Stay sane during renovations

Remodelling an existing home rather than buying a new property is becoming a popular option in the current tough credit climate.

But, says Berry Everitt, MD of the Chas Everitt International property group, while renovations can increase the value of a home, owners should not lose sight of the inevitable disruptions the process will cause and the need to be properly prepared to deal with them.

Writing in the Property Signposts newsletter, he says detailed project planning is the first step, whether the owner supervises the process or leaves that to a builder or architect. "It is vital to understand all the implications of the planned work and double-check that all eventualities have been taken into account - complications that crop up because of poor planning can drag out the alteration process and wreck the budget."

The second step is to devise strategies to minimise the disruption to daily routines once the renovation gets under way. Homeowners should for example map out which parts of the house will be affected and plan alternative arrangements, especially if they are renovating a kitchen or bathroom.

They should also take into account what will happen if the electricity or water supply needs to be disconnected during their revamp. It is also wise to remove and store all breakable items to prevent damage and to cover furniture to protect it against dust.

"If the planned renovations are extensive, it might be better to move out of the house for a while, especially if you have young children. And if you do elect to stay put, you must plan how children will be kept out of the way of work in progress and away from building materials and tools," says Everitt.

"And finally, be sure to arrange with the contractor that no advance payments will be made. Materials should be delivered on site before you pay for them and the project, or an agreed part of it, should be completed to your absolute satisfaction before you part with any money."

Issued by Chas Everitt International

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UNIQUE WATERFRONT LEASE SECURED BY PAM GOLDING COMMERCIAL ON BEHALF OF GLOBAL AD AGENCY

A 10-year lease for 2695sqm of prime-located warehousing space at Cape Town's V&A Waterfront has been concluded by Pam Golding Commercial leasing, sales and investment consultant Graham Freeling on behalf of Lowe Bull, an internationally renowned advertising agency. These premises will serve as Lowe Bull's Cape Town headquarters. The capital value of the lease is undisclosed.

Comments Freeling: "Situated right on the water's edge overlooking the V&A Waterfront with views of the harbour and Table Mountain, and within walking distance of the Cape Town city centre and easy reach of all major routes, this is one of the most sought after locations one could wish for. The site is on the south pier directly opposite the Port Control office, with good security and easy accessibility. It would be hard to beat the appeal of such a scenic, landmark location for any working environment, and it's ideal for a prestigious, award-winning agency such as Lowe Bull, which has a global blue-chip clientele. The agency, formerly located in Cape Town's Long Street area, is currently expanding its local operation."

Formerly tenanted by a fishing company, the huge warehouse is being completely renovated into a studio/office accommodation to suit the requirements of the new tenant, with certain aspects of the existing building being retained and adapted as key features.

Says Freeling: "Given the high demand for the V&A Waterfront, where there's a waiting list for retail space, it's extremely rare to find such a unique and large space as this. Currently we have 2000sqm of prime A grade office accommodation available in Granger Bay Court."

He adds: "Not only is the V&A Waterfront considered one of the world's major tourist attractions, it's within walking distance of the highly successful Cape Town International Convention Centre, which draws delegates from around the globe. As a result, this is one of the most prestigious addresses for any business."

Issued by Gaye de Villiers

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DISCOVERING THE PEARL OF THE OVERBERG

Buyers turn to Villiersdorp in search of safe country lifestyle. In the face of rising traffic congestion, stress, crime and transport costs, many South Africans are opting to leave the city and seek out a new life in the smaller rural towns, where life moves at a slower pace, children still play in the street, and neighbours know one another. An added attraction is the lower cost of housing in such areas, especially for those wishing to retire on a fixed income, or those just starting out as property owners. Pam Golding Properties reports that one such town experiencing consistent levels of interest is Villiersdorp, situated at the north-western corner of the Western Cape's Overberg region, just over an hour's drive from Cape Town. It's not for nothing that the town is known as the "Pearl of the Overberg". Nestled in the Elands River Valley, in the shadow of the Stettynsberg and Riviersonderend mountains, it offers a picturesque setting and a tranquil pace of life, and is surrounded by abundant vineyards and orchards. First settled in the early 1840's, the area is one of the most prosperous farming regions in the Cape, with high-yielding crops of apples, grapes, onions, peaches and apricots. It is also extremely affordable, offering a wide range of homes to suit everyone from first-time buyers to young married couples, families and retirees. Says PGP's area manager Linda Killick: "We have apartments on the market in this town from as little as R245 000, while a family home can still be obtained for under R700 000. Larger family homes are extremely affordably priced at around R1 to R1.5 million, while the very top end of our market sees homes priced from just over R2 million and above, situated within the exclusive Theewaterskloof Country Estate, which is a controlled access estate with its own nine-hole golf course, just five minutes outside of town. These prices mean that even those on a tight budget should be able to find decent housing that is within their reach - and all this, in a stunning natural environment. This is a wonderful place to raise a family, with lots of safe outdoor activities and a very low crime rate." The beautiful scenery has not surprisingly attracted a sizeable community of artists and crafters, who have made the town their permanent home and whose works are on display in its art galleries. Pharmacists, doctors and teachers have also been attracted by the lifestyle, and the town boasts very good dual medium schooling from grades one to matric, as well as a well-stocked library, several major grocery chains, and its own ambulance, fire and police services. Besides the local wine routes, there is much to tempt those in need of relaxation, from gentle hiking and birdwatching to sailing on the nearby Theewaterskloof Dam, which is the seventh largest in the country and one of the most popular Cape venues for watersports. Its excellent Sports Club offers facilities for water-ski'ing, sailing, swimming and fishing, as well as power-boating, wind-surfing, and jet-ski'ing. Outdoor enthusiasts will also enjoy the numerous 4x4 and mountain-biking trails in the area. Adds PGP's MD for the Boland and Overberg, Annien Borg: "The town itself offers numerous historic and picturesque buildings, including the national monument 'Dagbreek' which has been turned into a restaurant and museum. And for those who miss the bright lights on occasion, the Caledon Casino complex is just 25 minutes' drive away. Another close neighbour is Franschhoek, with its scenic winelands and gourmet restaurants. A highlight of the Villiersdorp calendar is the annual fruit and wine expo held in October, showcasing the areas' rich agricultural heritage. Pam Golding Properties Click to read more real estate news

