Brought to you by Gustav Barkhuysen Attorneys
Property has always been a desired asset class amongst many South Africans. Also, with the advantage of the exchange rates, many foreigners and non-residents look to invest in South Africa with the idea of having a home away from home. Whether your second property is for investment purposes, or merely to have that desired holiday home, there are a couple of worthwhile factors to keep in mind to ensure your second investment will be a good one.
ARE YOU LOOKING TO INVEST IN A SECOND PROPERTY?
CONSIDER THE FOLLOWING TIPS
1. Location, Location, Location
In South Africa you are spoilt for choice when it comes to choosing a location for a second property. What is even more encouraging is that the options that are currently available include a range of properties in different destinations and price brackets. Location, however, remains important and buyers should research the property appreciation the area has achieved over the past years, how well maintained the area and its facilities are and establish the general market conditions prevailing in the particular suburb.
2. Looking Ahead
Property is a long-term investment and buyers should consider future developments and infrastructure planned for the suburb, as well as zoning and transport routes that may affect the tranquillity of the area.
3. Long-distance Relationship
There are obvious practical issues to address when the property is situated in a different town, or continent. Buyers need to consider the maintenance, security and insurance of the property, all of which need to be added into the overall budget.
4. Big Brother
Modern surveillance technology allows owners to keep a watchful eye on their property from afar. From CCTV cameras to video doorbells, there are a whole host of gadgets that can help you check in on your home, often via a smartphone app. Also consider smart locks. Some allow locking and unlocking with an app, so you can grant a neighbour access when you are across the country. Plus, internet-connected outlets and switches let you control the lights from afar and they are easily programmable. An apt example is to set the switch controlling your outside lights to go on at sunset and off at sunrise every day. If you can do this in an eco-friendly way, even better.
5. Prevention is Better than Cure
Always keep the property in good shape. Choosing a low-maintenance home will get you off to a great start and putting certain preventative measures in place is recommended as well. Carrying out regular services on household appliances and amenities can help prevent the headache of finding a remedy from thousands of kilometres away. Small maintenance issues can become big maintenance problems if they are not handled quickly and professionally.
6. Talk to Local Management Companies
Local management is always a possibility. No matter how modern and well-cared for your second home may be, it is inevitable that there will be some work to do when you are away. Property management companies can take care of everything – from cleaning the property, to renting out your home while you are away.
7. Travel Light
A final tip to keep in mind, that will reduce the stress and planning around a quick getaway, is to keep enough clothing at your second property. Doing so promotes spontaneity, eliminates unnecessary packing and makes it easier to go back and forth.
Investing in a second property can be very rewarding, both financially and emotionally. However, a good investment decision can only be assured if a buyer has done all their homework. With the right approach and the right contacts, distance need not be an issue when it comes to acquiring or maintaining your second home.
If you have any questions regarding property investment and registration, do not hesitate to contact our knowledgeable team of conveyancers for assistance and guidance.
GB Law is a boutique property law firm, founded and owned by Gustav Barkhuysen, with its head office situated in the V&A Waterfront. We place a special focus on personal client service and delivery and are experts in the field of real estate law. We have an in-depth understanding of all the legal requirements and nuances and are here to help.
For more information, contact Gustav Barkhuysen Attorneys or get in touch with Gustav directly.
27 (0)21 140 3552
Office 26, Cube WS, The Pavilion
+27 (0)21 785 1287
Unit 1 Carlton Close
082 304 2565