Property360 - National Digital Magazine - 18 February 2022

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LEAVE OR STAY – ADVICE EITHER WAY PAGE 3

PICTURE: JESS BAILEY DESIGNS/PEXELS

PROPERTY

360

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To sell or let if you’re leaving

FOR MOST people making the move overseas, it is better to sell their home instead of renting it out.

PICTURE: OLIA DANILEVICH/PEXELS

Property experts give advice on what to do with your property if you are planning to emigrate BY BONNY FOURIE bronwyn.fourie@inl.co.za

I

F YOU have decided to emigrate, you probably need to sell your home to help pay for this huge move.

But if you don’t need to, there may be a desire to hang on to your property here and rather let it.

This option not only gives you back-up in case your overseas venture does not work out, but also allows you to use the property as a holiday home or even one in which to retire.

The choice of whether to sell or let – for those who have that choice – can be a difficult one. Andrew Golding of the Pam Golding Property group says there is no one-size-fits-all answer.

“It all depends on the individual’s assessment of a number of influencing factors, personal circumstances and choice,” he says.

Fortunately, the experts do have some advice:

LET IT GO Although your decision depends on your and your family’s financial health, Rawson’s Craig Mott says, in some cases, it is advisable to sell as emigration is already a stressful process and liquidating assets can go a long way to sustaining you

through your first year or two in a new country.

“It can also be financially and emotionally distressing to a family/person if they need to spend money maintaining the property.

“If they do not have a trusted agent on their side then they will need to manage tenants on their own from afar and that can be difficult when regular inspections need to be done or when dealing with a defaulting tenant.”

Chas Everitt’s Berry Everitt agrees the best choice is to sell.

“It’s difficult enough to emigrate and adapt to a new life without having to worry about a property in South Africa, what your tenants may be doing, and what problems there may be in terms of erratic municipal services, even if you have an excellent rental property manager.

“If you really want a rental property, rather buy one close to where your new home is.”

Besides, he says, the past two years have not been kind to the rental sector in South Africa.

“Many tenants are still behind on repaying the rent deferrals granted during the Covid-19 lockdowns and, according to the latest statistics, only about 80%

are in ‘good standing’.

“What is more, about 72% of landlords had to settle for lowerthan-usual rent increases last year – and that is unlikely to change this year because of the rising cost of living, which limits tenants’ ability to absorb increases.”

From the property group’s perspective, it is also becoming difficult to find quality tenants.

“We have strict income, employment and paymentrecord verification procedures in place to protect our landlords and, in some areas, up to 70% of prospective renters are not making it through these checks.”

HANG ON TO YOUR HOME If you do, however, want to keep your property and let it, Everitt says you should never try to manage your property from a distance without the help of a qualified and experienced rental manager who you trust.

Mott says you also need to prepare in advance and take care of property repairs and maintenance issues before the property is let and ensure that you keep in line with rental pricing trends.

“Get your rental property valuated by a rental agent,

and market it in accordance with that.”

Furthermore, if you are letting your home fully furnished, you need to prepare an inventory of all the furniture and equipment and the tenant needs to sign acknowledgement of the inventory at the incoming inspection.

“Like any other investment, the key lies in intelligent asset management,” Everitt says.

“Having a rental expert on board can help minimise risks and maximise returns in the long term, allowing a stress-free rental.

So, enlist a reputable agent who can take care of all this for you.”

HURRIED DECISIONS Whether it is better to sell or let your property will also depend on the urgency, says Seeff’s Samuel Seeff.

“There is adequate demand in the market in most areas to be able to sell, especially in the price bands below R2 million, so you should be able to attract offers, provided the property is priced in line with the current market.”

The difficulty with keeping a rental property when you emigrate, he says, is that you are not here to look after it.

“But appointing a good rental agent can assist.”

If you need to sell your home quickly because of relocation deadlines, Mott says the key factor is pricing, so start off with a valuation and then ensure your property is priced correctly to sell. You should also sign a sole mandate with an agent.

“With a sole mandate, your agent can afford to give your property their full attention, because they’re guaranteed the commission from the sale.

