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Property buyers getting more value
Thursday, January 31, 2008 (188 reads)
Under pressure from a softer property market, developers are adjusting their offerings in tune with consumer demands - but need to still get more imaginative.
Homenet chairman Robert Ketjen says he has detected a much more "client-centric" approach by developers recently and that the result is a better, more keenly priced package to attract buyers in the face of tighter credit conditions and greater competition.
"Good developers have always been sensitive to market needs of course. Recently, however, they appear to be giving even more attention to the factors that make up a successful offering to an increasingly demanding buying public."
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Property fund's distribution up
Wednesday, January 30, 2008 (180 reads)
The listed property fund Redefine's distribution for the quarter until November was 13,3c per linking unit, 12,7% higher than the distribution for the same period in 2006.
"We expect that the income growth will still increase, despite the current global economic situation having an effect on virtually all listed companies worldwide," says Brian Azizollahoff, CEO of Redefine.
He says it's important to realise that the underlying principles of a listed haven't changed. "This sector is in a downward cycle, but the difference is that the fundamentals are healthy, which creates a buying opportunity. One can expect that the sector will recover," he says. Property is still a long-term investment that requires a long-term view.
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Don't neglect property insurance
Tuesday, January 29, 2008 (187 reads)
One of the lesser known aspects of the new National Credit Act is confirmation that you are not obliged to obtain your homeowner's insurance (HOC) from the bank that advanced your home loan.
Homeowners are, in fact, free to obtain quotes from other sources of HOC with the very real prospect of reducing their costs in the process.
And that's just one aspect that suggests the need to treat HOC (which covers the bricks and mortar rather than the contents of your home) as one would any other aspect of insurance, says RealNet property group CEO, Tjaart van der Walt.
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New chief for Liberty Properties
Monday, January 28, 2008 (197 reads)
Samuel Ogbu, Old Mutual's head of large corporate business, joined Liberty Life on Thursday as chief executive of Liberty Properties.
The announcement from Liberty Group said that Ogbu is a UK-qualified chartered accountant and MBA graduate. He has more than 10 years' experience in general management in South Africa and other sub-Saharan African countries, and over 20 years' professional experience. His most recent specialisation has been the re-launch of corporate brands across the financial, entertainment and retail industries.
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Don't delay after overpricing
Friday, January 25, 2008 (178 reads)
The best time to reduce the price of any home up for sale is as soon as you realise that you have overpriced it.
Do not delay – take action at once.
This is the advice of Tony Clarke, MD of Rawson Properties. "Obviously, one's goal is always to sell the home as close to the asking price as possible – but sellers (and some of the less experienced agents) are notoriously prone to over-optimism and to setting prices that are too high.
"As soon as it becomes clear after receiving feedback from prospective buyers that the home has been over-priced, admit your mistake and re-price it realistically."
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Home builders to feel heat in '08
Thursday, January 24, 2008 (165 reads)
If the Reserve Bank needed further evidence of the dampening impact of higher rates on real economic activity, recent building data have been just that, according to independent economic analysts.
"We remain convinced that the current interest rate environment is proving to be very restrictive for the property market, hence the fact that real building activity in November 2007 was at the same levels last seen in Q2 2006," they say.
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How to make an offer to purchase
Wednesday, January 23, 2008 (170 reads)
So, you've found your ideal property and you want it! You've done your homework, looked around and given it plenty of thought. This is it, this is the one. To secure it you need to make an offer. This can be quite daunting if you are a first-time buyer. Let's say the property has an asking price of R895,000. What offer should you make? If you've done your research and compared properties in your chosen area, you will hopefully have a good idea of whether it is well priced or not. Your agent should also be able to advise you. If you think it is an absolute bargain (and there is nothing wrong with the property that you are aware of), then R895,000 may be very good value and therefore a good price to purchase at. If you are satisfied that this is the case, then make an offer of R895,000
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Don't dump your property on market
Tuesday, January 22, 2008 (189 reads)
Homeowners should not be panicked into selling their properties if they are feeling the interest rate pinch.
Gerhard Kotzé, CEO of the ERA South Africa property group, points out that a rushed sale could result in a poor price and while that's great for a buyer looking for a bargain, it's simply not good business for the seller.
Homeowners have seen interest rates increase by 4% since mid-2006 and understandably, household budgets have come under strain. This has tempted many to consider selling quickly and moving to a cheaper property or rental accommodation.
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Budget before you buy-to-let
Friday, January 18, 2008 (183 reads)
Investment property can yield healthy returns – but investors should budget properly for the ongoing costs of ownership in order to calculate the real returns they can expect.
Berry Everitt, managing director of the Chas Everitt International property group, says a common mistake among new investors is to overestimate the profit they will make by only calculating rental streams and neglecting to factor in maintenance costs and other regular payments such as municipal rates and insurance premiums
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