TIPS FOR TENANTS AND LANDLORDS
Not everyone is willing or able to make the huge financial commitment that purchasing a property entails. For this group renting not only provides relocation flexibility, but it is also the less expensive shortterm alternative.
“If you rent, you do not have to invest in deposits, transfer duties, bond repayments and other costs associated with buying a home. In addition, the landlord is also usually responsible for rates and taxes, insuring the property, as well as maintenance and repairs, costs likely built into the monthly rental,” says Rupert Finnemore, managing director of Pam Golding Properties Gauteng region.
Says Samuel Seeff: “Landlords should not be too hasty to turn down realistic offers, especially in the upper-income areas where rental rates are set at the R50 000-plus level. Rather take some security than risk leaving your property vacant.”
The rental market has become more sophisticated and challenging for landlords in recent years with a host of legislative requirements that has necessitated more stringent tenant vetting and hands-on property management. This in turn has boosted the demand for rental agents to become more involved, says Seeff.
But property owners who decide to engage with a rental agent need to ensure they deal with a legitimate service provider. “A Fidelity Fund Certificate is a must,” cautions Stefan du Plessis, managing member at Rent Protect.
Those with the most to lose from an investment point of view are property owners, which is why an experienced and qualified property lawyer should review the rental agreement, advises Du Plessis.
“The absolute foundation that ensures the protection of your rights, whether you are a tenant, rental agent or property owner, is a balanced and iron-clad rental agreement,” he says. ■