Commenting on this situation, Tony Clarke, managing director of Rawson Properties, said buyers all too often neglect to work through the developers' statements and plans as thoroughly as they should. In their desire to own a home, many sign without proper investigation. "The first step to take in every plot and plan purchase, should be to go and stand on the ground allocated to your unit and look around you. If your unit has an upper storey - or is simply on a higher floor - find some means, e.g. a ladder, of checking the view from that level.
"Second, insist that the agent explains in detail where other buildings on or adjacent to the site will be or could be erected. What appeared to be a pleasant surrounding landscape can a few years later be filled with high-density retail outlets and service stations. If this does not upset you, then it's fine. If it does, buy elsewhere." Clarke says in general, views are the most contentious of all issues. At a Platteklip project some years back, buyers found that the views shown on the brochure were largely obliterated by the closeness of the other units in the same development and this definitely downgraded the value of all homes in the project.
Parking too, can be a tricky issue, said Clarke. Sometimes the bays allocated by the developer can be difficult to access or the layout can result in certain cars being parked in.
The term "full security" can also have many interpretations: from a simple barbed wire fence with an electronic gate to a comprehensive CCTV and patrol service.
Clarke said buyers should also check where the sun is in relation to their unit at different times of day. All too often, unexpected deep shade or blazing sun can make a unit far less attractive in reality than it seemed on paper. Buyers should also go through the list of specifications, not only for the unit but also for the landscaping. Wherever possible, the brand name of all fixtures and materials to be used should be given and samples should be on view before, not after the purchase.
He said there have been many instances where buyers expected reputable locally made equipment or materials to be installed - only to find that they had been replaced with a cheaper imported Asian product. "If the specification, for example, says wooden window frames, ask who manufactures them. If it says metal frames, check whether they mean steel or aluminium. If natural stone is specified for the counters, check if the developer means granite, marble or as in most cases, a composite."
Clarke warned that most property developers will be held up at some stage and are usually unable to deliver on the specified date. Provision should therefore be made for extending current leases, but when the developer is ready for transfer the buyer should very definitely have his cash ready: a delay at this stage can result in a whole batch of transfers being held back, to the detriment of several buyers.
Clarke said the good news is that almost all residential developments in recent years have proved to be steadily appreciating assets. Something that has irritated an initial buyer was often perfectly acceptable to the follow-up purchaser and in general when gardens become more established they add greatly to the attraction of a development. Clarke says Rawson Developers have certain clients who now own between six and twelve units - a sure sign that such investments tend to pan out well ? but this does not alter the fact that a thorough investigation should be made before any unit in a plot and plan scheme is signed for.
For more information contact dirk@spiralsight.co.za Article obtained from property24.com (www.property24.com)