eaders Bongani Maseko and MJ van Driel want to buy houses in a security estate, but are not sure if this is a good idea.
“In the next 12 months or so, I am planning to invest in a property. I have not yet decided whether to buy in a complex or get a freestanding house. I spend one or two weekends out of town, and security is my main concern. Would buying in a complex be advisable? If I buy in a complex, what are the costs to be considered?”
“We rent, and the daily commute during peak hour takes an hour and a half one way. We’ve decided to rather purchase a small, two-bedroom unit in a secure complex that is 15 minutes from work. During my research, it has become apparent that the body corporate is operating at a deficit.
“The banks will only give me a 70% bond. The unit has been on the market for eight months. We want to make a cash offer of 80% of the asking price. Is it a good idea to purchase the unit if the body corporate is operating at a deficit, and what are the consequences?”