Older homes enjoying a revival

Stand by for an increase in the popularity of stand-alone, freehold homes located in established areas where there are less likely to be disruptions due to roadworks, new housing developments or re-zonings for commercial and industrial development.

Gerhard Kotzé, CEO of the ERA South Africa property group, says: "There will always be a need for the stylish, lock-up-and-leave lifestyle offered by sectional title and cluster homes, but we are finding that freehold properties in older areas are now definitely 'on the radar' again,

"Arguably the biggest factor in their favour is that these areas are not major development targets and that residents are thus unlikely to be disturbed by major building activity, or find their property values altered overnight.

"Also, older homes simply tend to be more spacious because they were built when construction costs were lower than the current minimum R3000 to R4000/sqm."

There is also the issue of security, but an increasing realization on the part of buyers, says Kotzé, that effective security ultimately depends on homeowners themselves, with the result that freehold properties can be made as safe as gated sectional title or cluster communities.

"There are other pros and cons to be weighed of course: older versus newer finishes, established versus new gardens, and the differing costs of maintenance.

"However, looming increasingly large as a deciding factor is the cost of transport, in both fuel price and commuting time terms, with many people now seeking an older home with room for a home office that will obviate much of the need to commute to a corporate job."

Of course it all comes down to personal needs, aspirations and affordability but undoubtedly older homes are enjoying a revival, he says.

Article from: www.era.com