Avoiding Sectional Title Property Issues in South Africa
Avoiding Sectional Title Property Issues in South Africa
Avoid Sectional Title Property issues in South Africa
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These are questions you need to ask before investing in a sectional title scheme. Share your insight and opinions in the comments 💪🏻
So basically if you want to own property for investing or living in you gotta have another income excluding your job so you can have that reserve fund for your property.
The age of the complex gives an indication if trustees and service providers are operating like mafias. It's sad the same service providers operate in all the huge complexes. They create unecessary plumbing and electrical problems that are rinsing funds necessitating high increases in levies and special levies.
Because owners do not attend AGM trustees in big complexes with several hundred units work with service providers to line their own pockets. Get involved otherwise buy into small complexes where such mismanagement is easier to identify.
Thank you
Thank you for this. I had no idea
Valuation information, we must do our homework before buying!
Bought and sold 2 in 10 years. Nightmare. Never again. So many issues. Don't even get me started on estate agents who sell us these properties and conceal information. Crooks!
This comes a little bit late😢for me but i will bounce back im sure of it
Is there interest on the levies if you default on them?
I work at a managing agent for some schemes and i always get queries from owners because they did not do enough homework regard their investments. This is a very good video to guide potential owners 🤝🏾
All this information is helpful. I wish I had seen this page before having my hands burnt. We learn, and we move forward.
Hi Louis. I used to be a Chairperson in our complex. You hit all the valid points. We hired a reputable property management company to manage our finances and everything is transparent.
Insightful, Iam on the market and not certain if I should go for sectional or stand alone. I noticed that there is a lot of sectional for sale with high levies and less stand alone listed for sale😮Thank you so much, food for thoughts.
Learned in hard way , 😮
Hi Louis it's property here, just wanted to get your insight, is it possible to reduce your home loan term by setting daily up recurring payments, eg: if your monthly payment is 3000, then you pay R100 a day, is there any truth or benefits to this
Thus us why i love algorithm sometimes❤ you just het the right people ❤
Whats up Louis, its guys here lol.. I had to rewind.. You are hillarious..🤣🤣😂😂
so useful…
Thank you, so far i do check financial statement & everything that you've mentioned seems to be in order😊
I recently sold mine after owning it for 5 years. 2 of the biggest issues were, the developer handed the complex over to the body corporate with a high city of Joburg water bill and people not paying levies.
And then the special levies. I want nothing to do with sectional titles now.
I never knew any of this, wow thanks
Would these also apply to new development complexes ?
Spot on!
I'm in same predicament in my complex with many units defaulting on levies,with some units owing in excess amounts of R80k😢
I'm in the process of selling it now hecause there's no proper management not to mention a proper board of Trustees and we suffer from the all the red flags you mentioned here and I hope I won't encounter any problems with getting rid of it.
OMG, my bond for sectional has been approved , OTP signed and I have not checked all of this 😢
Why did you create this video so late😁, I wouldn't have invested in the current one I am living in… It's a disaster
Hie im interested in the one on one consultancy
There is lot around sectional title…no more
What about iGrow is it best?
Yikes! Im so grateful for this vital information🙏🏾thanks
This is something I had to learn the hard way. I have a cash deal on my apartment and there is a delay due to the building owing on Municipal rates. Throughout this process I also found that there are units owing levies collectivly in excess of R100k. Long story short: Do your homework before you buy!
Often a body corp is confused with a homeowners assoc, not the same.
Whats up Louis, its guys here😂
Hi Louis. As always, thanks for sharing your knowledge. Whenever, I look at your vids I need to look twice, just to make sure it's not Dale Steyn sharing info😂.
Don't you want to be my mentor?
I will never touch ST scheme again, we ran into a problem with non paying units not honouring their levies, MA mismanaging funds, levies escalating and no maintenance. Never again, I would rather invest in towship cheap properties.
I learnt this the hard way 😅
The complex has no proper record keeping
Man.. now that the video is out.. I've been doing this wrong.. good thing I haven't invested in such as yet but I was about to.. thing is your the only one that literally shines light on what we getting ourselves into .. I couldn't gotten burnt.. thanks for the video 🙏🙏🙏🙏🙏
That whats up Louis is guys here lol😅
"What's up Louis it's guys here " brother 😂
Inspired.