Mortgage & Property Talk SA
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Buying “off-plan” means you are purchasing your new home in a sectional title complex or cluster home scheme before it is built and will be depending on the developer and builder to complete your home properly and timeously.
Buying off-plan property has become a popular choice in South Africa. Property developers are keen to maximise on off-plan sales as an aid to financing a project. Buyers choose their properties from plans, elevations and computer graphics, and need to exercise their imaginations to envisage the end product.
When buying a property in South Africa off-plan, you need to do your homework and you need to be aware of potential pitfalls. There are many stories of buyers who bought property off-plan only to discover a variety of defects on the property once they had taken occupancy of the property.
Because most property you buy off-plan in South Africa will have appreciated in value by the time you take transfer, buying off-plan remains an attractive option. Buying property off-plan also saves the buyer on transfer duty and buyers are also given the freedom to choose their own fittings.
In most cases when you buy a property off-plan you will be shown an “artist’s impression” of what the property may look like. Always take into consideration that this is not a guarantee of what the property will look like, but is a visual possibility drawn up in the initial stages.
A reliable property developer will ask the buyer to draw up a list of defects on the property to be submitted within a certain time frame so that these may be attended to by the developer before occupation.
Some things to look for when drawing up a list of defects include:
- Straightness of the walls
- Light switches working
- Plugs in working order
- Scratches, cracks and marks
- Stove in working order
- Taps, shower, bath and plumbing are in working order
The first buyer of a new property is exempt from paying Transfer Duty which can offer savings on a property. Profits from off-plan properties can be free of capital gains tax if the property is sold before completion.
In order to maximise on profits through off-plan purchase it is essential to purchase early. The South African property market, as in many others, is experiencing a steady growth and prices never stay at the initial offer level for long.
There are plenty of ways to insure that you are protected under new housing laws. A few years ago the Housing Consumers Protection Measures Act was introduced. Under this law the National Home Builders Registration Council was established to protect your interests.
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Complete this short form online
Call us on 011.327.4489
Email: morne@mortgagepluscc.co.za
www.mortgagepluscc.co.za
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| Banking Adjudicator | |||||||||
| For banking problems, the Banking Adjudicator is Advocate Neville Melville. | |||||||||
| Share Call: | 0860 800 900 | ||||||||
| Tel: | 011 838-0035 | ||||||||
| Fax: | 011 838-0043 | ||||||||
| Email: | info@obssa.co.za | ||||||||
| Web Site: | www.obssa.co.za | ||||||||
| Post: | PO Box 5728, Johannesburg 2000 | ||||||||
| Master Contractors Accreditation Bureau (MCAB) | |||||||||
| A body that was formed to address the deteriorating credibility of the renovations sector of the building industry that falls outside the control of the National Home Builders Registration Council (NHBRC). | |||||||||
| Call Centre: | 086 000 6222 | ||||||||
| Fax: | 086 655 8786 | ||||||||
| Email: | info@mcab.co.za | ||||||||
| Web Site: | www.mcab.co.za | ||||||||
| Post: | PO Box 14394 , Bredell, 1623 | ||||||||
| Address: | 37A Commisioner Street, Kempton Park | ||||||||
| National Credit Regulator (NCR) | |||||||||
| Complaints regarding abusive credit practices can be referred to the National Credit Regulator which is empowered under the National Credit Act to act. | |||||||||
| Call Centre: | 0860 627 627 | ||||||||
| Tel: | 011 554 2600 | ||||||||
| Email: | info@ncr.org.za | ||||||||
| Web Site: | www.ncr.org.za | ||||||||
| Address: | 127 – 15th Road , Randjespark, Midrand | ||||||||
| Council for Medical Schemes | |||||||||
| An autonomous body, established by Parliament, to supervise medical schemes. The Registrar of Medical Schemes is Patrick Masobe. | |||||||||
| Share Call: | 0861 123 267 | ||||||||
| Tel: | 012 431-0500 | ||||||||
| Fax: | 012 430-7644 | ||||||||
| Email: | complaints@ medicalschemes.com | ||||||||
| Web Site: | www.medicalschemes.com | ||||||||
| Postal Address: | Private Bag X34, Hatfield 0028 | ||||||||
| Credit Information Ombudsman | |||||||||
| For Credit Bureaux problems, the Credit Information Ombudsman is Manie van Schalkwyk. | |||||||||
| Call Centre: | 0861 662 837 | ||||||||
| Email: | ombud@creditombud.co.za | ||||||||
