Want to negotiate a better interest rate? Your deposit is your best bargaining chip
Buying a home is a huge desire for many South Africans but for those in their 20s or 30s, it may seem like a goal that can only be reached years later.
In a challenging economic climate, and even the possibility of lingering debt caused by student loans for example, along with daily economic constraints, it may feel like owning your own property is just unattainable.
However, there is light at the end of the tunnel – with a bit of short-term sacrifice, your dream of owning a home may soon become a reality.
South Africa’s recession sobering for property sellers who ‘need to get realistic about pricing'
South Africa’s economy is officially in recession. It's our third recession since 1994, but the analysts and industry experts are not at all surprised.
The economy and property market have to a large extent already factored this in for a while they say, as new Gross Domestic Product numbers, released by Statistics SA on Tuesday, 3 March confirmed SA’s economy shrank by 1.4% in the fourth quarter of 2019.
This followed a contraction of 0.8% in the third quarter, which means that the economy was in recession for the last half of 2019. South Africa last entered a recession in the second quarter of 2018 - when the GDP fell for two consecutive quarters.
Investec indicates domestically, this recession together with escalating, planned government debt trajectory are serious negatives for SA’s credit ratings. “We believe it will be a very close call whether Moody’s downgrades SA’s credit rating on 27th March, and so a drop to sub-investment grade is entirely possible, and is being priced in by the markets.”
SA’s first fully integrated mixed-income housing development
South Africa’s first fully integrated mixed-income, mixed-use development, aimed at reversing apartheid spatial planning and located near Cape Town’s CBD, has been launched to the public.
The revolutionary 22ha community comprises over 3 500 homes – some subsidised or grant funded, the remainder for sale on the open market from about R950 000 including transfer costs.
Phase one, comprising 99 units and called Kirstenbosch, has been launched with the public keen to be part of a “connected, multi-cultural community, marked by affordability, sustainability and security,” says founder of Realtor of Excellence, Toni Enderli.
Occupation is set for early 2021 while phase two will launch soon.
How to challenge an unfair decision made by your community scheme
“The members of my body corporate took a decision at our annual general meeting, held on 10 April 2019, which I believe is unreasonable and I would like to oppose it. Can I refer this matter to the CSOS?”
When I get this type of query, I have to advise the client that they have probably missed their opportunity to refer their dispute to the Community Schemes Ombud Service (CSOS) for relief, even if I agree that they appear to have a valid objection to the decision.
In terms of section 41(1) of the Community Schemes Ombud Services Act (‘the CSOS Act’), an application for an order declaring any decision of an association (or an executive committee) to be void, may not be made later than 60 days after such a decision has been taken.