That means they’re not going to shy away from spending more time and money on marketing or putting more effort into negotiations.”

Everitt agrees: “Award a sole mandate to a successful real estate professional who understands the urgency of your situation, will price your home to be competitive in the current market and be willing to negotiate with prospective buyers.”

Duane Butler of Seeff Randburg advises that you be upfront with your agent about your needs so he or she knows whether it is an urgent sale.

“And be flexible with your pricing so that it is in line with the market.”

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EMIGRATION-related property sales could increase slightly as more countries reopen their borders.

PICTURE: MICHAEL REICHELT/PIXABAY

Letter from the editor A WHILE back, it was with great sadness that I said goodbye to a number of friends and colleagues who were emigrating.

You don’t know if you’ll ever see them again – and I can’t think of anything more daunting than giving up your birth country and moving abroad.

The life of immigrants the world over is well documented, as well as the longing for one’s place of birth, no matter how much you integrate yourself into a new life.

Every single one of my friends who have emigrated has a deep longing to return home. I don’t know anyone who says they won’t be returning to South Africa at some stage.

However, it’s interesting to see the stats on those leaving our shores and how, after a peak in 2019, things have stabilised.

But experts say with borders opening up again, we can expect to see another spike. No one easily leaves a home country unless they believe they will find a better life somewhere else.

Our country has seen an increase in foreign buyers of late, and when asked why they chose South Africa, they reply it’s the beauty and the people who keep them coming back – and let’s not forget the exchange rate.

I follow an interesting couple on TikTok, who travel the world and set up home in different countries. The longest they have stayed anywhere was in South Africa – how? Why? Financially, it was way cheaper for them here than if they’d stayed in their old home in the US. There are pros and cons to leaving your birth country – adventure beckons and anything is possible in today’s world.

My friends who’ve made it overseas work hard at being part of the new every day.

Immigrating and emigrating are full of hellos and goodbyes and hard work and also untold treasures and delights.

Whether you’re staying or going, take care and enjoy.

Warm regards

Vivian Warby vivian.warby@inl.co.za

FIND US HERE: @property360.co.za

@property360_za

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Should we stay or should we go?

14% of property sales in the R2.6m to R3.6m range are by people who are emigrating

BY BONNY FOURIE bronwyn.fourie@inl.co.za

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MIGRATION-related

property sales have remained stable over the past year but could start increasing now that some countries are reopening their borders. The numbers, however,

are not expected to reach the 2019 peak.

Sales due to emigration have remained stable at around 8% of market volumes in recent quarters. However, FNB senior economist Siphamandla Mkhwanazi says this ratio increases to 14% in the R2.6 million to R3.6m category, and 11% in the price bracket above R3.6m.

While, overall, emigrationrelated sales have slowed since 2019, lower volumes in recent quarters might have been affected by global travel restrictions and possibly by the work-from-home trend.

“Emigration-related sales may well increase, as global travel restrictions are phased out, but it is unlikely that volumes will test the 2019 peak.”

He attributes this to the fact that the cost of living is “rising relatively fast” in developed markets and might therefore dissuade relocation, and also because most South Africans who wanted to emigrate “have already done so”.

“And being able to work from home is making it easier for South Africans to work abroad while still living here.

Sell or let?

While some South Africans are choosing to keep their properties when they emigrate, and let them while they are living abroad, says Berry Everitt, chief executive of

the Chas Everitt International property group, those who are genuinely emigrating do not want to hang on to their properties here.

“Occasionally, we have clients who are leaving South Africa to work on an overseas contract for a few years and want to let their home until they return but, again, this is a very small number.”

He does not advise emigrants to keep their homes here.

“Our real estate market is buoyant at the moment, and sellers who work with a seasoned real estate professional to price their homes correctly should be able to sell within a matter of weeks, and perhaps within days, in areas where there is a shortage of supply.”

Craig Mott, Western Cape regional sales manager for the Rawson Property Group, says most homeowners who are emigrating choose to sell their properties as, generally speaking, they emigrate financially, to avoid having to pay tax in two countries.

