Property360 - National Digital Magazine - 20 August 2021

PROPERTY

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KEEP YOUR PROPERTY INVESTMENT SIMPLE PAGE 3

PICTURE: MARIO CUADROS/PEXELS

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Landlords must get creative Experts warn that tenants hold most of the cards at present and it is important that rental homes are made as attractive as possible to draw the right sort of renters

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

Most tenants want unfurnished properties.

PICTURE: PHOTO: KARI SHEA/UNSPLASH

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HERE is no doubt that the property investment market is tough at the moment.

Even though the residential market has had a “reasonably nice” demand period, capital growth is not big, says FNB property economist John Loos.

The challenge, therefore, is for investors to buy at the right value in order to achieve returns – and even at below market value, if possible.

“Getting the price right is very important and is a big challenge at the moment as we are not in the boom years.

“In boom periods, you could even buy a property at too high a value and a year or two or three later your capital gains were still 100% higher. But this time is just not it.

“If you buy at the wrong value you may not make capital gains for many years, so you need to get the price right and understand the risks facing property at the moment.”

KNOW THE RISKS For buy-to-let investors, these include the fact tenants are under pressure, so landlords need to sign up good tenants, and then manage them well to keep them happy, Loos says.

“Another big challenge is that of rising operating costs such as

electricity and municipal rates.”

Since lockdown 2020, the residential rental market has dropped off and rental vacancies have increased steadily. Catherine de Villiers, rental consultant at Jawitz Properties, says the rental market is experiencing one of its most challenging times.

“Covid-19 was definitely a major catalyst as it had vast financial implications and created loss in people’s lives and livelihoods, resulting in many tenants struggling to pay their rents and becoming increasingly price sensitive.

“The low interest rates also created an environment for tenants to become homeowners, with a massive surge in first-time buyers entering the market.”

These factors, as well as the many new sectional title developments coming on to the market, have resulted in an oversupply of rental properties.

“There are also countless furnished properties standing empty due to the lack of holiday rentals and expats coming into the country due to Covid travel restrictions,” she says.

KNOW WHERE THE R E N TA L S W E E T S P O T I S TPN’s data for the first quarter of 2021 reveals that the worstperforming category of tenants

from a payment perspective are those in the more affordable rental market. Michelle Dickens, chief executive of TPN, says twothirds of tenants rent for less than R7 000 a month with one third of rents falling into the R4 500 to R7 000 a month range.

“Rents below R3 000 a month remain under pressure with only 65.73% of tenants in good standing. A concerning 17.76% of tenants in this category are unable to make any rental payment contributions.

“The R7 000 to R12 000 rent a month category, on the other hand, showed growth of 23.3%, with 84.37% of tenants in good standing and only 4.86% who were unable to make any payment at all. This category clearly represents a sweet spot for landlords,” she says.

HOW TO SURVIVE THE M A R K E T I N T H E S H O RT TERM Despite the state of the market and tenant affordability, De Villiers says there are still good calibre tenants looking for properties to rent. Landlords who adjust to the current conditions will more readily secure a tenant and avoid their properties standing vacant for months.

She offers the following tips to landlords:

• Adjust your rental expectations: With prospective tenants having lots of properties to choose from, take your agent’s advice as to a suitable rent that will entice lessees. A higher rent does not necessarily attract better quality tenants. Tenants are looking for value and that value is determined by the market.

Credit vetting is key in any market but more especially in the current environment.

• Maintain your property to remain relevant: With tenants able to pick and choose, now is the time, especially if your property is empty, to modernise.

We have found tenants are more attracted to neat, clean and wellmaintained properties that are flooded with light.

• Be flexible: With 90% of enquirers asking for unfurnished premises, you will open yourself up to a much larger pool of potential tenants by being flexible about removing furnishings.

• Welcome four-legged friends: With so many competing properties, landlords who allow pets widen the scope of potential clientele. Tenants looking for pet-friendly accommodation are generally willing to agree to clauses stating that any damage caused by pets will need to be repaired by them.

