Property 24/10 - 308

Zuma dealing with Land Expropriation Bill and objections
President Jacob Zuma’s office says he has received the Expropriation Bill of 2015 from the National Assembly for assent and signing into law. The high office on Wednesday said it has received objections to the bill, and that “all matters are still being processed”.

The bill was voted for adoption in the National Assembly in May‚ despite several opposition parties voting against it. Opponents of the bill fear that it will be used to take over farms as part of land reforms.

Government introduced the bill in order to make progressive land purchases to address inequalities caused by the apartheid regime without being prevented by the ‘willing buyer, willing seller’ principle.

How to plan a cost-effective cottage or flatlet
With many Millennials deciding not to leave home after completing their studies, larger family properties with a ‘granny flat’ or garden cottage have regained much of their popularity in recent times.

“These additional spaces, especially when they include a kitchen and a bathroom, are of course also a plus for families that wish to accommodate older relatives, or need to generate some extra income to help pay their home loan now that interest rates are rising,” says Jan Davel, MD of the RealNet estate agency group.

“And they definitely do add value when the time comes to sell the property, but homeowners who are currently thinking of building a new granny flat or cottage must first make sure that they have proper building plans drawn and obtain approval from their local authority for a second dwelling on their stand.”

Five reasons why commercial property valuation are vital
While most people may understand the immediate function of a commercial property valuation, few realise the long-term benefits it can provide.

Louis van Rooyen, commercial and industrial broker with Rawson Commercial Somerset West says a valuation is a core function that underpins all property transactions and ownership, and yet it is often not fully appreciated for the strategic benefits it provides.

Here are a number of long-term payoffs for obtaining a commercial property valuation:

Why DIY commercial property investment gets tricky
Many business people who invest in commercial property often decide to manage these investments themselves in order to save money, but this is not always the most cost-effective way to go.

Firstly, you need to have a very good understanding of the legal implications regarding landlord/tenant contracts and what is expected of the person or company managing the property. Disputes can and do arise on occasion, be it about the rental, increases, repairs and maintenance or even misuse of the property. At this point, you could not only find yourself dealing with a difficult tenant and having to answer frequent calls to repair this or upgrade that, but you will have to find time to fit this into your already busy day.

Buyers should check the body corporate rules
Due to the lifestyle and security benefits they offer, sectional title units are a popular choice among South African buyers.

So says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who notes that another drawcard to these types of properties is that they are often more affordable than freehold homes, making them the ideal purchase for first-time buyers.

Goslett says there are several benefits to buying a sectional title unit such as the fact that they offer a more communal lifestyle and generally require less maintenance on the owner’s part. This type of property has proven to be highly sought after since its introduction, and often outsells other types of properties in many regions throughout the country.

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