To think of raising a family in an apartment is practically unheard of in South Africa. Apartment living, in general, isn’t common, except in the inner cities. However, 46% of the European population live in apartments. In fact, in Spain, more than 65% of the population live in apartments.
Why such a high figure in Europe?
The answer is simple… ownership. Across the continent, seven out of every 10 people own their apartment. Families, in particular, appreciate the benefits of owning their home and creating an investment for their family’s future.
So, what are the benefits of apartment living?
1. Get your foot on the property ladder
The end of 2021 saw a spike in the rental market across South Africa. There is a particular shortage of more affordable rental properties. This opens up the opportunity for many to look into purchasing property and becoming a homeowner.
Bear in mind, houses coming onto the property market, especially around George, are being snapped up quickly. An average of 50 families per month are moving to George from elsewhere in the country. This seems to be because of what this city has to offer. The crime rates, infrastructure and instability across other towns and cities in South Africa has made a lot of people uneasy. George is a prime and safe location for semigration. The crime rate in this city remains very low, and the infrastructure across the city is top-notch with George municipality considered very well managed. Close by in most areas, and especially Mooikloof Estate, are excellent hospitals, schools and amenities. All of this, on top of the long list of amazing activities in the area, make it an incredibly sought after place to live. It’s also stunning, with its beautiful mountainscapes and surrounding coastline.
2. Lighter on your pocket
A Lightstone report shows South Africa has seen an average property price increase of 4.7% this past year, however, our Kloofsig apartments remain competitively priced, from just R750,000. And don’t let the increased Repo rate of November 2021 put you off. This, in actual fact, only increases the monthly bond payment by R151 on an R1 million bond. The base home loan interest rate currently sits at 7.25%, which is still far lower than it was a couple of years ago. A 100% bond of R750 000 incurs a monthly repayment of around R6,000. Currently, the average rental price in the Western Cape is sitting at over R9,000. It remains the most expensive province in which to rent.
3. Ease of maintaining the property
One of the biggest draws for buying an apartment is that you benefit by not being solely responsible for some of the maintenance and repairs. At Mooikloof, the monthly levy covers you for building repairs and maintenance of the complex. This is a huge weight off of the mind for many, as building and roof repair costs can run very high.
Add to this the wonderful gift of more time. There’s no need to spend time mowing a lawn or calling around to organise any building maintenance issues. Think about having your weekends to do whatever leisure activities that take your fancy, and holidays spent enjoying all the summer entertainment George has to offer.
4. It’s even safer than a house
Safety is a top consideration when looking to invest in a property. Living in an apartment gives added security that a house cannot offer. With neighbours being in close proximity, they’ll likely notice if something seems out of the ordinary. This is ideal for anyone who lives alone, for families with children, for the elderly, or anyone who just needs that extra peace of mind. Being able to easily alert a neighbour is definitely a comfort for many.
At Kloofsig, you can couple this safety aspect with the benefits of living in a fenced and gated community with 24/7 security and controlled access.
5. Build Connections
Yes, an apartment is a little smaller in square footage than a house. However, this is not necessarily a negative thing. In fact, it’s proven to help build family bonds and cement couples’ relationships,
by enabling them to be more present for one another. The shared experiences lead to deeper connections and closeness. And again, there is an added benefit of extra time, with less space to keep clean, allowing for more quality time spent with one another.
The proximity to neighbours also builds a community and offers far more opportunities to get to know each other. Stay-at-home parents and those who work from home will appreciate the chance at bumping into others and breaking up the day with casual conversation.
6. Flexibility and income
As we mentioned in our first point, there is a shortage of more affordable rental properties, and apartments are in hot pursuit by renters. By owning your own apartment, you can rest assured that if you are offered that dream job overseas, you will no doubt quickly and easily find a renter to move in. Depending on your bond repayments, there might even be scope to make a decent income from the rental.
Our Kloofsig Apartments
Another benefit to buying a Kloofsig apartment is that there is no transfer duty, saving you money. To find out more about what is all involved in buying a property, read our blogs The Buying Process and The Buying Process: Part 2.
It’s worth noting that our phase one Oudekloof homes sold out very quickly and our phase two Boschkloof homes have almost completely sold out. We anticipate that our Kloofsig development will also sell fast.
Contact our team today to organise the viewing or purchase of one of our available properties
