Everitt says households in South Africa should keep looking for more ways to save and prepare for increases in the costs of transport, food, water and electricity and against future interest rate increases.
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Poor buyers battle to get home loans
In the Western Cape, many potential home buyers are reportedly battling to get home loans with 40 percent qualifying for home loans to buy property.
According to Rawson Properties, with only 40 percent of people qualifying for mortgage finance, renting is on the increase in Parow Valley, Ravensmead, Elsies River, Cravenby, Matroosfontein, Bonteheuwel, Valhalla Park, Montana, Montevideo, Charlesville and Bishop Lavis.
Alvin Suklall, Rawson Properties franchisee for Parow Valley and surrounding areas says the statements made by Rawson Properties directors in the past few years to the effect that people at the lower end of the housing market are those hardest hit by the National Credit Act when they apply for a housing loan is true.
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South Africa's new homes selling fast
While some estate agents report a slowdown in property buying, others are experiencing a boom especially in new residential property developments.
Buyers are said to have bought 28 of the 63 apartments and townhouses in Quayside in Century City, Cape Town.
According to the Rabie Property Group, these were sold in the first two days of the development being launched with sales valued over R41.5 million.
Brian Usher of Property World says the response from buyers had been exceptional and exceeded all expectations.
He explains that this is the first large development to be launched at Century City this year and there was pent up demand from potential purchasers who have been waiting for a new release in the precinct.
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Noisy neighbour troubles – need help!
A Property24 reader asks:
I came across your website and would be grateful if you could give me some advice.
My neighbour lives overseas and only visits once a year. What can I do with regards to his alarm which keeps tripping and buzzing 24 hours and has been doing so for the last 2 months? This happens a few times a year.
The body corporate does nothing. They said that they have contacted the owner and the owner does not respond.
What is my legal position? Can I call the police? If not, who can help?
Phil Calothi, owner and Managing Director of the Cape Town based managing agent company, Land and Sea Development Services (Pty) Ltd , advises:
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Sustainable developments are possible
In a world where environmental sustainability is key to the survival of future generations, communities need to protect natural resources.
Stefano Contardo, development executive at Improvon says environmental legislation is relevant in the development industry as both government and developers work towards the same goal - a healthy, sustainable environment for all South Africans.
He says the National Environmental Management Act (NEMA) Legislation has been introduced as a tool to ensure sustainable development.
While the Environmental Impact Assessment (EIA) is an important tool in this process, they do pose certain challenges for developers.
Contardo explains that timing in this aspect is critical. This is particularly challenging when awaiting feedback from various departments, especially when public participation has been involved.
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Home for sale electrically compliant?
The Occupational Health and Safety Act 85 of 1993 makes it compulsory for anyone who wants to sell anything including electrical wiring to comply.
According to the Act, the individual should be in possession of a valid Electrical Certificate of Compliance (ECC).
It is illegal for a seller to market anything that has electrical wiring without the necessary electrical certificate of safety.
This legal requirement also applies to real estate transactions, says Tony Ketcher, managing director Seeff Randburg.
Confusion often occurs because the Electrical Installation Regulations form part of the Occupational Health and Safety Act (85 of 1993).
In terms of this Act, property owners are ultimately liable to ensure that ECCs are obtained, that they are legal and that they have been issued by an appropriately qualified electrician, he says.
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How to go green the cheaper way
Property developers can go completely green or partially green when building without selling the family farm or spending lots of money.
According to Org Geldenhuys, managing director of property developing and marketing company, Abacus Divisions, going green shouldn’t cost an arm and a leg.
Many low cost green features can be incorporated and can muster short payback periods for the developers.
Geldenhuys says there are a number of basic pointers that if followed, will enable property developers to go green without paying exorbitant prices and without developing a full blown green building.
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Spend that extra cash wisely
South African consumers are urged to save money for home deposits if renting or use extra cash towards mortgage repayments.
According to Berry Everitt, managing director of Chas Everitt International Property Group, it is good news that household debt levels continue to fall but consumers can’t afford to be complacent.
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