“They rather liquidate completely. We seldom have people who prefer to keep their properties in South Africa.”

In cases where they do choose to let their homes, Mott says they eventually settle in another country and, after experiencing the lifestyle and job scene for a few years, feel comfortable with selling their properties here.

Duane Butler, general manager for Seeff Randburg, says sellers leaving the country also prefer to sell their properties so as to not have the headache of managing them from far away.

“Often, those looking to emigrate need to sell because

they will need the funds to settle elsewhere.”

The push factors for emigration Mkhwanazi says moving to a different country is often not an easy decision and it takes time.

“There are long processes involved, so while there may be trigger events, the actual emigration might happen months later.

“In our observation, emigration is largely driven by longer-term factors such as weak economic prospects and political instability.”

Everitt says emigration is also a “very difficult, stressful and often costly process” that usually involves a search for a new job or new business opportunities; getting work and business permits; deciding on a real-estate investment or finding a rental home; obtaining temporary or permanent residence; moving a whole family to a new home and new schools; moving pets; shipping belongings and trying to fit into a different culture.

“This is further complicated by having to comply with the unfamiliar laws of another country, trying to understand or assess documents and contracts in a foreign language, and considering what to do about your investments, insurance policies, bank accounts and taxes in South Africa.”

Samuel Seeff, chairperson of the Seeff Property Group, says gnerally South Africans do not want to emigrate and often do so as an “absolute last resort”.

They often go for family reasons, security or economic opportunity.

“What we do see is that many South Africans go overseas

to work for a period of time – working as expats rather than emigrating.

“In many instances, these expats earn more than what they would locally and often invest in homes in South Africa.

“We see this on the Atlantic Seaboard but also in many other areas. They invest in homes, initially for holidays back in South Africa, but then with the long-term view of returning to the country.”

He says there has also been a notable uptick in South Africans obtaining second passports as a “Plan B”.

Stay here, invest in property overseas As an alternative to emigration, says Andrew Golding, chief executive of the Pam Golding Property group, a number of South Africans are choosing to acquire property outside the country but not to leave or sever ties with it.

Many are looking to acquire EU citizenship through their property purchases to provide themselves and their children with opportunities to travel or work in Schengen Europe or spend part of the year overseas.

“Others are looking for sound offshore investment opportunities as a currency hedge.

“We believe the abolition of the requirement to formally financially emigrate is positive and it might well encourage people to hold on to properties in South Africa.”

He adds that there are increasing reports of South Africans living overseas but looking at buying property back home.

DISCLAIMER: The publisher and editor of this magazine give no warranties, guarantees or assurances and make no representations regarding any goods or services advertised within this edition. Copyright ANA Publishing. All rights reserved. No portion of this publication may be reproduced in any form without prior written consent from ANA Publishing. The publishers are not responsible for any unsolicited material.

Publisher Vasantha Angamuthu vasantha@africannewsagency.com Executive Editor Property and Environment Vivian Warby vivian.warby@inl.co.za Features Writer Bonny Fourie bronwyn.fourie@inl.co.za Design Kim Stone kim.stone@inl.co.za

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O T H E R

P R O P E R T Y

N E W S

3 Cape Town coastal suburbs among the most searched-for CHANGES to the law will address many of the concerns of consumers.

PICTURE: ALEXANDR PODVALNY/PIXABAY

NEW ACT OFFERS PROTECTION FOR BUYERS AND SELLERS THE NEW Property Practitioners Act came into effect on February 1 and, while the tightening of the legislation largely concerns agents and agencies, consumers also need to understand the implications of these changes.

“Sadly, for many years, our industry has not always had the best reputation and members of the public have all too often – and with good reason – complained about the service they have received,” says Steve Thomas, secure estate specialists for Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs.

“However, they can now rest assured in the knowledge that many of their concerns have been addressed and have been remedied through new stringent and well-conceptualised laws which effectively curtail the root cause of problems.”

