How much is your home worth? Answer these questions
There are different values which can be assigned to a residential property.
“The municipal valuation is a general rough estimate used by the municipality in order to calculate rates and taxes. This valuation is only changed once every few years, so it is not very accurate,” says Trevor Sturgess, Seeff’s MD in Kibler Park.
“Then there is the insurance valuation. This value is based on the square metre size of the home and what it would cost - at current building costs - to rebuild the whole house if it had to burn down. This valuation is always very high and not indicative of the market value.
“The market value is the value looked at when listing a home and is determined by using a comparative market analysis - this is when estate agents compare what other homes in the immediate area have sold for. Only homes that have been sold are considered, because those that are still on the market are often terribly overpriced and not an accurate reflection of market value at all.”
Cape Town’s East City Precinct now the 'place to be'
For many years, Cape Town's East City Precinct was regarded as the less desirable fringe of Cape Town’s CBD, largely overlooked by the developers who have been reshaping the cityscape during the last decade. However, this has begun to change with recent upgrades attracting new businesses and injecting new life into the once run-down area.
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, says until very recently, investment in this area was very slow, especially when compared to the Foreshore and other central sectors, but with R1.6 billion worth of construction under way or planned over the next few years, the east precinct will undergo a dramatic transformation.
“The area has been earmarked by the city as a special design and development district, and many are hailing it as a 'design and innovation district' as well as the latest trendy social hub,” says Geffen.
Growthpoint launches new green waste-to-soil initiative
Growthpoint Properties has launched an innovative pilot project that turns the large volumes of food waste generated by client businesses at its properties into compost.
The project, named G-Eco, short for Growthpoint Eco, is a partnership with Life & Earth and has the potential for massive environmental benefits.
It is being tested at Growthpoint Business Park in Midrand using waste produced at four of Growthpoint’s large multi-tenant properties in the area.
Struggling to buy a home? Rent2buy in Cape Peninsula or Gauteng
Tenants battling to pay their rent and save for a deposit for their new home can now use their rent to buy their new home.
This product is available for all approved properties in Cape Town and now also in Gauteng, priced from R400 000 to R1.8 million.
Rent2buy is the brainchild of residential market innovator and attorney, Meyer de Waal, who has worked to include any approved property for sale in the market currently.
“Pre-approved potential buyers identify the home they wish to purchase and we assess whether it is correctly priced,” says De Waal. “If it ticks all the boxes, our financier purchases the property and we enter into an instalment sale agreement with the buyer who ‘rents’ the property for 24 months.”