Property 24/10 - 262

CT Sectional Titles Act course for estate agents
Wading through the Sectional Titles Act, Prescribed Management Rules (PMR) or Conduct Rules could take any length of time according to Annette Evans, regional general manager of the Institute of Estate Agents, Western Cape, who says they are promoting a workshop facilitated by Shirley Bailie.

Bailie is a sectional title specialist who has compiled a manual with keyword access, “Keyword access to the Sectional Titles Act”, which could assist agents involved in selling property in sectional title developments.

Evans says the workshop is a two-morning course that gives an overview of the Sectional Titles Act and explains the clauses most relevant to the selling of sectional title property.

What does POPI mean for real estate agents?
The Protection of Personal Information (POPI) Act stands to have far-reaching consequences for the real estate industry when fully commenced according to Bruce Swain, MD of Leapfrog Property Group, who says real estate agents routinely handle personal information such as copies of buyers' and sellers' identification documents, their tax numbers, bond account numbers, and so forth, and the Act will dramatically change how this information is managed and stored.

The idea behind POPI
POPI was enacted on 26 November 2013, and certain sections thereof came into effect in April 2014. Our Constitution makes specific reference to the right to privacy, and includes everyone’s personal information within that right.

Western Cape house prices outpace other provinces
Western Cape house price growth continues to outpace other provinces in South Africa, but there are signs of this slowing as affordability deteriorates.

According to the 2nd Quarter 2015 FNB Western Cape House Price Index, the average house price rose 7.7% year-on-year, slower than the previous quarter’s 8.2% and down from a high of 10.4% reached in early 2014.

Real house price growth, when house prices are adjusted for Western Cape consumer price inflation, came in at a revised 2.67% year-on-year. This also represents a minor deceleration from a 3.4% rate in the previous quarter, says FNB Home Loans household and property sector strategist, John Loos.

Healthy demand for commercial property
Well-positioned commercial property in outlying areas around South Africa is proving increasingly attractive to both local and international buyers who continue to find value in sustainable investments according to Norman Raad, CEO of Broll Auctions and Sales, says there will always be demand for retail properties where investors, in pursuit of yield and income, perceive opportunities to unlock potential.

“Such is the case with our successful sale of the 7 530sqm Queenstown Mall in the Eastern Cape, which was listed to go on auction but achieved a market-related price of R62 million prior to our multiple auction held in June (2015).”

How intelligent property investing builds wealth
Regardless of the asset class you choose to invest in, experts and analysts will always point out that one of the most important fundamentals of investment success is a long-term investment horizon. There are many valid reasons why a long-term perspective allows for intelligent investing.

This is according to Dr Koos du Toit, CEO of P3 Investment Group, who says firstly, a long-term perspective cultivates discipline and the ability to delay short-term gratification in favour of achieving more important long-term objectives.

Dr du Toit says, for example, a long-term perspective makes it far easier to save for future goals and large purchases, while avoiding unnecessary spending on consumables and gadgets that do not increase in value over time.

What costs can be subtracted from rental deposits?
Most tenants are unsure as to the legalities surrounding their rental deposit, and what elements can be deducted from it according to Louw Liebenberg, CEO at PayProp, who says at the end of a tenancy, the rental agent will assess the property and the lease agreement, deducting amounts from the deposit as required, and this can often become a tumultuous situation.

From his 11 years of experience in managing payments in the residential property market, Liebenberg provides tenants with the below advice and information in relation to deposits:

1. What does the lease say?
The Rental Housing Act states that a deposit may be used to repair the property to its original state and that an agent may also deduct “any other amounts owing as per the lease”.

5 Financial mistakes to avoid when buying property
While saving up a deposit to buy property is a great financial feat, there are several other financial considerations that buyers need to keep in mind when preparing to purchase a home according to Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa, who says having savings set aside is a major part of preparing to buy a home, but there are also several financial missteps that buyers can make that will complicate their prospects of being able to buy property.

He says it is important for the potential buyer to avoid these financial mistakes to ensure that they have the best chance of getting the finance they require to buy their home.

Goslett provides a few financial missteps to avoid during the home buying process:

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