Are you in the market for a new home? If you’re wondering whether cluster living might be the way to go, here are 3 great things about living in these secure complexes that we think are worth considering.
1. Security Considerations
One of the major reasons why people in South Africa prefer cluster living is security. Although simply living near your neighbour is no guarantee of your security, it can make one feel safer in the knowledge that help is just a short distance away. Installing adequate security is generally an expensive affair and those living in sectional community settings benefit from features such as electric fences that would have been more costly had they been forced to install such individually on their freeholds. Many cluster developments also have security guards at the entrance who keep undesirable visitors out.
2. Price and Demand
Typically, what drives property prices is demand and something worth pointing out is that the strongest house price inflation is found to be taking place in the single bedroom sectional title units, rising by 11.4%. On the other hand, price inflation for 2-bedroom sectional titles is 7.9%. The comparative weaker point in all these is perhaps the 3-bedroom sectional titles which rose by only 5%.
Experts observe that a price slow down has been witnessed for the freehold units market. The smaller type of houses that feature 2 bedrooms and below saw modest 7.2% price inflation, with the average property price standing at R577 522. Properties that are larger (3 plus bedrooms) are at the moment the weaker section in this category indicating a price inflation of between 4.5% and 4.9%.
3. Cost Implications
While cluster living might not necessarily be suitable for all, there are several benefits that arise from living within a community. Topping the list of benefits is that the associated cost of cluster living will typically be less compared with those encountered in freehold ownership. In cluster living, there are some overheads that are catered for by the body corporate even though you may have to pay a small levy shared by all. The levy pays for the upkeep of communal areas such as amenities like clubhouses, swimming pools, and security concerns. In most instances, the final cost will be much lower than if you were living in a freehold.
Considerations like these, plus the reality that buyers can now invest in properties that are smaller in size compared to the traditional freehold homes, may explain boosts in sales being witnessed in the sectional title market. Experts indicate that since the start of 2014, this particular market appears to be outperforming the traditional full title sector. So if you believe being part of a secure cluster community is the lifestyle for you, contact Homefair for more information.