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THE BOTSWANA GAZETTE

WEDNESDAY 09 - 15 NOVEMBER 2016

PAGE 1

PROPERTY AND DEVELOPMENT SUPPLEMENT

PROPERTY & DEVELOPMENT Wednesday 09 - 15 November 2016

SUPPLEMENT TO TH E B OTSW ANA G AZETTE

Getting Property Valuation Right

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MODIRI MOGENDE t is a dream of most people to own property. This is why it is important for people to know how the property they own or intend to buy is worth. This is critical as valuation information will directly affect the price of the property in a transaction. Before one values their property, they should first and foremost identify a valuer or valuation company. It is advisable to find one registered with the Real Estate Institute of Botswana to ensure a qualified valuation report. Secondly in the case that you are using a financial institution like a bank to finance the property, they will demand a certificate from the institute as proof of qualification. Estimating the value of property is important for several reasons, including real estate financing, listing real estate for sale, investment analysis, property insurance and the taxation of real estate. According to industry experts, your property valuation will depend on a number of factors, from the local housing market, to the age of your house and the estate agent you choose. Each individual house requires its own assessment to accurately measure the unique characteristics that make up the property value. The value of your home will then determine how quickly it sells and how much it sells for. So it is important to get it right! Location remains a very important feature of the property

market globally. A magnificent house in the middle of nowhere can never compete in valuation with a house in say, the Golf Estate. So, Location! Location! Location! is not just an adage in the property space, its actually very important. House Size is another important variable in property valuation. When you have more space and rooms in the house, it is likely to fetch a better value. For in-

stance, in Botswana 3 bedroom homes are probably the most common in the market. So, a 4 or 5 bed houses is likely to be valued a lot higher. Look inside your house objectively and try to judge if it is in the best possible condition ahead of the property valuation. Consider giving your property new paint to clean and freshen up the space. Inexpensive additions can help to raise the prop-

erty valuation you receive.

of your property.

Cleaning your home before a property valuation is an obvious and simple thing to do but you’d be surprised how often people overlook it. Giving your home a decent spring clean (i.e bathroom mould) will not only help it to look better, but means it will smell nice when any visitors arrive. One can acquire the services of a professional cleaning agency to help get the best

Lastly, to help improve valuation, you may want to do some landscaping work in the yard your house is in. Landscaping, when done neatly, can help increase the value of a property as it becomes aesthetically appealing to both the valuer and potential buyer.

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PROPERTY AND DEVELOPMENT SUPPLEMENT RATES PER A NIG H T Standard P550,Executive P650,Tw in P 750

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WEDNESDAY 02 - 08 NOVEMBER 2016

THE BOTSWANA GAZETTE

The rise of contem porary hom e design

MADAMZ

is an up scale designed B outique B ed & B reakfast w hich p recedes over the p eacefulb right city of G ab orone fashioned for suitors of sop histication.

T

MODIRI MOGENDE

he days were homes in Botswana especially in Gaborone’s suburbs looked more or less the same due to similar architectural designs are coming to pass. Many of the original modern homes across the city are replicas of Botswana Housing Corporation’s generic designs. People used to basically transcribe those designs into their individual developments.

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language is based on adaptive approach. Every corner of the house is built with purpose. The house’s face is meant to optimise the sun’s movement throughout the day, insulating the heat for adaptive temperature control in the house. The mostly concrete house is able to optimise the temperature and make for cool summer afternoons and warm winter evenings. The house also has a free-standing wall from the roof with a glass top, this allows for natural light to enter the house from throughout the day. The design which was done by local architectural maestro Tshoganetso T. Rantsilo provides for less energy use, heating and cooling- despite the house being a 4-bed double storey.

As our eyes are increasingly opened to the world with increased global travel and the rise of the internet, many home owners are breaking the mould and building some unique homes. Take a drive around Block 10, Gaborone North Contemporary home design nowaand Phakalane, one days also tends to incorporate energy will witness designs previously not com- saving technology. According to exmon in the city. Big perts, the purpose of saving energy, and small, our ar- least use of artificial resources, envichitecture has gone ronment friendly design, reduction in modern.

carbon emission, is the new language.