As of February 1, not only were unregistered agencies unable to operate legally, all agents and the agency itself must be registered with the Property Practitioners Regulatory Authority and hold valid Fidelity Fund Certificates. Additionally,

all these certificates must be displayed and/or produced on demand as well as on all company-headed branding.

He says the new act further enforces compliance by barring conveyancing attorneys from paying commission to unregistered agents and agencies.

Furthermore, all unqualified (but registered) practitioners must now present themselves as interns in training and may not conclude legal transactions, which means there is far less chance of costly and stressful incidences occurring.

Thomas says consumers are further protected by the following measures: • Property practitioners may only market properties which are mandated (in writing) by the registered owner.

• All mandates must have a commencement and an end date.

• Any extensions to mandates must be in writing to be deemed valid.

• No mandate may be considered valid unless there is a written property condition report signed by the owner prior to marketing.

THREE suburbs in Cape Town are among the top five most popular in the country. PICTURE: WOLFGANG RIEBE/PIXABAY

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AUTENG and the Western Cape are home to the most popular suburbs in the country, based on the number of searches by aspiring property buyers.

The latest Re/Max National Housing Report reveals that for the fourth quarter of 2021, Parklands in the Western Cape was the most searched-for suburb on remax.co.za.

This was followed by Pretoria’s Faerie Glen and Fourways in Joburg. Bloubergstrand and Table View in the Western Cape were placed fourth and fifth.

“The three suburbs in the Western Cape that featured in our ‘top five’ searched suburbs on remax. co.za are popular areas as they tend to offer more affordable housing options compared to other beachfront suburbs,” says Adrian Goslett, chief executive of Re/Max of Southern Africa.

Fourways and Faerie Glen remain popular options for Gauteng buyers and these suburbs regularly feature in the top five suburbs in the Re/Max National Housing Reports.

“These suburbs are well-established, desirable markets within Johannesburg and Pretoria, respectively.

Both are near to the city centres and cater to a wide range of buyers.”

While KwaZulu-Natal did not feature in the fourth quarter’s top five last year, in previous Re/Max Housing Reports, Musgrave has featured on more than one occasion and Essenwood has also made an appearance.

“KwaZulu-Natal is rising in popularity among buyers, especially as more and more developments occur within the province. I would not be surprised if, in time, this province features more regularly among the top searched suburbs within South Africa,” Goslett predicts.

House price inflation still low, report shows

A REPORT reveals that house-price inflation is still growing at less than 5% nationally. PICTURE: LASZLO ZAKARIAS/PIXABAY

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ATIONAL year-on-year house-price inflation is at 4.35%, marking a fourth consecutive month of growth under 5%, states Lightstone’s latest Residential Property Index.

Inflation, as at the end of December, remained steady in the Eastern Cape, Gauteng, Limpopo and Mpumalanga, and increased in the North West, Northern Cape and Western Cape.

Price growth decreased in the Free State and KwaZuluNatal.

The report also reveals that house prices in the “low-value” segment (less

than R250 000) continue to outgrow those in the highervalue segments, with the inflation rate for this segment currently at 9%, almost double that of the “midvalue” segment (R250 000 to R700 000) at 4.9%.

LIGHTSTONE RECORDED PROVINCIAL INFLATION AT: Northern Cape Eastern Cape North West Western Cape Free State KwaZulu-Natal Limpopo Mpumalanga Gauteng

7.5% 7.3% 7.3% 7% 6.5% 5.2% 5.2% 5% 4.7%

BUYING a home off-plan offers a number benefits. PICTURE: JEAN-PAUL JANDRAIN/PIXABAY

THE JOYS OF BUYING YOUR HOME OFF PLAN IF YOU are interested in buying a property in a specific new development, but the developers have not completed or even begun the construction of the houses yet, one option is to buy off-plan.

Rhys Dyer, chief executive of the ooba Group, says this option does require a level of trust but can often work out to be much cheaper as deposits are lower than if you were buying an existing unit.

Bond repayments are also delayed until construction is complete, giving you up to

24 months to put money aside and budget accordingly.

Another benefit of buying in a new development is that there is no transfer duty.

“This is because the payment of transfer duty only applies when a property changes ownership and this is not the case when purchasing a newly built home...

“Therefore, buyers stand to save significantly when purchasing a home in a new development, where transfer duty does not apply, especially if it is a multimillion-rand property.”

However, Dyer does caution

that buying a newly built home in a development is still subject to VAT. Aside from the financial rewards, he says there are numerous benefits to buying in to a new-built development: • The home is a blank slate that you can furnish and fit to your personal taste and requirements.

• Less maintenance and upkeep are normally required on new houses than older ones.

• Newly built homes are constructed with energy efficiency in mind.

• There are security measures, such as access control, biometric access, perimeter fences and CCTV cameras.

• It’s an opportunity for community living.

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SELLING AGENT DEBBIE 073 140 2543

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GREENHAVEN Estate offers residents a leisurely community lifestyle based on luxury, convenience, social engagement and quality medical care

HELLOWOOD INTERIORS

Well done!

We are proud to be involved with this project +27 31 507 1455 +27 32 552 3910 +27 35 751 1095 info@thekweni.co.za www.thekweni.co.za

Congratulations to Melki

Congratulations

Melki Group on your success and achievements

WE MAKE YOUR DREAM HOMES COME TO LIFE!!

Proud to be associated with Melki.

Congratulations!

CONTACT: 082 667 9102 • TEL: 0314631974 hellowoodinteriors@gmail.com

Congratulations Melki

Chris Ram Estimator / Designer & Timber Sales Manager 082 659 0994 | chris@dezzoroofing.co.za

Congratulations on reaching this momentous milestone Melki Property.

AA PROJECTS & FLOORING Specialising in: • Laminate LVT • Epoxy Floors • Vinyl Sheeting • Carpeting • Self Levelling • Carpet Tiles • Herringbone • Tiling • Cemcrete • Floor Prep AA Projects & Flooring supplies & installs at affordable rates.

Workmanship Guaranteed on every job. Contact Ash on 079 187 3192

Gutterfast is proud to be associated with Melki and wish them well...

CONGRATULATIONS to Melki on your achievements at the Greenhaven Site Tel: 031 579 1107 • info@cityglass.co.za

031 701 2922 keith@gutterfast.co.za www.gutterfast.co.za

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LAST FEW FROM THE DEVELOPER

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BIDDING OPENS TUES, 22ND FEBRUARY 2022 AT 12 NOON AND CLOSES WED, 23RD FEBRUARY 2022 *FROM 12 NOON Bid online via our APP: https://bidlive.maskell.co.za

TIMED ONLINE INSOLVENCY AUCTION OF A 9-BED DOUBLESTOREY DWELLING FEATURING TWO DOUBLE GARAGES, COVERED ENTERTAINMENT AREA, SWIMMING POOL AND OUTBUILDING: 53A HAYGARTH ROAD, KLOOF Duly instructed by the Trustees of the Insolvent Estate of TK and VTZ Khanyile, Master Ref: D53/2020

For more information contact Danielle - 0333971190 / 0828016827 or danielle@maskell.co.za • Buyer’s card deposit: R50000 via EFT • 10% deposit on purchase price and 10% + vat (on the purchase price) auctioneer’s commission to be paid by successful bidder on fall of hammer • FICA to be provided • Sale is subject to confirmation “ABOVE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE” (E&OE) - SOLD WITHOUT VACANT OCCUPATION *If a lot receives a bid within the last 10 min. it will remain open for an additional 10 min To advertise in print, please get in touch with our representatives: PRINT ADVERTISING Cape Town & Gauteng Leigh Auret 074 991 3373 | leigh@property360.co.za Shevon Philander 078 422 4925 | shevon.philander@inl.co.za KZN & Gauteng Anne Reddy 082 828 0010 | anne.reddy@inl.co.za Larissa Marks 076 231 1089 | larissa.marks@inl.co.za

www.property360.co.za

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THEEWATERSKLOOF MUNICIPALITY VEHICLES & ASSETS AUCTION PER INSTRUCTION BY THEEWATERSKLOOF MUNICIPALITY, NBM AUCTIONEERS WILL SELL THE FOLLOWING VEHICLES & ASSETS:

