select
|

Advantages of purchasing a sectional title property

The safety aspect and shared costs are just two of the reasons that sectional title units have growth massively in popularity since they were first introduced to the market in South Africa, says Caron Leslie, Broker/Owner of RE/MAX Property Associates in Table View. “Security is a primary concern for many South African property buyers and living within the community of a sectional title development provides just that,” she says.

Another aspect that is making this option popular among buyers is that sectional title units are often more affordable than full title cluster homes, but offer similar security and lifestyle benefits. Leslie notes that aside from the fact that the prices of sectional title units are often lower than full title homes, there are other aspects that bring down the cost to the homeowner once they have bought a sectional title unit.  In most cases, homeowners are only responsible for the maintenance of the interior of their unit, while maintenance costs for the exterior of the property are generally for the body corporate’s account. Additionally, charges for resources such as water and electricity are shared among the homeowners living in a sectional title complex, which means the costs are normally lower than that of a freestanding property.

Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that sectional title units are the ideal start for buyers purchasing their first home. However, it is vital that buyers who purchase within these schemes adhere to the same golden principles that they would buying any property. “Buyers should always do the required research, and buy within the right location,” advises Goslett.

According to Leslie, as part of the research when purchasing a sectional title property, buyers should obtain a copy of the body corporate rules and regulations and go through them. “The estate agent marketing the development will be able to provide potential buyers with a copy of the rules to peruse. These rules govern the owners within the confines of the scheme and deem what the homeowner is allowed to do in the perimeters of that scheme once they purchase the property. Buyers should consider these rules before making their final decision to purchase the property,” says Leslie.

She adds that purchasing a sectional title unit within a good location can provide buyers with good returns on their investment over time, especially if they purchase within a development in its initial phases. “The demand for sectional title property will ensure appreciation in value, provided it is located in a good location. Added to that, purchasing a property within a new development means that the purchaser will not have to pay transfer duty,” says Leslie.

She notes that agents from her office currently have a sole mandate on a new sectional title development located in Parklands North called Tinchley Place. Construction commenced this month with occupation scheduled for September/October this year. The secure gated complex will consist of 32 units, measuring 136m2, all double-storey homes with three bedrooms, two bathroom configurations. Priced at R1.599 million, the units also feature a guest cloakroom, private garden, lock-up garden and parking bay. Leslie says that the seller is registered for VAT, so no transfer duty is payable.

Sectional title units will continue to be popular among security conscious buyers in the future and provide a good return on investment if the principles of buying property are followed, says Leslie. “This type of property provides a low-maintenance, cost-effective opportunity for buyers to live in a secure environment,” she concludes.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Nov 2017
      Reserve Bank Governor, Lesetja Kganyago, said that the Monetary Policy Committee had once again decided to let the interest rates remain unchanged with the repo rate at 6.75%, and the prime lending rate at 10.25%.
    • 23 Nov 2017
      As the holiday season approaches, most of us are counting the days until that year-end bonus hits our account. There’s nothing quite like a little bank balance booster to get us in the holiday spirit.
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK