There are different types of property in South Africa, not only are there hidden costs you should be aware of buy you need to take into consideration the architecture type, the building structure, and the type of ownership.
The architectural structure style in which the home is built. There are many such styles, usually based on some era or geographical location. Examples include Cape Cod, Mediterranean, Mid-Century Modern, Georgian, Ranch, etc.
There are many different types of building structures, the most common and popular ones in South Africa are single-family homes, townhouses, apartments and farm homes.
Types of Property in South Africa
Here’s what you need to know before deciding to buy:
Residential property in South Africa includes houses, apartments, townhouses, and more. These kinds of properties are bought with the intention to lice in.
Commercial Property in South Africa are buildings and land that are intended for profit-generating activities rather than regular residential purposes. These include office, industrial, multifamily, and retail spaces.
Industrial properties are used primarily for service centre/light industrial/bulk warehouse purposes.
The difference between Sectional Title and Freehold
Another thing to take into consideration when choosing types of property in South Africa is whether the property is a Sectional Title or Freehold.
Freehold Ownership is when you own a property, which includes the building and the land it is built on, while Sectional Title is the ownership of units or sections within a complex or development such as detached houses, townhouses, flats, or apartments.
Price also takes a factor as Freehold Properties tend to be more expensive to buy. Although there is a monthly levy for Sectional Title properties,
A Freehold Ownership contract enables you to be in charge of everything related to your property while a Sectional Title means you only have control of your four walls. This means if you need to make renovations or big changes to your property you need to discuss it with the Body Corporate or management agency of your property.
It’s important to research the different Pros and Cons of every agreement! Looking to purchase a home? Here’s everything yo know about buying a home in South Africa process.