Property 24/10 - 243

No transfer duty for property below R750k
While the tax proposals regime announced in the 2015 National Budget signalled difficult times ahead, Finance Minister Nhlanhla Nene also announced new tax breaks that will ease the burden on the already strained working and middle class income earners. While the super-rich will pay more on property transfer pricing, the Minister delivered good news to citizens who purchase property worth less than R750 000.

“The rates and brackets for transfer duties on the sale of property will be adjusted to provide relief to middle-income households. "The new rates eliminate transfer duty on properties below R750 000, while the rate on properties above R2.25 million will increase,” he said.

The new rates will only apply to property acquired on or after 1 March 2015 by any person, including companies, close corporations and trusts

Investors cash in on student housing
According to the Department of Higher Education’s Ministerial Review of South Africa’s University accommodation, less than 10% of first-year university students can be accommodated. In addition, much of the available on-campus accommodation is dilapidated, unhygienic and unsafe.

Ken Reynolds, Regional Executive of Nedbank Corporate Property Finance in Gauteng, says according to the Department of Higher Education, in 2009, it was confirmed that the shortage is extreme and that the lack of supply of student housing is one of the primary causes for poor performance and the high dropout rates at some universities.

He says according to statistics from the Department, out of a student population of 530 000, there is currently only enough student accommodation for 100 000 students, this barely meets 18% of the demand.

PropCare property services website launch
PropCare, the brainchild of Durban businessman Jaco de Lange, is a one-stop property maintenance service.

It provides a platform on mobile and web for property owners to find reliable, user-rated, property service providers and enables them to get quotations with a click of a button, meaning no more wasting time searching through directories trying to find someone that can assist.

This is according to De Lange, who says it is a simple and easy way for property owners to access service providers from pool and garden maintenance, to handymen, plumbers, electricians, and even property attorneys.

“I’ve been a real estate agent for over 10 years and I started PropCare because I saw that my customers struggled to find reliable service providers in their areas. They used to call me for referrals and I built up a database of trusted providers, which became the foundation of PropCare,” says De Lange.

Johannesburg Homemakers Expo this weekend
From 26 February to 1 March, the Johannesburg Homemakers Expo will be running at the Coca Cola Dome in Northriding, Johannesburg. The show features a vast and complete range of products covering every aspect of your home and lifestyle. The Builders DIY Theatre features renowned experts giving visitors DIY ideas and solutions when it comes to renovating and decorating their gardens and homes.

The trendy Décor & Furniture Ave on the upper level will have some inspiring living spaces, customised and crafted furniture and a beautiful selection of art. End your trip along the Avenue with a stop at the Deli to tantalise your taste buds and stock up on some great culinary delights. Flip that fan is a cutting edge and innovative competition, which showcases designs from University of Johannesburg Industrial Design students. This year you can look forward to a fun display of fans that will blow you away.

Free sect.title trustee workshop in Midrand
A free workshop for trustees of bodies corporate and owners in sectional title schemes in Johannesburg who want to learn more about how they should be running their scheme is being run by the property management company IHFM. A free workshop on managing sectional title schemes will take place on Thursday, 5 March from 18h30 to 20h30 at the Swiss Club in Midrand at 31 Moerdyk Avenue, Vorna Valley. This is according to Michael Bauer, general manager of IHFM, who says this workshop will take place on Thursday, 5 March from 18h30 to 20h30 at the Swiss Club in Midrand at 31 Moerdyk Avenue, Vorna Valley. This is part of a series of regular workshops designed by IHFM that will cover various aspects of sectional title management. It will be held Alan Levy, owner of Alan Levy Attorneys & Conveyancers, and a specialist in sectional title law and management, will be talking about special and unanimous resolutions relating to the Sectional Titles Act.

Finances - what your agent needs to know
Financial matters and discussing money is often a sensitive topic for many consumers.

This is according to Adrian Goslett, CEO of RE/MAX of Southern Africa, who says telling someone how much you earn, or for that matter, how much you owe to your creditors, is something that most would like to keep private and close to their chest. He says most find it uncomfortable to divulge financial information and would prefer to keep as much as possible a matter of privacy. However, when it comes to buying a property or requesting a home loan, there is a certain amount of information that a potential buyer will need to discuss with their real estate agent and their lender.

Goslett says if potential buyers are at all concerned about providing details of their finances to their real estate agent or the bank, they can rest assured that their privacy is protected by their client and agent relationship.

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