| Restoration development the next big
thing |
As development land becomes scarcer and building and service costs
rocket, greater emphasis is being placed on restorative development.
This refers to the redevelopment of older or decaying residential
areas to return value to existing infrastructure, and is widely
seen as a solution to urban sprawl as well as a way to halt further
degradation of the natural environment and preserve scarce resources.
Already accounting for more than a US$1-trillion spent worldwide,
the trend also represents a rapidly growing economic development
opportunity for businesses and individual investors as well as communities,
according to real estate analysts.
In cities that tend to become ever more densely populated, greater
emphasis on neighbourhoods that integrate a clean environment, historic
preservation and a mix of new and restorative development is becoming
imperative, they say.
Restoring a built environment includes the renovation and rehabilitation
of residential buildings; adaptive re-use, which refers to remodelling
disused factories and warehouses into housing; and replacement,
also referred to as infill, since it involves using open spaces
between existing buildings for development to optimise existing
infrastructure such as roads and the water and electricity supply
grids.
As far as the natural environment is concerned, restoration includes
cleaning up pollution in rivers, streams and green areas, and rehabilitating
landfills and turning them into green spaces.
For restorative development to take off, however, cities often have
to lift restrictions to enable innovative re-use of land and buildings,
and create incentives for renovation, with the payback coming in
the form of reduced pressure on their infrastructures.
Meanwhile, the most successful "restoration developers"
are likely to be those who can devise fully integrated projects
that take account of the natural as well as the built environment.
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| First-time buyers must fight the hype |
In the current property market buyers are kingpins courted by developers
and estate agents alike - but first-time buyers in particular should
take care not to be seduced into serious and potentially costly
mistakes.
In the excitement of hunting for a first home, many buyers become
over-enthusiastic and run the risk of succumbing to 'hype', particularly
in new developments where they may be subjected to high-pressure
tactics.
And signing an agreement to buy before they have done their homework
properly, may quickly take the gloss off owning their own home.
Therefore, they should keep basics in mind, such as studying the
market and finding out what implications fluctuating interest rates
hold for them and what the relative advantages of different types
of properties are, such as sectional title as opposed to freehold
ownership.
It is always a good idea to visit as many show houses as possible
and to consult estate agents about the state of the market in areas
where they would like to settle. And they should never be afraid
to ask questions and have them answered to their satisfaction.
Above all, they should resist temptation to over-commit themselves
financially in the hope that a bonus at the end of the year or an
expected salary increase will make up any temporary shortfall. And,
of course, all related costs such as transfer duty and legal fees
should be taken into account when they draw up their budget and
decide how much to spend on a home.
And finally, it is far better to under-spend on a first home and
to put any spare funds into the bond to reduce interest and to build
equity. In this way they will be in a better financial position
when circumstances dictate it is time to upgrade to a bigger property.
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| Power outages increase fire risks |
Open flames from candles or gas stoves pose real
fire hazards, especially in households more accustomed to the convenience
of electricity, and homeowners plagued by power cuts should keep
the following safety principles in mind:
- Educate all family members about the risks of open flames;
- Never leave burning candles unattended and place candles away
from flammable material in case they are accidentally knocked
over;
- Take care that all open flames are extinguished before the family
retires to bed;
- Make sure that gas cylinders used for cooking and other purposes
are in good working order, and don't store additional cylinders
indoors;
- If you are planning to use a fireplace during winter, make sure
the chimney and flue are in good repair and make sure that there
is a fireproof area in front of the fireplace to prevent sparks
or logs tumbling out of the grate starting a fire.
However, it must be said that electrical faults
are still a major cause of homes fires in SA - when the power is
on, of course! It is thus also a good idea to regularly check the
state of electrical wiring and make sure that the cords of appliances
are in good repair. Replace all frayed cords and never overload
plugs.
For safety's sake, householders should have a working
fire extinguisher on hand and make sure that it is serviced on the
due date. And families should work out an emergency fire drill and
make sure all members of the household know what to do in the event
of a fire.
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| What to do about hidden defects |
Defects in the structure of a home that become
apparent only after a sales agreement has been concluded can scupper
the whole transaction. They can also lead to much legal wrangling,
litigation and naturally, additional costs.
But there are ways to overcome such problems, which
will save the buyer the effort of starting his house hunting afresh
and the seller the bother of fixing the defect and marketing the
property all over again.
The best solution in such a situation is for buyer
and seller to sit down together and discuss the matter - with their
agents and lawyers, if necessary - and try to reach an equitable
compromise.
One possibility is for the seller to drop his asking
price in order to release the necessary funds to the buyer, who
can then undertake to fix the defect. An alternative is for the
seller to undertake to pay for any repair work.
However, it is wise to seek independent professional
advice on the extent of the problem, the repairs necessary and an
estimation of the cost involved. This is especially important if
the buyer decides to agree to a lower purchase price as compensation
for the cost of repairs. The scope of the problem may well be bigger
than initially thought and any buyer who agrees to go ahead with
the transaction at a reduced price must make sure that the saving
will cover the cost of all necessary repairs.
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