Contemporar y home design nowa- Design themes are lifestyle based also days also tends to giving owners their own distinct. incorporate energy saving technology. According to experts, the purpose The house’s design themes are of saving energy, least use of artifino longer just important on the cial resources, environment friendly outside. The contemporary design design, reduction in carbon emistheme can be taken to the interior sion, is the new language. Design too. Cutting edge kitchen designs, themes are lifestyle based also givopen spaces and integrated outing owners their own distinct. side spaces. Continuing the energy This is evident for instance at the conscious approach in design, arPPC dream house currently be- chitects are increasingly providing ing constructed in Block 10 for its gardening space which gives life to eventual lucky winner. Its design the property.


THE BOTSWANA GAZETTE

WEDNESDAY 09 - 15 NOVEMBER 2016

Space interiors: shaping your hom e and o ce space in an artistic palette

PROPERTY AND DEVELOPMENT SUPPLEMENT

PAGE 3 home and o ce designs, Space Interiors’ recipe fuses different themes, be it classical or contemporary design that is marred with aspects of Batswana decorative items. With the right business ideas, the company plans to move across borders, in the not too distant future. “ One of our developmental goals is to partner with a manufacturing firm so that some important interior design products are also manufactured in Botswana. That way we can produce for both local and easily penetrate international markets. We believe we have to portray to the outside world that the Batswana culture can also be seen in the area of decorative arts or even in the area of art furniture,” said Chengeta-Awe.

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BOTLHE DIKOBE n today’s modern environment, to achieve a pleasant and more conducive work space and serene haven requires not only a traditional mindset, but also yearns for an artistic outlook in achieving an aesthetically pleasing environment that aligns well with the furnishings of a brand-new o ce or home. For almost eight years as a fully registered and citizen owned company, Space Interiors has availed exquisite state of the art home and o ce furniture from overseas countries to Batswana at a reasonable price. The company also specializes in creating spacious, comfortable interiors in the o ce and home. In this multi-faceted profession of design, which stands as an untapped market in the country, Space Interiors seeks to address the effective management of space putting functionality first and also considering the right application of materials to the different surfaces, bearing in mind the aesthetics. In doing so, the company has made it its business culture to take upon a holistic perspective in understanding in great details the design requirement or design brief from their clients for great customer satisfaction. Space Interiors’ line of products reect diversity and brilliance, ranging from its refreshing residential in-doors and outdoor furniture, sculptures to cleaved wall pictures, uffy pillows, antiqued vases and unique modern wallpapers that meet the taste and affordability of their clients. “ We run a travel agency where we purchase travel tickets for our clients when applicable. We add a personal touch to our services by accompanying our client to over-sea countries for the purchase of the aforementioned goods if required. We have a shipping agency to assist with shipping goods to Botswana and we also manage clearing of goods through our local customs o ces when the goods finally arrive, where we then deliver them to our respective clients’ home or o ces,” said Marketing Director Colon ChengetaAwe. As a way of stimulating the minds of their customers through their interior

Contact us at 319 0604 |enquiries@ spaceinteriors.co.bw |http://w w w .spaceinteriors.co.bw /


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PROPERTY AND DEVELOPMENT SUPPLEMENT

WEDNESDAY 02 - 08 NOVEMBER 2016

THE BOTSWANA GAZETTE

Dealing with your Real-Estate agent MODIRI MOGENDE

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The property market is a tricky! U sually your views on how much your property is worth and how much the market is willing to pay are not aligned. This is where a real-estate agency comes to play. A real-estate agent is a licensed professional who represents buyers and sellers in property transactions. In Botswana agents are to be registered by the Real Estate Institute of Botswana under the Real Estate Advisory Council. This gives credibility to the professional’s ability to advice, buy and sell property. According to international property experts, these are the best tips when dealing with a real-estate agent:

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Agents get paid when deals are done. They are therefore keen to find a buyer who is serious. To make sure you are the first to be called when a new property becomes available, make sure the agent knows you are ready to go. Cash in the bank is better than someone who needs a mortgage. Someone in rented accommodation can move faster than someone with a property to sell. Ignore invitations to rush to see a property or to be panicked into bidding. Fewer than 10% of homes for sale

in any one month sell. Proceed in your own time, there is a lot of houses entering the market on a daily basis. Take Gaborone for instance, there are several suburbs springing up that are presently making the market competitive. Do not get your finance from the selling agent’s bank. Get a quote, but then discuss it with your own mortgage adviser. Do your own negotiations with the bank separate from your agent, this way you are most likely to get a better deal. Don’t assume that the guide price is anything more than an indication of the owner’s greed or the agent’s enthusiasm to get the job. Be confident and make an offer. A house is worth what you and the seller agree, not what the agent thinks it’s worth. Double-check everything you are told. Check out the neighbourhood on different days to ensure that they are as quite as they may be said to be. Check the quality of workmanship around the property more than once to ensure that you are not getting a dud of a property Do not expect an agent to send you new property listings when they are available. Keep in touch, go and see possible properties and look serious. You’ll be amazed how much you will learn from frequent contact.


THE BOTSWANA GAZETTE

WEDNESDAY 09 - 15 NOVEMBER 2016

PAGE 5

PROPERTY AND DEVELOPMENT SUPPLEMENT

Financing your rst house MODIRI MOGENDE Many young professionals are looking into owning their first property. Their families grow as they get married and have children, and as such are in need of shelter ownership. For most, paying cash to buy a property is probably impossible. So the next option is to finance the house through a financial institution or mortgage provider, banks in essence. In Botswana, there are different types of mortgage providers, there are the commercial banks; Barclays, FNBB, Standard Chartered, Stanbic Bank and others. There are also government financial institutions like BBS and BSB who provide similar services. To many, the dream of home ownership is a lifelong dream, however the process of getting bound into a finance deal can be frightening. First, one needs to do research before anything else. Houses are different and locations attract different kinds of financing. It has to be noted that most banks have a less favourable view to properties that are outside the city, so trying to get financing for houses in Tlokweng, Mmopane, Mogoditshane and other such places will lead to one raising a lot of funds on their own. A few years ago, some of the banks were offering 100% loans for properties in Gaborone as they are considered better bankable. The 100% deals have largely dried up while inner city properties continue to be viewed as attractive for financial institutions. Determine How Much You Can Afford. This is an important starting point. You can get a good idea about this well in advance before shopping by checking calculators which banks and properties cost. According to experts, you can afford a home which is two to two-and-a-half times your gross annual income. Today’s rules, however, are much more complex. Most lenders take your basic information and enter it into automated underwriting models that blend credit scores, debt-toincome ratios and other factors to make decisions about loan sizes, interest rates, fees and charges. It is very technical at times, but it is important to be aware where you stand before filling those loan applications. One has two options when financing a property, you can go and look for a house to buy, a complete structure that has some years on and is ready for occupation. After valuations are done by a valuer and presented to the bank, it will then be processed for a payment over 15 – 25 years in most instances. Another option is one to get a building loan. This requires the acquiring of a piece of land to construct on. Engaging professionals to design and layout your dream house will then be presented to the financial institutions. This is a fairly complex process and time consuming, however one gets to build a house they have designed according to their preference. The repayments can take as long as those of a ready built house. Whether building or buying, it is important for one to continuously be aware of how financing of both processes work in order to make a decision that is in accordance with what is with budget.

      

       

  

  

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PROPERTY AND DEVELOPMENT SUPPLEMENT

WEDNESDAY 09 - 15 NOVEMBER 2016

THE BOTSWANA GAZETTE


Property Supplement