select
|

Lack of service capacity boosts Brits rentals

 



There are simply no municipal services such as water and electricity supply available for any new property developments in Brits, and this is putting upward pressure on rentals in the North West town, and boosting sales of cheaper properties.



“Due to increased mining activity around Brits, we have been experiencing high demand for homes to let here for some time,” says Amelda Scheepers, co-owner of the local RealNet franchise.



“And now there is a marked shortage, with no relief in sight because no new stock of flats or townhouses is able to be built.”



As a result, she says, tenants in Brits can now expect to pay at least R4000pm for a two-bedroom flat and about R6000pm for a three-bedroom sectional title townhouse, so it is no surprise really that many people are deciding to buy their own homes rather than renting.



“These potential buyers are especially targeting three-bedroom family homes at around the R800 000-mark, which puts their monthly bond repayment at some R6500 if they pay a 10% deposit.



“What is more, an increasing number of applicants are able to qualify for home loans, because they have taken the trouble to pay down their debts and clean up their credit records over the past couple of years. We also pre-qualify all our buyers and are even getting a few 100% bonds now.”



In addition, Scheepers says, her agency is handling a rising number of buy-to-let transactions, as investors see the potential in the town’s tight rental market.



“But those who want to get in on the action will need to move fast, because the stock of cheaper flats and houses suitable for letting is also becoming depleted and prices can be expected to start rising soon.”



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
        
    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