+- 16 VEHICLES, ELECTRICAL SCRAP & ASSETS GRADER; X6 NISSAN 1400; X3 TOYOTA HILUX; FORD BANTAM; ISUZU, TOYOTA CORROLA; X3 VW GOLF; PRINTERS, MONITORS, CHAINSAW, RADIO’S, POLE PRUNER, PROJECTORS, SWITCH, TRACKER SYSTEM, CPU’S; VACUUM CLEANER, WASHING MACHINE, TABLES, LAWNMOWER, GRINDERS, GENERATOR, FRIDGES, CUPBOARDS, 2SEATER COUCH, CUT OFF SAW, DRILL, COMPUTER BOX, CHAIRS, CABINET, BRUSH CUTTER, BOOKSHELVES, NOTICE BOARDS ETC….

View: Wed, 09 March 2022 @09:00– 14:30 Auction: Thursday, 10 March 2022 @10:00

Venue1: Victoria Hall, Sports Avenue in Caledon Venue 2: Municipal Yard, Cemetery Rd behind Supa Quick, Caledon

TERMS AND CONDITIONS: PUBLIC AUCTION

Refundable deposit of R10 000.00 by way of EFT only. A 2.5% cash handling fee will be levied for all cash deposits/payments. A buyer’s commission of 4% plus VAT will be levied. Refunds are processed within 5 working days after auction. All speed point transactions will attracts the commission of 3.9% per transaction. As per COVID 19 regulations will strictly be followed. FICA documents required. All payments should be made to the following Account: NBM Auctioneers: FNB-: Trust Account 62845374793, Code: 221325.

SUCCESSFUL BIDDERS ARE TO SETTLE THE PAYMENT ON THE DAY OF SALE!!!

All our auctions comply with the CPA Act 68 of 2008 which can be downloaded from our website. All assets are auctioned as it. “Above subject to change without prior notice” (e & oe) MORE INFO: 073 384 9736 / 076 444 3336 FAX: 086 274 5805

www.nbmauctioneers.co.za

info@nbmauctioneers.co.za

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A G E N T S ’

D I R E C T O R Y

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PROPERTY

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DOGON GROUP PROPERTIES Atlantic Seaboard Office 021 433 2580 thekings@dogongroup.com www.dogongroup.com

RHONDA RAAD PROPERTIES Cape Town Office 082 448 7795 Email: rrpsales@mweb.co.za www.rhondaraadproperties.co.za

SHELLEY RESIDENTIAL KZN Office 082 412 4463 Email: hello@shelley.co.za www.shelley.co.za

DOGON GROUP RENTALS Sea Point Office 021 433 2580 enquiries@dogongroup.com www.dogongroup.com

THE WOODLAND Umhlanga Office 081 281 3960 Email: info@woodland.co.za www.woodland.co.za

BALWIN PROPERTIES Ballito Office 084 788 1020 Email: michelle@balwin.co.za www.balwin.co.za

DOGON GROUP PROPERTIES Southern Suburbs, Claremont Office 021 671 0258

PETER MASKELL AUCTIONEERS KZN Office: 033 397 1190 Email: info@maskell.co.za www.bidlive.maskell.co.za

NOBLE RESORTS CAPE TOWN 010 612 6060 sales@nobleresorts.co.za www.nobleresorts.co.za

VAN’S AUCTIONEERS Gauteng Office 086 111 8267 www.vansauctions.co.za

WIDENHAM RETIREMENT VILLAGE South Coast, KZN 066 306 0669 / 066 306 0612 www.hibiscusrv.co.za

southernsuburbs@dogongroup.com

www.dogongroup.com

DOGON GROUP PROPERTIES Western Seaboard Office: 021 556 5600 or 021 433 2580 enquiries@dogongroup.com www.dogongroup.com

www.property360.co.za

www.widenhamretirementvillage.co.za

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