 

 

Want a home loan? Work on your credit rating

There's more to a successful home loan application than the "right" month-end salary, and the earlier a borrower starts to build a good credit record, the better.

"While an applicant's take-home pay is very important in the lender's decision whether to grant a home loan, it is a good credit rating that is really critical, especially in the light of the current credit crunch," says Tjaart van der Walt, CEO of the RealNet estate agency group.

"At the moment lenders are looking hard for stability and reliability in a borrower, and a good record in paying off credit card debt, hire purchase obligations and any other form of debt goes a long way towards ensuring a successful home loan application. And if the buyer can show that they have already successfully managed one or more home loans, the process is easier."

The first thing borrowers should remember is that they can't fool the lenders. A credit record in this country is easily traced by the financial institutions, which have access to information from a multitude of sources. However, even if there has been a glitch in the past, it is not necessarily the end of home loan hopes.

Van der Walt's advice to borrowers is to ensure that their credit record for at least the past two years is good before they apply for a home loan. Lenders will also look for job stability in that period, and if the borrower runs his own business they will want verifiable proof of reliable income.

He also says that if there has been a payment problem in the past, potential buyers should be honest about it and be prepared to provide proof of the reason for instalments being missed or delayed, such as retrenchment or medical bills after a long illness.

"Generally, creating a good credit record means paying bills regularly and on time, ensuring that other lines of credit such as an overdraft facility and credit cards are not always stretched to their limits, and building up savings for a deposit on the home you want to buy.

"Even if you do not commit all of your savings to a deposit, the lender will be impressed if you can show that you have an emergency reserve."

And finally, he warns: "Don't run joint accounts. One person's credit problems can spoil another's credit rating for years, even if they occurred long before the joint account was created."

Issued by RealNet

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Young retirees head for Plett

Traditionally a playground for the rich and famous, Plettenberg Bay is now attracting a new generation of retirees, both young and old.

Tim Hutchinson, principal of leading local agency Homenet Pick of Plett, says the Garden Route town is fast becoming a hub for those who have made their fortunes while still comparatively young. Unsurprisingly, a large proportion of them are cash buyers.

And while it is known for its upmarket status, the Plett property market has slowed in recent months - creating ideal conditions for these wealthy young retirees to pick up "bargains" in the R2m to R3m range.

"Meanwhile older retirees looking for serviced retirement facilities are also catered for," says Hutchinson. "A number of retirement developments such as Formosa Gardens Village and Glen Eden Village have been built in recent years to meet the increased demand. Residents can either purchase or rent here."

However, retirees aren't the only ones finding Plett attractive. The area continues to appeal to a wealthy local and foreign buyer mix drawn to the beautiful natural surrounds, mild climate and über-chic restaurant and retail facilities such as those to be found at the Upper Deck Lifestyle Piazza and LM restaurants in the recently refurbished Plett CBD.

Improvements to the CBD are just about complete, says Hutchinson. The main road and various other public facilities have been upgraded, bringing Plett in line with other coastal hotspots. "Unfortunately, some commercial properties and the main beach did suffer storm damage recently, but clean up operations are already under way and things should be spick and span by the start of the holiday season in December."

He says a fair amount of activity is occurring at the moment at the very top end of the Plett property market where a number of beachfront properties have become available at prices of R20m and more.

"At the local entry level, values are currently holding fairly steady at an average of just over R1,8m for freehold homes and around R1,2m for sectional title units, and long term rentals are holding their own at between R5000 and R7000 a month."

ISSUED BY HOMENET

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