Property 24/10 - 462

Why Pretoria is so popular with first-time property buyers
Pretoria in Gauteng remains the most popular location for first-time buyers, who accounted for approximately 29% of all sales during the first quarter of 2019.

According to the FNB Property Barometer May 2019, Pretoria is a preferred home location for many first-time buyers, mainly because it has a higher representation of civil servants who have enjoyed above inflation wage increases in the past few years.

“Pretoria has also for some time been relatively cheaper when compared to Johannesburg. Furthermore, the ease of travel between the two cities with improved road networks and the Gautrain has positioned Pretoria as an attractive destination with value-for-money homes,” says to Siphamandla Mkhwanazi, property economist at FNB.

He says although more first-time buyers are choosing Pretoria, Johannesburg, being the economic hub of South Africa, will always be in demand. In the past few years, Johannesburg has seen a number of new developments come onto the market with the popular priced brackets ranging from R750 000 to R1.6 million.

Are you paying too much for your complex’s maintenance fund?
Bodies corporate have to create a second savings fund to cater for long-term maintenance of a sectional title complex, which was introduced through the Sectional Titles Schemes Management Act (STSMA), Act no 8 of 2011.

In the past, many bodies corporate didn’t make sufficient provision - or any provision at all - in a reserve fund for major, planned maintenance needs. The underlying purpose of the STSMA is to force community schemes to save on an ongoing basis so the financial impact on owners is not as devastating as it is when special levies are implemented.

Are the calculations correct?
The question arises - do the managing agent and trustees of the body corporate who compile the budget of a body corporate really understand how to apply the calculations to determine the correct special reserve fund levy?

Tips for buying and selling property in a slow market
The latest economic and property data points to a prolonged period of slow activity for the remainder of the year. But, while slower, there is still plenty of deals being done.

This is according to Ross Levin, managing director for Seeff Atlantic Seaboard, Waterfront and City Bowl, who says that in a market that is seeing both volumes and values considerably less than in preceding years and a growth rate which is experiencing deflation in many areas, conditions are challenging, but not insurmountable.

He says the important thing to remember is that the market has not come to a standstill - far from it, but ensure you are playing your part, whether you are buying or selling.

Property inheritance must-knows and considerations
Property transactions can feel complicated and stressful at the best of times. When they’re happening after the death of a loved one, they can be even more overwhelming.

David Jacobs, Gauteng Regional Manager for the Rawson Property Group, explains what your options are for passing a property (or properties) on to your heirs, and how you can pave the way for a hassle-free inheritance process.

Common ways to pass a property on to your heirs after death
“There are three main ways that people typically dispose of their properties as part of their estate,” says Jacobs. “All of them require forethought and planning, and the establishment of an up-to-date and indisputable will. Nominating an executor who is up to the task of shouldering any complexities is also a smart move for minimising stress for your beneficiaries.”

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