Buying a new Summercon versus a used property

11 MAY '22 Buying a new Summercon versus a used property

Summercon is delighted to announce the upcoming launch of our latest development, TOCARA LIFESTYLE ESTATE, in June 2022. Situated across the road from the established Dainfern Estate and the fabulous Steyn City, with shopping centres, Fourways Life Hospital, and a choice of private schools, all in close proximity to Tocara.

SHOULD YOU BUY A NEW SUMMERCON PROPERTY OR A USED PROPERTY?

There are pros and cons to both.

SHOULD YOU BUY A NEW SUMMERCON PROPERTY OR A USED PROPERTY?

There are pros and cons to both.

THE PROS AND CONS OF BUYING WITH SUMMERCON

The deposit is R20 000, and thus easily affordable

The value of the apartment is recognised by all the major banks and accordingly it is generally easy for a buyer to arrange a bond facility of 100%, if required.

The apartment is brand-new, and all its fixtures and fittings (including kitchen appliances) are brand-new!

Because the Estate is new - there are no gremlins in the financial accounts

Apart from the deposit, no further costs (provided one of the 4 major banks is used) are incurred by the buyer.

All apartments after occupation undergo a full snagging process to the satisfaction of the new owner.

Generally speaking, in order to receive all the benefits listed above, a purchaser may pay more for a NEW apartment.

THE PROS AND CONS OF BUYING WITH SUMMERCON

The deposit is R20 000, and thus easily affordable

The value of the apartment is recognised by all the major banks and accordingly it is generally easy for a buyer to arrange a bond facility of 100%, if required.

The apartment is brand-new, and all its fixtures and fittings (including kitchen appliances) are brand-new!

Because the Estate is new - there are no gremlins in the financial accounts

Apart from the deposit, no further costs (provided one of the 4 major banks is used) are incurred by the buyer.

All apartments after occupation undergo a full snagging process to the satisfaction of the new owner.

Generally speaking, in order to receive all the benefits listed above, a purchaser may pay more for a NEW apartment.

THE PROS AND CONS OF BUYING A USED PROPERTY

Buying into a development which has been in existance for some time msy bring with it problems caused by earlier mismanagement of the Body Corporate leading to special levies.

Purchasers of USED properties have to pay a large deposit (between 5% and 10% of the purchase price). In addition the purchasers have to pay transfer duty and conveyancing fees (amounting to AS much as R90 000 BASED ON A PURCHASE PRICE OF R1 500 000.

It is generally possible to purchase a USED property at a lesser price than a NEW property

Most USED properties require a significant amount of rehabilitation, particularly in the areas of kitchens, bathrooms and carpets. This all costs money.

THE PROS AND CONS OF BUYING A USED PROPERTY

Buying into a development which has been in existance for some time msy bring with it problems caused by earlier mismanagement of the Body Corporate leading to special levies.

It is generally possible to purchase a USED property at a lesser price than a NEW property

Most USED properties require a significant amount of rehabilitation, particularly in the areas of kitchens, bathrooms and carpets. This all costs money.

These various pointers are not meant to be exhaustive. Of particular importance, whether one buys a NEW property or a USED property, remember: