What SONA 2017 means for South Africa's property market
President Jacob Zuma’s last State of the Nation (SONA) address offered very little new from last year, and is unlikely to boost business and investor confidence, desperately needed to re-energise the economy and property market.
This is according Samuel Seeff, chairman of the Seeff Property Group, who says he welcomed the commitment to speed up the granting of title deeds to beneficiaries of subsidised housing projects, and noted the ongoing focus on transformation in the property sector.
Real Estate Business Owners of South Africa (REBOSA), supported by the property sector, is already playing an active role in regard to various matters around the proposals contained in the Draft Property Practitioners Bill.
Landlords - how to avoid 'eviction order denied' in one step
Every landlord has the same unexpressed nightmare: ‘eviction order denied’, and nowadays, many well-intentioned landlords actually hear those words in court, leaving them to process the downward financial spiral they find themselves trapped in with no clear way out.
The obvious question then is, why do so many Eviction Applications go so horribly wrong?
Managing Director of TPN Credit Bureau, Michelle Dickens, says a landlord’s case may be full of merit, but if a verbal negotiation regarding outstanding rental has taken place where the landlord has allowed the tenant to make payment later than the rental due date, the tenant is able to rely on the defence that an informal payment plan was entered into with the landlord.
Five top tips for choosing a good property investment
Choosing the right location when it comes to buying a property is a complex decision, and one that is almost entirely driven by your own needs, especially if it is your residence.
This is according to Samuel Seeff, chairman of the Seeff property group, who says where you want to buy and for how much will almost certainly be the top consideration. Your budget will largely direct which areas and property types you might want to look at.
Regardless of the area that you choose or how much you are able to buy for, Seeff says that buyers, especially first-time buyers, should always follow the ‘golden guidelines’ by doing their homework, looking out for key factors and ensuring they pay fair market value, unless they really want the property and are prepared to pay more for it, knowing that this may affect the value growth in the medium term.
What property restrictions mean for owners and buyers
Owning a property does not mean that the owner is entitled to do whatever they want to the property.
Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that every property in South Africa that is privately owned is subject to certain control measures, which may restrict the owner from making the changes they desire.
“Before purchasing a home, it is in the buyer’s best interest to check the title deed to see whether there are any restrictive conditions that exist on the property, especially if they plan on building on or changing the property in any way,” says Goslett.
Why interest rates shouldn't dictate your decision to buy a home
Interest rates are an important consideration for anyone who owns a home or is planning to buy one - which is why the real estate industry holds its breath every time the Reserve Bank makes a rates announcement.
But prospective buyers should not give rates an undue amount of influence in their home purchasing decisions, says Gerhard Kotzé, MD of the RealNet estate agency group.
“There are several other factors that are just as important to consider, including your personal family circumstances and financial position,” says Kotzé.
“For example, although there is talk now that interest rates might start to decline again later this year, you might not have time to wait and see if this happens because your family is expanding and you need extra space right now. Or it could be that you have spent the past two years saving up a deposit and are eager just to start paying off your own place now instead of renting.”