Wowos Club

To view properties, click on the links below. ​

1. 2 Beds, ground unit, one carport: 29 Pavilion Heights, 24 Logan Avenue, Highveld, Centurion, 0169 (Buy now); 
2. 3 Beds, 1st floor unit, two lock up garage: 84 The Pines, c/o Shelanti & Jean Avenue, Die Hoewers, Centurion (Buy now). 

Offers Pending: 

1. 2 Beds, 1st-floor unit, one carport: 26 Pavilion Heights, 24 Logan Avenue, Highveld, Centurion, 0169 (Offer Pending); 
2. 2 Beds, 1st-floor unit, one carport: 37 Pavilion Heights, 24 Logan Avenue, Highveld, Centurion, 0169 (Offer Pending); 

Remember, transfer costs are paid by the buyer of the property, to a conveyancing attorney who is appointed by the seller of the property. Bond registration fees, on the other hand, are paid to the bond attorney, who is appointed by the bank to register the bond in the homebuyer’s name.

 

When buying in sectional titles, always consider the following five major points and questions:

 

1.         Levies of the complex/home association. How much are the levies? 

2.         How much reserves does the complex/body corporate have, and how regularly do they increase their levies? 

3.         Reserves are essential and can be used to measure the management of the complex by the trustees. 

4.         What improvements and maintenance work has been done in the last year or two? 

5.         What are the levies covering exactly? For example, levies in other complexes cover water usage, security (armed and response), biometrics systems, etc. 

2 May 2024

 

Summary of our discussion today regarding tax and rental properties

 

Johannes Nakana asked, “Do you guys pay Property Tax and also tax on what you earn from the properties? How does it work?”

 

Our member Nathaniel Fadiran responded as follows:

 

“Property tax is for owning property that utilises communal features such as public roads to the land, sewerage, electricity, etc. So, if you own property in whatever form, you will pay property taxes.

 

If you earn money from using the property and it ends up on a positive balance sheet (rental income less expenses such as bond interest, taxes, rates, insurances, etc.), then you ought to pay tax on that ‘profit’/gain.

 

Your part is to run your business thoughtfully and accurately.” 

 

Thank you for reading.