VAT) ***
R36,710 R29,187 R6,038 R1,485
Transfer costs (incl VAT) Property transfer costs (incl VAT) Transfer duty ** Post, petties, Fica and other fees (incl VAT) ***
R142,898 R33,413 R108,000 R1,485
* This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchase price *** Approximation
Sars table for transfer duty 1 March 2018 to 28 February 2019
Value of the property (R)
Rate
0 – 900,000
0%
900,001 – 1,25m
3% of the value above R900,000
1,250,001 – 1,75m
R10,500 + 6% of the value above R 1,25m
1,750,001 – 2,25m
R40,500 + 8% of the value above R 1,75m
2,250,001 – 10m
R80,500 +11% of the value above R2,25m
10,000,001 and above
R933,000 + 13% of the value above R10m
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PROPERTIES FAERIE GLEN 012 991 0439
R 1 290 000
Your Neighbourhood Experts
R 880 000
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R 1 750 000
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GARSFONTEIN - SOLE MANDATE YOU WILL NOT FIND SOMETHING SIMILAR
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2 bedrooms. Open plan kitchen- living area. Full bathroom. Patio
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HATFIELD 2 BEDROOM UNIT WITH PERFECT LOCATION
MENLO PARK - SOLE MANDATE LOCATION AND ELEGANT URBAN LIVING !!!
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2 Bedrooms living area, kitchen and bathroom. Under cover parking. Walking distance from University of Pretoria. Walking distance from High Performance Center. Close to Shopping Malls and medical facilities.
This modern 2 bedrooms, 2 bathrooms lock-up-and-go duplex unit is in a security complex with only 7 units on Atterbury Road. The open plan living area and kitchen with sliding doors opening on to a small patio with build in braai. Menlo Park with easy access to Menlyn Mall, Menlyn Maine.
This lovely sunny family home consists of 4 bedrooms 3 bathrooms of which 2 are en-suite and 3 living areas that flow onto a open patio and swimming pool. Big formal lounge and dining room, solid wood kitchen, 2 studies double garage and SQ.
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This well situated property in a security complex is ideal for a young couple or family. Oen-plan kitchen with plenty of built-in cupboards and spacious lounge and dining room. A double story two bedroom and study which can be used as a third bedroom. One full bathroom and a main- en- suite with shower.
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Web Ref: 0973463
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