“100% Bonds back in business”
Black Bird Construction is proud to announce that, in association with Amberry Investments CC, DV Project Management (Pty) Limited and Port Properties, we have been appointed the preferred building team to construct this exciting new development of stylish and affordable new homes.
With it becoming increasingly difficult for ‘first-time” buyers to enter the property market, it is encouraging to see some creative measures to assist against this trend.
Port Properties are launching Willow Wood Village, with the aim of enticing end-users to own their own property rather than rent from someone else.
“The challenge for us was to deliver something that offers real value for first-time homeowners without compromising quality of the product for our investors”, says Neil Bernberg, Principal of Port Properties.
“A R5000 deposit and 100% bond to qualified purchasers makes entering the market easier for our end-user and therefore allows new people own where they would otherwise be renting.”
Carol Curtain, of OOBA explains, “Obviously the criteria are still quite stringent, but for those who qualify- a 100% mortgage with a nominal deposit definitely makes purchasing a house more affordable. There is also the added bonus of many of these first-time buyers qualifying for government’s Finance Linked Individual Subsidy Programme (FLISP), giving them the means to immediately reduce their bonded amount.”
Despite the target market being first-time owners, the development will not exclude investors looking to benefit from the extra pride and care that owner-dwellers will take in the complex. “That is one positive spill-over from opening up the marketplace to new owners”, Bernberg explains. “In our experience the higher the percentage of owners living in a given complex, the more the common property is looked after and maintained. This, in turn, is a benefit to those investing because they know that their investment is being looked after by on-site owners protecting their own investments. Furthermore, with the large-scale road widening and other infrastructure improvements currently underway, we have identified the South Peninsula and specifically Capri as an area offering real value with significant growth potential once the surrounding improvements are completed. This bodes well for our end-users and investors as their values will climb together.”
Carol also sees the investment potential for both profiles of buyers: ”Because our bond applicants will mostly be living in their own 2 bedroom homes, we are also indirectly guiding the rental values for the investor. An applicant who passes credit checks but does not quite qualify for the finance will automatically be a potential tenant at a similar rate to what the neighbours are paying as owners. These tenants know that they can afford the +-R10 000 per month repayments and will be good tenants should they not manage to buy, i.e. they can still live at Willow Wood Village and enjoy the community and amenities if they don’t qualify for the bond”.
Starting at R995 000 for a 2 bedroomed house, the question of what amenities were feasible is a good one. Neil says Willow Wood Village will have a communal pool and braai area where the kids can play and the parents can socialise in a safe environment. “Although adding to the overall costing, we felt that it was important to offer a lifestyle component along with the security component. We couldn’t envisage a security complex without a communal area for people to congregate, so the braai and pool area was our solution without adding too much to the levy budget”.
For more inquiries please contact Port Commercial Properties on 021 204 7218 or Chris on 0834484858 or firstname.lastname@example.org Alternatively, contact Black Bird Construction via email to email@example.com | firstname.lastname@example.org.
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