Property 24/10 - 405

SA’s mining towns facing rental supply and demand challenges
The shortage of suitable rental property in mining towns like Lydenburg and Middelburg is largely impacted by uncertainty in the mining sector and as a result investors are unwilling to develop in these areas.

Anna-Marie de Jager, Seeff’s Managing Director in Lydenburg, says their branch receives an average of six applications per rental home priced between R4 500 and R6 500 per month.

She says this price range is in high demand and is usually from people who have been transferred to Lydenburg or from contract workers. “Since not all mines supply housing for their employees, they are forced to rent.

“Most tenants are looking for family homes with three bedrooms and a small garden where children can play and where they can keep a pet.”

This is where SA’s wealthy are investing in offshore property
The number of South Africa’s high-net-worth individuals (HNWIs) looking to invest in offshore property to mitigate the risk of fluctuations in the domestic markets and to diversify their wealth portfolio, is on the increase.

They join their global counterparts in seeking investment in offshore property markets which have shown stability and the potential for growth.

The South African Wealth Report 2018 shows the number of locals in this income band (total wealth of more than $1 million) has increased by 8% in 2017. According to the report, published by New World Wealth, South African HNWIs held 17% of their wealth offshore, compared to 13% in 2007, a figure which is forecast to rise to 22% by 2027.

Why you need life insurance when buying a home
It’s said that buying a house is one of the most stressful life events, and if you’ve recently entered the property market, you’re probably vigorously nodding your head. Other than the dodgy seller and the ruthless agent, there’s another potential obstacle to your white-picket-fence of homeowner bliss that’s lurking in the neighbourhood.

It may surprise you to learn that, if you have a home loan and something bad happens to you, you could lose your home. If you can no longer afford to make the bond repayments because you get sick, become disabled, or even die, the bank will sell the property, and if that happens, where will your family live?

Gretchen Pletschke from Indie says there’s a simple way to avoid this far more stressful life event, which is to get life insurance.

Property market slowly turning in favour of sellers
Lately there has been more optimism in the country and banks are keen to lend, which has seen a positive upswing in house prices.

The upturn in SA’s property market that has been evident since December is now beginning to translate into an increase in home price growth, says Rudi Botha, CEO of bond originator, BetterBond.

He says their latest statistics show year-on-year growth of 5.3% in the average home price at the end of April, compared to 2.62% in January, 2.85% in February and 2.94% in March. The BetterBond statistics represent 25% of all residential bonds being registered in the Deeds Office.

What are the legalities of running a business from home?
The digital era has revolutionised the way we conduct business. The need for large office spaces is slowly eroding as more and more employers choose to allow their staff to work remotely. As a result, the home business model has grown in popularity, with many new entrepreneurs choosing to start their business from home rather than in a business district. But what are the legal implications of operating a business in a residential area?

“Consumers need to be very careful before choosing to start a business from home. Zoning laws prohibit most businesses from operating in a residential area unless they have received special permission in the form of a temporary departure, which cannot be transferred to the next homeowner if the property is sold,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.

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