Two competing scenarios exist, both with pros and cons, in this suburb where property hunters may have a difficult decision between a new estate where levies, transfer costs and conveyancers' fees are spared, or an older property which offers value f
Buying the least expensive place with a view to renovating – or buying a modern property at a premium, is a conundrum that many prospective homeowners frequently grapple with. Prospective homeowners in Monavoni will have to take this into account more often than not, too, says Wandile Siko of Dormehl Phalane Property Group.
Siko says getting the lay of the land is important and advises prospective property owners in Monavoni to think carefully regarding whether the contract they are about to enter into serves their best interests. “I sometimes advise people to buy a cheaper property which might need renovating. They can take their time, sometimes up to three years to transform it into their desired home.”
He cites the wisdom of spreading renovation costs over a longer period to offset the initial purchase cost. He says that although some property hunters may prefer a property in a new estate, which could be more expensive, it can be good because they are spared any existing levies as well as transfer costs and conveyancers’ or attorneys’ fees.
But buying an older property does not only promise value for money; also it can save money ultimately, says Siko, who observes there are pros and cons to each of these two competing scenarios. This exists more in a suburb like Monavoni where the market stock comprises freeholds, clusters and sectional townhouse apartments, almost all of which are in security estates and complexes.
Monavoni A/H, meanwhile, has properties including well-situated smallholdings. Such a variety of market stock caters for a wide spectrum of income thresholds and lifestyles.
Siko says the smaller units are occupied mostly by entry-level middle-class residents. Meanwhile, Stoneridge Country Estate and Silver Wood Estate, for example, have large homes, some of which are marked as high as R2.5 million to R3m or more and these are associated with a luxurious lifestyle.
Silver Wood Estate, for instance, is a mixed-use development where residents can indulge in convenience shopping on their doorsteps. Siko also reports developments going up in the area, including in Granite Street. Presently sales are markedly slower in Monavoni with rentals doing well, notes Siko.
“Either prospective buyers do not meet the required affordability levels or don’t have a good credit rating.” He adds: “The focus seems to be shifting to rentals although many sales inquiries are also coming in.”
This makes Monavoni a good area for a long-term investment. Some estate agent estimates show a monthly return in the midR20 000s on a property valued at around R3m, while some properties slightly over R2m are commanding around R16 000 a month.
“It’s a prime location allowing for easy mobility to Joburg, Midrand and Pretoria. “There’s good access to main routes such as the R55 and N14 and malls such as Forest Hill City and Mall@55. Monavoni is convenient and centrally situated,” says Siko.
Phoks Mathebula’s things to do and favourite places
1 Zwartkops Raceway
A great venue for motorsport. I have boys who are thrilled to come here. I have also hosted my kids’ birthday parties at the venue. R55, Lekkerhoekie, Tshwane.
2 Royal Elephant Hotel
It’s a great place to eat out. They also host fabulous functions. Corner Willem Botha and Wierda roads, Eldoraigne. 012 658 8000
3 Velmore Hotel & Spa
This is an outstanding wedding venue with an on-site spa. 96 Main Road, Mooiplaats, Erasmia. 012 370 7000
4 Zwartkop Resort
It’s a wonderful picnic venue and great for a family getaway. Wierda Road, Centurion.
5 St Thomas Moore Catholic Church
I enjoy attending with my family. 55 Tulip Road, Monavoni, Centurion. 012 668 1595
6 Forest Hill City
Convenient shopping mall. Marie Road, Monavoni, Centurion. 012 007 0917