Property 24/10 - 319

Alternative housing and finance solutions for first-time buyers
In support of government’s commitment to provide sustainable, dignified human settlements to the disadvantaged, Standard Bank offers affordable housing mortgage finance.

Having maintained its position as the leading mortgage provider in the affordable housing market over the last three years, Standard Bank Affordable Housing is a preferred lender to first-time home buyers.

The bank has successfully leveraged industry stakeholder relationships to offer quality accommodation to low- and medium-income earners. In collaboration with the Department of Human Settlement, the bank has, to date, facilitated the disbursement of more than R80 million worth of government FLISP (Finance Linked Individual Subsidy Programme) subsidies nationwide.

When are sectional title levies really due?
Owners of units in sectional title schemes might think their levy account payment is only due by the 7th of each month, but the plain truth is payments of levy accounts are due on the 1st day of each month, payable in advance as resolved by the trustees.

This is according to Michael Bauer, general manager of IHFM, the property management company, who says in all cases, the ordinary levy amount remains the same for twelve months, it does not vary from month to month, and this payment is due on the first day of each month.

“The trustees are not obliged to invoice the owners of units prior to the payment date, but only have to provide a statement of account with payments made receipted on the statement,” says Bauer.

Multibillion rand mixed use development in Cape Town
Atterbury has broken new ground with the commencement of the internal works at Richmond Park for the first of two property developments on the site of the biggest land restitution in the Western Cape.

“We’re thrilled to announce the first two developments at Richmond Park will be for CTM and Cape Fruit Coolers. These deals have triggered the start of the internal services installation and allowed us to appoint Burger and Wallace as the contractor for this portion of the work in Richmond Park,” says Gerrit van den Berg, who heads Atterbury’s Western Cape operations.

Richmond Park is a multibillion-rand mixed-use property development in Milnerton, Cape Town, by major shareholder Atterbury, the leading South African property investor and developer, and partners the Richmond Park Communal Property Association (CPA), Qubic 3 Dimensional Property and Bethel Property.

Can you crowdfund property in South Africa
Crowdfunding is shaking up the financing industry in many places across the world, offering an intriguing and innovative option for prospective property investors.

David de Waal (CA(SA)), CEO of Steeple Estate Agents, says this could be South Africa’s future, providing an appropriate regulatory environment is put in place.

Globally, Massolution, a US-based consultancy specialising crowd solutions, estimates crowdfunding to have been worth some $34 billion in 2015. Crowdfunding for real estate stood at $2.5 billion.

“Financing property through crowdfunding through sites such as The House Crowd or Crowd a House in the UK have not made notable inroads in South Africa as yet,” says De Waal.

Getting the right tenant mix in a commercial property
Commercial properties can host a variety of different tenants. What makes the property successful for both landlord and tenant will be whether the tenant mix works for everyone.

This is according to Leon Breytenbach, National Manager of the Rawson Property Group’s commercial division, who says a question often asked by investors when renting out premises is, ‘What is the ideal mix of tenants for my commercial property?’

National tenants, comprising large companies found nationwide like Pick n Pay, Shoprite and Mr Price, are considered ideal tenants because they are household names, but they carry a cost.

A quick and easy guide to Capital Gains Tax
At first glance, Capital Gains Tax (CGT) may seem like yet another thing to worry about when completing a tax return, but it needn’t cause confusion.

Jansen Snyman, Founding Director of Snymans Incorporated Attorneys, says the first thing to note is that CGT is not a separate tax that you need to register for, it is merely an additional item that would be included in your annual tax return, when relevant.

So, the question is, when is CGT relevant?

Snyman says CGT is charged by SARS on gains made upon the disposal of immovable property (most commonly a home, building or piece of land).

Sectional title vs clusters - what's the difference?
The Sectional Titles Act came into law in 1986 which provided for an improved form of title for apartments.

Sectional title ownership means that you own your unit (or section) and that you have ownership of an undivided share of the land and common property of the complex. Prior to this, units were owned in a ‘share block’.

Ynnis Willson, Jawitz Properties’ Randburg branch manager, says there tends to be confusion over the difference between sectional title and clusters. The development types might look similar, but in essence they are different in terms of ownership. Before buying, the buyer should be aware of what constitutes both.

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