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Property 24/10 - 383

7 December 2017

How to become an estate agent in South Africa
Are you someone who loves helping other people? Do you have a positive outlook, a good work ethic, love competition and working in a team environment? The world of real estate could be the industry for you. Paul Stevens, CEO of Just Property, says the real estate industry in South Africa offers the chance to work and study at the same time. And, although there are no income guarantees, the earnings potential of rookie estate agents far exceeds what they might earn in other entry-level or unskilled positions.

In terms of the regulations governing the industry, you will need to complete a 12-month internship under the supervision of a fully-qualified agent. There are also a formal qualification (Further Education & Training (FET), National Qualification Forum (NQF) Level 4 Real Estate) and a Professional Designation Exam Level 4 (PDE4) that you need to complete, and you can do these at the same time as your internship.
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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.
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Property buying finance and peeves for the over-60s
You would think that upon reaching your golden years you are of an age to qualify to do pretty much anything – you’ve worked hard, earned your dues and own your own home. However, when it comes to buying property, for 60-somethings things do get a little harder as they find themselves faced with bank mandates, age restrictions and all sorts of conditions, and the inevitable hard-to-read fine print.

Unless you have cash in the bank (or under your mattress) you would be advised to look beyond the bank – many don’t work in this space and are also reluctant to grant new 20-year mortgages to senior citizens, this despite the fact that the National Credit Act stipulates that one cannot be discriminated against when applying for finance on grounds of race, religion, sex and age. The banks may consider helping out under certain conditions and will do so at their discretion but will also be very stringent in assessing your risk and affordability – there are some instances where they may consider a loan if your pension is deposited there but typically this is an arduous route to follow.
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Don't let holiday spending ruin your home-buying plans for 2018
It’s summer, it’s holiday time and it’s the season in which consumers want to take a break from worrying about what they spend. But with just a few shopping days left before Christmas, those who hope to buy a new home next year should actually be keeping an even tighter rein than usual on their finances.

This is according to Berry Everitt, CEO of the Chas Everitt International property group, who says festive season shoppers worldwide are known to spend between 15% and 30% more than they had originally planned on gifts, holiday accommodation and food.

“However, while such extravagance is always great for retailers, it could easily spoil your chances of getting a home loan when the new year rolls around,” says Everitt.

“It is thus important to think about which is really most important to you: feeling rich right now as you spend madly, or being able to buy the home of your dreams next year.”
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