• Focus on security: Security

remains a key factor and properties that have security systems are highly desirable. Making sure your tenants feel safe and secure is a sign of a good landlord.

LOOK AHEAD TO SPOT O P P O RT U N I T I E S While South Africa has always been an alluring short-visit travel destination, Just Property chief executive Paul Stevens says the country now also appeals as an extended-stay destination to those who can remain for longer because they can work remotely.

“Property investors can tap into the potential offered by both short and long-stay accommodation demands from the international community.”

He says hotels and entertainment venues, office buildings and retail properties have been severely impacted by Covid, and while recovery will happen, it will take time. Until then, embattled property owners must get creative.

“Affordable housing and industrial real estate, such as cold storage; warehouses and distribution and data centres, are two sectors in high demand.

“Look for opportunities to turn a hotel in the heart of the city into an affordable housing project or at converting a retail building into a distribution centre or warehouse.”

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Letter from the editor PRIOR to Covid hitting our shores, the buy-to-let market was a thriving one. Airbnb was the flavour of the month and house swapping was a growing enterprise for holidays abroad.

When lockdowns became a global phenomena as a way to deal with the pandemic, investors who had put their money into these types of properties were hard hit.

Foreigners were not coming to our shores – because they could not – and many Airbnb properties sat languishing.

Those who were earning big bucks BC (before covid) had to turn to offering their properties as long-term lets at a fraction of the income they had been making in the Airbnb market.

And those who had already been letting out their properties long term were faced with tenants who could not – by no fault of their own – meet rental agreements.

It was a hot mess. And investment properties became a noose around the necks of many of those who had hoped to make money by being landlords.

So, why are we asking whether it is time to invest in the buy-to-let market again? Partly because the low interest rates mean that those who can buy property probably are right now and those with some spare cash might be looking for worthy investments that can grow faster than the low interest rate on fixed deposits in a bank.

However, we are warned by the experts that the time is not ideal for such investments. And, if you are going to take the plunge, do so more in the lower end of the market than in the luxury market. In other words, buy a cheaper investment property as it will have more legs.

While we are all still grappling with what a new normal might look like – will Airbnb once again thrive and will renters again be able to meet rental agreements – we are also seeing the rise of other ways of acquiring property. This, for me, is the most exciting development.

FNB, for instance, has launched an industry-first property lending solution that allows up to eight members to buy property for residential purposes as a collective.

And, I know I carry on about tokenization – the division of a property into tradable shares or digital assets on a blockchain network – but it too is a reality. Many countries and regulatory bodies are in fact making legislative changes to create a friendly business environment for the tokenization of real estate assets.

In effect, our usual way of investing in property is changing, and I believe there are great new opportunities available.

Warm regards

Vivian Warby vivian.warby@inl.co.za

FIND US HERE: @property360.co.za

@property360_za

@property360.co.za

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Unsexy is the new sexy for investors If you’re thinking of purchasing a buy-to-let property, choose an ‘ordinary’ home rather than a luxury one

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

Affordable and basic three-bedroom houses or two-bedroom cluster homes are most in demand by tenants. PICTURE: FRANCESCA TOSOLINI/UNSPLASH

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HEN it comes to investing in residential buy-to-let property, “unsexy is probably the new sexy” – in other words, stick to a simple three-bedroom, full-title home or a two-bedroom cluster unit.

The wiser choice in the current economic climate may be to stay away from investing in property at all.

FNB property economist John Loos says, generally speaking, while there will always be a bargain property or two to pick up, the investment market is “not wonderful” at present. And it will be a while before that changes.

He says the current environment for property investment is “mediocre at best”.

“There is no sufficient sign of meaningful structural reform in the economy yet to anticipate higher economic growth rates. It is not really an environment that is going to make the property market shoot the lights out, even with very low interest rates.

“Yes, there was a surge in demand but that is starting to taper off. The South African Reserve Bank is hinting that the next move in interest rates will be up and that probably continues to cool the market down.”

