Safe, green and community focussed: Is a residential estate for you?
Category Advice
The image created around residential estates are typically very appealing - scenes of lush greenery, wide open spaces, happy families and children on bicycles (and a labrador for good measure) come to mind.
"While this may not be the picture of a typical South African neighbourhood, this is typically the picture residential estate developers and their marketers try to present to potential buyers," says Roxy Engelbrecht, Leapfrog Franchisee at Leapfrog Boksburg & Germiston.
In fact, she and her agents are often asked about the pros and cons of purchasing property in a residential estate. "There is no one-size-fits-all answer because it depends on personal preference and factors such as lifestyle needs, location and financial means, of course," she says.
Living the lifestyle
One of the key features - and certainly a major drawcard - of residential estate is the opportunities they offer for spending more time outdoors with large open spaces and parks designed into the overall layout.
"Residential estates offer safe and beautiful spaces to enjoy the outdoors - without having to manage the maintenance and upkeep yourself," Engelbrecht says.
The more upmarket estates are typically designed to encourage interaction - think play time with the kids, picnics with the neighbours, after-work strolls with your loved one, things that have been known to work well to create a sense of community.
Safety and security
The added layers of security, such as access-controlled entry, perimeter fencing and dedicated security guards, offered by many residential estates across the country are a major drawcard for property buyers.
"It's a basic human need to feel safe and secure, and many estates place key emphasis on offering just that," Engelbrecht says. She adds that anecdotally they know that buyers are often willing to pay a premium for the additional security features some residential estates boast.
Property values
The investment potential and value of a property should always be a consideration in a purchasing decision. "You want to ensure that any property you own is one that will appreciate in value over time. Properties in residential estates historically grow in value at a satisfactory year-on-year rate," Engelbrecht shares.
She adds that if you are thinking of buying in a residential estate it pays to consult a trusted property advisor for a professional, market-relevant opinion on the growth potential of the property.
But keep an open mind
While the benefits and advantages are plentiful, there are also considerations around residential estates that some buyers may find less appealing. Engelbrecht highlights a few of the things that may be problematic and should be considered more laterally.
The neighbours: Everybody wants good neighbours but bear in mind that certain types of estates will attract certain kinds of people. For example, you might not want to settle your young family in a place that is overwhelmingly occupied by retirees, or vice versa, so look into the profile of the typical resident before signing on the dotted line.
Building and aesthetic restrictions and regulations: Visual uniformity is usually a defining feature of residential estates, and a key part of maintaining the appeal and integrity of the place is ensuring things stay looking the same. "Make sure you're familiar with the rule around renovations and structural alterations to avoid disappointment at a later stage," Engelbrecht advises.
Levies: Homeowners in residential estates are usually charged a monthly levy that goes towards the upkeep of communal areas. "Make sure to both budget for this expense as it can be quite hefty, and also make sure you know exactly how the amount is calculated," Engelbrecht advises.
General rules: Most estates are governed by a set of rules or a code of conduct that residents must adhere to. These are typically to protect the residents and to promote a pleasant culture, so do bear that in mind if at first it puts you off.
The appeal and suitability of a residential estate, as with most matters related to property, is a one of personal preference and financial ability. "A trusted property advisor can help guide you in making the best decision to best meet your needs," Engelbrecht concludes.
Author: Leapfrog Property Group
