Unique “stay to own” property ownership concept no home loan required to own your apartment in The Parktonian in Braamfontein
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April 9, 2021Nestled in the heart of Braamfontein, The Parktonian has been a beacon of hospitality for many years in Gauteng.
A Trust owns 170 of the 300 sectional title units in the building. The Trust is prepared to release many of them on their unique “STAY to OWN” concept. Through its research, the Trust discovered property attorney Meyer de Waal of MDW INC Attorneys. He pioneered his very similar “RENT2BUY” concept in 2007 through his legal practice, and has been developing, fine-tuning and perfecting it ever since.
The Trust and Meyer de Waal immediately found common ground, and collaborated to develop and market the “STAY to OWN” product.
“Together, we realized with the return to work by employees after the impact of Covid-19, many are facing the long hours commuting every day to work.
Countless productive hours are lost in transit.
We understood that many office workers want to live close to work, and enjoy many of the benefits of living in the bustling inner-city of Braamfontein after hours” says Meyer de Waal.
The Parktonian sectional title building complex is being promoted as a “Lifestyle Centre” offering trendy professionals all they may require under one roof.
The building offers 24/7 security, a reception area, a shop, many communal facilities such as a state of the art fully equipped gym, pool and as well as in in-house restaurant and bars. One bar has a large outside deck with stunning views over the city of Johannesburg. Residents actually never have to leave the complex after work to meet their recreational requirements.
All the units are fully furnished and equipped – ready for occupation. The fully furnished, equipped and air-conditioned rooms are almost all 55 square metres in extent – with a few at 52 square metres. There is a “work from home” full size desk, fully equipped with all amenities.
Each unit is a “turn-key” apartment, carpeted/tiled, with a safe, room artworks, a kitchenette, furniture, queen size bed or two single beds (that combined make a king size bed), a room TV, a lounge TV, double seater couch, coffee table, curtains, and desk to work from. (Delete as not always the case: The tiled bathroom is fitted with a wall mounted hairdryer.)
A big advantage is that the above ALL EXISTS and can be viewed. This is as compared to many residential projects which are sold “off plan”. A buyer then has to wait for a year or two to see what he is ACTUALLY getting and before he can occupy.
UNIQUE OWNERSHIP CONCEPT – NO HOME LOAN REQUIRED
Meyer de Waal adds:
“We decided, together with the Trust, to make the reality of ownership easier for property owners and investors.
With the “STAY to OWN” concept a buyer does not have to go to a Bank and apply for a home loan.
The Seller offers “vendor finance” to the buyer or investor, offering them a 15 year period to pay off the purchase price.
HOW DOES STAY TO OWN WORK?
A STAY to OWN buyer/investor can apply to be approved for the “STAY to OWN”.
“A potential buyer needs to demonstrate a good payment profile and as such we will do a check the TPN [Tenant Profile Network] to determine the propensity of an applicant.
With the monthly Stay to Own occupancy fee ranging between R5 200 to R6 200 per month plus levies, we also do a comprehensive affordability and debt vs income repayment analysis for each buyer or investor” says De Waal.
De Waal adds:
“Once we have all the supporting documents for an application, the outcome of the assessment is usually available within 48 hours.
STAY to OWN means that once the legal paperwork is signed and the deposit paid, the buyer can take occupation. There are no delays to take transfer in the deeds office, resulting in delayed occupation.
Transfer of ownership in the deeds office is taken 15 years later when the purchase price is fully paid off. The buyer can pay off the purchase price earlier and speed up the registration process into his or her name.
A deposit of R10 000 is required by owner occupiers. In the case of investors, a deposit of R36 000 is payable.”
HOW TO VIEW A UNIT?
Do it online : A walk through online video is available – click here.
Schedule an actual on-site viewing: To adhere to Covid-19 protocols and on-site viewings, preference is given to buyers to schedule viewings who can demonstrate that they have the affordability to pay the monthly occupational fee.
If a buyer is interested to view a unit, a viewing can be arranged once the such buyer completes a quick online affordability calculator. The outcome of this online affordability calculator will assist an interested buyer if his or her income matches the required monthly repayment.
If a buyer is already in possession of another type of certificate to reflect affordability, such can also be submitted to the sales team to schedule a viewing.
PRICES
The prices of the units the Trust decided to sell will all vary according to location and views.
With a starting price of R519 950 for a 55 sqm unit, a buyer can expect to pay an occupational fee of R5 200 per month, plus a body corporate levy of R1 540 and R600 for water and electricity and R250 for a basic DSTV package.
At present, the most expensive unit will sell for R619 699.00, with a monthly occupation fee of R6 197.00, plus the levies as mentioned above.
At present the occupation fee is increase annually by 5%. Once a buyer signs up, he locks in that occupancy fee, and that percentage increase, for 15 years.
This occupancy fee includes an amount to pay for the unit over 15 years. The outstanding balance owed reduces down to Nil over the 15 years. On signature of a deal, the amounts outstanding at the end of each month are scheduled over the 15 years (down to Nil). A buyer can at any time decide to raise a bond and pay the amount outstanding, and take early transfer.
Access and use of the fully equipped gym, swimming pool and outside pool deck are all included.
To register your show of interest – click here
Meyer de Waal
MDW INC
021 461 0065 meyer@mdwinc.co.za
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)