With a cooling residential market in the near term, interest rates likely to rise, albeit it gradually, and an economy that is not really growing, property investors should not expect to see strong returns any time soon.

Paul Stevens, chief executive of Just Property, agrees somewhat.

Industry commentators are seeing early indications of a slowdown in the residential sales market and, in the rental sphere, there is an oversupply of vacant properties which is driving rents down.

“However, these are broad trends and there are plenty of opportunities for savvy property investors.”

While there will be some cases of investors picking up stress bargains and making money, Loos believes that, generally, real property values will be correcting and coming down over the coming years.

“The ideal time to buy is at the bottom of the big cycle and the last big buying opportunity was, with hindsight, probably around 1998 when interest rates were astronomically high and property values, in real terms, relatively low.

I think we are some way from there.

“It is not the big buying opportunity of the late 1990s after which there was a massive property boom and many people made a few hundred percent capital growth.”

OPPORTUNITIES Loos advises those who insist on taking advantage of the low interest rates to invest in residential property to stay away from luxury homes.

“In a tough economic environment it is all about affordability. There are people who want to live in suburban areas that they consider good but they will want more affordable homes in

those areas. So, it is the non-sexy, non-luxury, under-capitalised homes that are probably going to perform best and be in demand.

“It is the very basic, primary homes that will predominantly be in demand – simple, secure, threebedroom family-type houses and two or even three-bedroom cluster homes,” he says.

Stevens adds that mixeduse developments will become increasingly sought after and valuable, especially in sprawling cities like Johannesburg and Cape Town where commuting can be time consuming and difficult.

“Homes close to transport nodes are also likely to offer exceptional returns on investment.”

CHALLENGES The residential buy-to-let market is, however, under pressure, particularly in the rental range below R7 000 a month, he says, a pressure that will continue for “some time”.

“The poor credit-worthiness of most tenants is also a major problem and not something that is going to be resolved quickly.”

Echoing this, Loos says managing tenants, vetting them, and keeping good tenants is “crucial”.

“It is a challenging environment for landlords and they also need to look at the operating costs. Eskom continues to escalate its electricity tariffs well above inflation, so municipalities and other utility providers are doing something

similar. You need to do your homework as municipalities differ in approach.

“If a property is located in a dysfunctional municipality, with escalating rates and tariffs well above inflation, that is probably not the place you want to get excited about... Property in well-managed municipalities probably comes at more of a premium as that is where people want to live.”

RETURNS Investors should always ensure their returns align with their investment goals, Stevens says, explaining they should unpack their return on investment by asking these questions: • What buying costs will I have to account for?

• What running costs will there be?

• What contingencies do I need to make provision for?

He adds: “Property investment is a long game – not something you do for the short term.

“It is difficult to conceive what the future will look like, let alone bank on it. This is evident in the market sentiment, right now, which is starting to show reluctance – a wait-it-out approach – as the socioeconomic and political impact of the pandemic play out.”

Loos says buy-to-let rental yields are still relatively low, financial times are tough and tenants are not performing well. This means this market is “not wildly attractive” at the moment.

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 Property and Environment Editor 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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Beware opting for a fixed interest rate

Experts in the property industry give advice on commonly asked questions BY BONNY FOURIE bronwyn.fourie@inl.co.za Q: IS IT bad to be a forever renter? I know property is a great investment but what other pros are there compared to renting?

A: The benefits of buying a home over renting one are: Reduced monthly repayments: If the interest rate goes down, so does your monthly home-loan repayment.

On the other hand, a rental agreement is generally fixed, so there is a chance that you are paying inflated rental prices at this stage.

The power of owning an asset: Your property is likely to be an appreciating asset, especially over the long term, and it could even be used as an investment property in the future.

If the value of the property rises, the value of your personal wealth should also increase and you’re more likely to make a profit if you sell it.