| Web Site: | www.creditombud.org.za | ||||||||
| Postal Address: | Postnet Suite 444, Private Bag 1, Jukskei Park 2153 | ||||||||
| National Home Builders Registration Council (NHBRC) | |||||||||
| Providing protection to buyers of new homes against unacceptable quality standards or builders who refuse to get involved in the rectification of built in defects of the home. | |||||||||
| Web Site: | www.nhbrc.org.za | ||||||||
| Electrical Contractors Association of South Africa | |||||||||
| To maintain high standards in the electrical contracting industry and to promote professionalism in the industry. | |||||||||
| Web Site: | www.ecasa.co.za | ||||||||
| Financial Services Board | |||||||||
| The Financial Services Board regulates the financial services industry. The head of the FSB is Rob Barrow. | |||||||||
| Toll-free: | 0800 110 443 or 0800 202 087 | ||||||||
| Tel: | 012 428-8000 | ||||||||
| Fax: | 012 347-0221 | ||||||||
| Email: | info@fsb.co.za | ||||||||
| Web Site: | www.fsb.co.za | ||||||||
| Postal Address: | PO Box 35655, Menlo Park 0102, The Financial Services Board, Rigel Park, Pretoria | ||||||||
| Address: | 446 Rigel Avenue South, Erasmusrand, Pretoria | ||||||||
| South African Council for the Property Valuers Profession | |||||||||
| Protection of members of the public in their dealings with registered valuers. | |||||||||
| Tel: | 012 348-8643/4/5 | ||||||||
| Fax: | 012 348-7528 | ||||||||
| Email: | info@sacpvp.co.za | ||||||||
| Web Site: | www.sacpvp.co.za | ||||||||
| Postal Address: | PO Box 114, Menlyn 0063 | ||||||||
| Address: | 77 Kariba Street, Lynnwood Glen, Pretoria | ||||||||
| South African Institute of Valuers | |||||||||
| The national society of professional real estate valuers. The Institute is dedicated to serving the public interest by advancing high standards for members of the appraisal profession. | |||||||||
| Web Site: | www.saiv.org.za | ||||||||
| Housing Estates & Retirement Village Association of South Africa | |||||||||
| Focuses on providing well-managed, secure and peaceful dwellings within a socially active community. | |||||||||
| Tel: | 021 559-8113 | ||||||||
| Fax: | 021 559-8113 | ||||||||
| Email: | info@hervasa.org.za | ||||||||
| Web Site: | www.hervasa.org.za | ||||||||
| Postal Address: | 61 La Provence Rd, Welgelegen 7500 | ||||||||
| Institute of Estate Agents of South Africa (National) | |||||||||
| The Institute of Estate Agents of South Africa encourages the highest standards in real estate practice. Its unceasing aim is that the practice of real estate be recognised by members as a profession and that its members be respected and trusted by all. | |||||||||
| Tel: | 021 531-3180 | ||||||||
| Fax: | 021 531-2931 | ||||||||
| Email: | kate@national.ieasa.org.za | ||||||||
| Web Site: | www.ieasa.co.za | ||||||||
| Address: | 10 Howard Studios, Sheldon Way, Pinelands 7405 | ||||||||
| Long Term Assurance Ombudsman | |||||||||
| For Life Assurance problems, the Ombudsman is Judge Peet M. Nienaber. | |||||||||
| Tel: | 021 657-5000 | ||||||||
| Fax: | 021 674-0951 | ||||||||
| Email: | info@ombud.co.za | ||||||||
| Web Site: | www.ombud.co.za | ||||||||
| Postal Address: | Private Bag X45, Claremont 7735 | ||||||||
| South African Property Owner’s Association (SAPOA) | |||||||||
| The representative body and official voice of the commercial and industrial property industry in South Africa, committed to protecting the interests of the commercial and industrial property sectors, in terms of ownership, management and development. | |||||||||
| Tel: | 011 883-0679 | ||||||||
| Fax: | 011 883-0684 | ||||||||
| Email: | web@sapoa.org.za | ||||||||
| Web Site: | www.sapoa.org.za | ||||||||
| Postal Address: | PO Box 78544, Sandton 2146, Paddock View | ||||||||
| Address: | Hunt’s End Office Park, 36 Wierda Road West, Wierda Valley, Sandton | ||||||||
| Master Builders Association | |||||||||
| Offers advice, inspections and mediation if your builder has provided you with unsatisfactory workmanship. | |||||||||
| Email: | gmba@mweb.co.za | ||||||||
| Web Site: | www.gmba.org.za | ||||||||
| South African Revenue Services (SARS) | |||||||||
| For all information regarding your tax obligations, contact the branch situated closest to you. | |||||||||
| Call Centre: | 012 317-2000 | ||||||||
| Tel: | 012 422-4000 | ||||||||
| Email: | cgt@sars.gov.za | ||||||||
| Web Site: | www.sars.gov.za | ||||||||
| Postal Address: | Private Bag X932, Pretoria 0001or PO Box 402, Pretoria 0001 | ||||||||
| Address: | 299 Bronkhorst Street, Nieuw Muckleneuk, Pretoria | ||||||||
| South African Council for the Architectural Profession | |||||||||
| Mediation on behalf of clients for unprofessional conduct by an architect. Law requires all architects, to be registered with the council. | |||||||||
| Tel: | 011 794-8333 | ||||||||
| Fax: | 011 794-8339 | ||||||||
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