Apartment Developments - Perfect for First Time Buyers

Apartment Developments - Perfect for First Time Buyers

Category Expert Insight

Apartment Developments - Perfect for First Time Buyers

 With increasing demand for affordable residential property Gaborone has seen a surge in apartment developments. Seeff Properties Botswana explores what makes these developments perfect for first time buyers.

Seeff has been appointed as sales agents for three very exciting developments underway in the City - Bodulo Apartments (Phakalane), Motswedi Place (Kgale) and Seriti Estate (Mmopane). Each of these developments has its own unique features and design yet, they all have several characteristics in common. And, if you are thinking about getting on the property ladder, there are a host of benefits to living in an apartment complex. When you decide to take the step towards home ownership, you should think of what you can afford and what your needs are. Apartment living will certainly tick a lot of boxes for most.

Costs and Affordability

 The developers of these complexes have agreements in place with certain banks offering favourable interest rates and quicker loan approval processes. Some of the commercial banks also offer specific mortgage loans for first time buyers. It is worthwhile noting that all the apartments on Seeff's books are under P1,000,000 which is a common threshold for first time home loans.

 For someone wanting to enter the property market, an apartment is an affordable base to start. As your personal income and needs grow, an apartment could be sold and used as collateral against a larger mortgage. Alternatively, it could be rented out and the rental income be used to finance a new mortgage on a larger property.

Palma Mokibe, an experienced Seeff Residential Property Consultant, states that "buying an apartment off-plan could work out cheaper than buying from an existing development. Some developments have no transfer fees". This is sound advice and really benefits the buyer. There are also several situations whereby paying a mortgage on an apartment could equate to the same monthly cost as paying rent to a landlord. Payments for apartments are generally structured with an initial (non-refundable) deposit being due on reservation and the final amount being due on completion of the build. There are many advantages to this.

Levies and Shared Costs

 All apartment complexes would require the residents of the units to pay a monthly levy. This levy is used to cover the monthly running expenses of the shared areas - garden services, cleaning services, pool maintenance, security, and common lighting, for example. Generally, this levy is much less that what one would be paying for similar services in a stand-alone house.

 Security is a key feature of developments and covered by the monthly levies. Complexes have access-controlled entrances and 24-hour security on site. This is a huge benefit to living in an apartment complex. 

Amenities

 All the developments that Seeff Properties have listed boast fantastic amenities. As noted by Palma Mokibe "many first-time homeowners would have access to most of these amenities in an entry level, stand-alone home.  It is wonderful that so many people will have access to so many amenities right on their doorstep".

 The developments all feature swimming pools, braai areas and communal, landscaped recreational areas. Over and above these common amenities, some of the developments will include an outdoor gym, club house, children's play area, soccer pitch, and one will even boast a creche.

 All apartments on offer have designated parking bays and additional parking for visitors.

 Modern Designs

 The new apartment complexes have all been designed by specialist architects and showcase modern layouts that maximise space and comfort. The apartments are being built with modern life in mind - provision is being made for fibre networks, air conditioning ducts and satellite television trunking.

 Ground floor units generally feature small garden spaces whilst first and second floor units feature private balconies - perfect for the modern lifestyle.

The smaller space within an apartment has convenient proportions. With this style comes reduced home maintenance costs and running costs (for example lower heating costs in winter). One of the developments has been designed using green technologies and boasts that there will be at least a 20% reduction in energy costs.

Communal Lifestyle

Within any housing development or complex, communities are generally closer and getting to know your neighbours is common. Children often forge lasting friendships with other complex children and have vast, secure areas to play in. With any communal living development there will be a set of Body Corporate rules that will generally require residents to abide with certain rules, especially within communal areas. This assists with ensuring that everyone gets on and respects each other's living environment.

 In conclusion, Palma states that while "apartment living may not suit everyone, it certainly offers an amazing opportunity for first time buyers to get on the property ladder at a good price and with great amenities on site".

 Feel free to call any of the registered agents at Seeff Properties to further information on the apartments available in Phakalane, Kgale and Mmopane.

Author: Seeff Properties Botswana