Take charge: Generally, you can do anything you like with the decor and outdoor areas (subject to council or body corporate approval) and any improvements are likely to enhance your lifestyle and increase the value of your home.

It’s recommended not to fall into the comfort zone of renting and for first-time buyers to take advantage of the current market conditions. Finally, if you intend to buy to let, the income from rent can be used to pay off your home loan. – Rhys Dyer, chief executive of ooba Group Q: We want to sell our home in the next year or so but are not sure of the best time. How do we know when exactly we should put it on the market?

A: Unless there is a particular urgency to sell, first consider if the market conditions are favourable and second, take some time to decide what the next move will be once the home is sold.

The property market works in cycles.

At times, the market will favour buyers and, at other times, the market will favour sellers. It is important to remember that while there is a market trend throughout the country, there will also be certain areas that buck the trend due to specific circumstances that influence that particular area.

Before listing the property, talk to a real estate professional who has working knowledge of their specific market.

Before rushing to put your home on the market, establish a plan in the event that the sale happens quickly. Before the home is listed, it is a good idea to know where you will go if you are in between homes. – Adrian Goslett, chief executive of Re/Max of Southern Africa

Q: What insurance policies will I need to take out when I buy a home?

A: When you buy a new home, the bank will usually insist that you obtain a home owners’ insurance policy to provide for the repair or replacement of the property in the event that it is damaged or destroyed by fire, flood, high wind, earthquake or other disaster.

Such policies often also provide insurance against less serious damage resulting from burst geysers, falling trees and collapsing garden walls.

Most lenders will be less insistent that you take out life insurance to cover the outstanding balance of your home loan and pay it off in the event of your death.

But this cover, usually referred to as bond insurance, can make all the difference to your family at a difficult time by enabling them to stay on in a home that is fully paid off and so you should consider it very seriously.

In addition, you should think about whether you just want credit life insurance for the bond or whether you should take an additional normal life insurance policy. – Gerhard Kotzé, managing director of the RealNet estate agency group

additional R934, and you were to use it instead to reduce the capital portion of your R1m bond, while staying on a variable interest rate, amortisation tables show that you would stand to lower the total balance outstanding from R1m to R965 000 within a year and to R928 000 within two years (compared to R952 000 without the extra payment).

This means that if and when interest rates do start to rise again, your minimum monthly bond repayment will be calculated on a much lower capital balance, and that even at 8.75%, your minimum monthly bond repayment will still be considerably less than you have

been used to paying.

You would also have shortened the term of your bond by at least a year and cut interest of about R69 000 off the total cost of your home. Third, staying on a variable rate now means that you will also benefit from any further cuts the Reserve Bank might make in future.

And, finally, if you have an access-type bond, you will be able to withdraw any additional amounts you have paid into your bond account should you need them in an emergency. This is not something you will be able to do if you fix your rate now. – Berry Everitt, chief executive of the Chas Everitt International property group

Q: With the interest rates being so low, would it be better to fix my interest rate or not when taking out a home loan?

A: With interest rates still at their lowest levels in almost 50 years, more homeowners are weighing the pros and cons of asking their bank to convert their home loan from a variable interest rate to a fixed rate for the next few years. Their goal is obviously to keep their monthly bond repayment at the current levels even when inflation starts to rise again and the Reserve Bank responds by moving rates back up too. This is understandable.

However, most banks will charge borrowers a premium of at least 1.5% currently to fix the interest rate – and will also usually fix a rate for a minimum of two years. This means anyone who is currently being charged an interest rate of 7.25% on their home loan, for example, would have to pay at least 8.75% for the next two years if they switch to a fixedrate option.

The effect of this premium would be to increase the minimum monthly repayment on a R1 million home loan

by R934 – which would be money totally wasted until or unless the variable rate applicable to that home loan also rose to 8.75%.

