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Property 24/10 - 331

24 November 2016

What a reserve fund means for sectional title owners
The STSMA Sectional Title Schemes Management Regulations were published on 7 October 2016, and according to this legislation, sectional title schemes must set up their reserve funds with immediate effect.

While most of the changes that have to be implemented in sectional title schemes according to the STSMA are administrative, the main one that trustees might find problematic is the need to have reserve funds set aside for maintenance and repairs to common property, says Michael Bauer, general manager of property management company IHFM.

“The reserve fund must be deposited into a separate bank account and have a separate budget for the funds available. In addition, separate financial reporting will be required for this fund. A simple income and expenditure statement should suffice,” says Bauer.
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High-end home buyers spend on 'green' and 'smart'
The demand for sustainable living and security technologies is rapidly gaining ground among the world’s most affluent home buyers, with whole-house energy solutions implemented during initial construction being the most popular, closely followed by the convenience offered by ‘smart’ technologies.

“These are findings of the Affluent Perspective 2016 Global Study released by international market research company YouGov in association with Luxury Portfolio International©,” says Berry Everitt, CEO of Chas Everitt International.

“Researchers who polled the top 10% of consumers in 12 countries found that 70% of these wealthy individuals regarded sustainable living as a ’core value‘ and that this percentage was even higher (77%) outside of the US.”
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Five neighbourhood factors to consider when buying
Packing up and relocating to another city, or another country for that matter, is a major undertaking, so it is imperative to do the necessary research and weigh up all the options before making the final decision.

“Whether it is as big a decision as immigrating or moving across the country, there are essential aspects that should be assessed in every prospective neighbourhood to ensure that you will feel at home,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.

He gives elements to look out for when planning to move to a new neighbourhood:
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The future of transformation in SA's property industry
Empowerment, transformation, and collaboration: these are some of the themes that emerged at the annual convention of the the South African Institute of Black Property Practitioners, which took place on 2 and 3 November 2016.

“The convention was very successful,” says Vuyiswa Mutshekwane, SAIBPP CEO.

“The way we crafted our programme really reflected our objectives - to facilitate a solution-oriented strategic discussion around the transformation of the property sector. In crafting our programme, we sought to draw meaningful input from all key property industry stakeholders.”
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First-time seller? Six steps to ease the journey
The trials and tribulations of first-time buyers are well-known and frequently discussed, but first-time sellers often face an equally stressful and emotional experience when they decide to move on from their first home.

Standing on the other side of the property fence as a seller offers a very different perspective on sales proceedings, and knowing what to expect and how to prepare can make a world of difference to the eventual outcome,” says Bill Rawson, Chairman of the Rawson Property Group.

“There are some very fundamental differences in perspective when it comes to buyers and sellers - buyers tend to be relatively objective, while sellers have years of memories attached to their properties. These can colour their expectations and create friction down the line if they’re not mentally and emotionally prepared.”

Distancing yourself from the emotional aspect of selling your very first home isn’t easy, and Rawson says taking things step by step can minimise the stress levels and keep a smile on your face.

Rawson shares 6 steps on getting things moving in the right direction…
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