However, if you could afford the

One of the benefits of owning your home, instead of renting one, is that you can do anything you like with the decor. PICTURE: NATALIYA VAITKEVICH/ PEXELS

Cared-for retirement at a reduced rate

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LOCATED on Durban’s Golden Mile and with direct access to the well-known Durban beach promenade, Edenroc Retirement Hotel offers spectacular sea views from the sea-facing and side suites.

It is also offering an Economic Recovery Promotion for next month and November, to help ease the financial strain that families and retirees are under.

The hotel provides everything needed to enjoy a carefree and cared-for retirement in the best location, including: • A care centre with 24-hour nursing and assisted living care, overseen by registered sisters.

• Private, fully furnished care centre apartments on a rental basis.

• Life rights with 100% refund.

• Studio, one- and two-bedroom suites across six floors – 96 in total.

• Three meals a day with morning and afternoon tea.

• Daily serviced units.

• Weekly shopping trips and outings.

For more information and the reduced prices, contact Nicki or Alana at 031-3374321, email md@edenroc.co.za, or visit www.edenroc.co.za.

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PICTURE: TARAS MAKARENKO/PEXELS

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leigh@property360.co.za shevon.philander@inl.co.za

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PixieG Estates

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LOCATION! CHARACTER NATURAL STONE & THATCH HOUSE 3 bedrooms | 2.5 bathrooms | lounge & dining with interleading fireplace leads out to an entertainment area complimented with a Lapa & built in braai. Indigenous garden is landscaped featuring a pool and firepit. Double-storey natural stone & thatch house with a double garage situated in a secure small complex (6 units) with full security. Central Hillcrest within walking distance to shopping centres, schools and easy access to the CBD and M13. 2 Dogs (Adult height 50cm) - No cats. For more details call LARA 083 562 3630 • Web Ref: 581

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Freestanding 3 bedroom homes from R3 450 000

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A G E N T S ’ D I R E C T O R Y

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debbie.reabow@rawsonproperties.com

www.rawson.co.za

DE PLATTEKLOOF LIFESTYLE Cape Town Office 021 814 7000 Email: live@deplattekloof.co.za www.deplattekloof.co.za

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KINGSFORD ESTATE Westville, KZN Office: 087 012 5670 Email: info@kingsford.co.za www.kingsford.co.za

PixieG Estates

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

IRENE PORTER PROPERTIES Simon’s Town Office 073 140 2543 Email: iporter@yebo.co.za. www.ireneporterproperties.co.za

PIXIEG ESTATES Upper Highway - KZN Contact: 083 562 3630 Email: info@pixiegestates.co.za www.pixiegestates.co.za

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

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

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

DOGON GROUP PROPERTIES Southern Suburbs, Claremont Office 021 671 0258

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

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

southernsuburbs@dogongroup.com

www.dogongroup.com

TOP ADDRESS IN HYDE PARK, JOHANNESBURG!!

STYLISH AND SPACIOUS RESIDENCE WITH SWIMMING POOL ,TENNIS COURT & MORE ONLINE LIQUIDATION AUCTION

In liquidation: Sandton Property Developments 2001 (Pty) Ltd. Master’s ref: G1160/2020 DOGON GROUP PROPERTIES VAN’S AUCTIONEERS

Western Seaboard Gauteng ONLINE BIDDING: 12:00, 10-11 086 AUGUST Office: 021 556 5600 or 021 433 2580 Office 111 82672021 BID AND REGISTER: www.vansauctions.co.za Email: enquiries@dogongroup.com www.dogongroup.com www.vansauctions.co.za

AUCTION OF: 81, THIRD ROAD, HYDE PARK, JOHANNESBURG

Extent: ± 3000 m² Improvements: Ÿ Entrance hall, lounge, dining room with sun room & family room Ÿ 4 bedrooms Ÿ 3 bathrooms (2 en suite) Ÿ Separate toilet Ÿ 2 TV rooms, kitchen & scullery

www.property360.co.za WEB21/0141

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Eden Roc Retirement Hotel Durban Office: 031 337 4321 Email: md@edenroc.co.za www.edenroc.co.za

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