Pros & Cons of living in a Lifestyle Estate. Here's what you need to know
Category Lifestyle
Lifestyle Estates the world over are quickly becoming the most popular option for families looking to buy real estate within their respective price margins. This is especially true of South Africans who see the added security advantages that living in these estates can provide.
While the convenience and added security are immediately attractive, if you are looking to buy property within lifestyle estates it is generally set at a higher listing price. Above and beyond, homeowners are also expected to abide by rules and regulations which are set by the estate's body corporate.
We take a closer look at some of the advantages and some of the expectations required of homeowners looking to make the change.
Pros and Cons
In essence, lifestyle estates provide homeowners with a whole new way to once again experience the suburban living of bygone eras. Whatever the reason, it seems that those who live in lifestyle estates attain a sense of freedom and sense of community.
According to stats gathered from Lightstone, atleast 1 in every 10 South Africans have decided to purchase property within a luxury lifestyle estate. That being said, are lifestyle estates the wave of the future?
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Pro - Increased Security
As we've said before, one of the most attractive reasons for South Africans remains the added benefit of having security checkpoints, access control, 24-hour patrols and as many cameras on communal land as possible. This, alongside strict road laws with speed humps and low traffic also grants parents of small children peace of mind.
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Con - Higher Costs
The exclusive nature of luxury lifestyle estates means that properties within will always have a higher value than a similar free-standing home on the market. However, this can be offset by the fact that the buyer will be purchasing an investment property which will likely see a higher return.
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Pro - Access to various amenities
Most, if not all luxury lifestyle estates, are built and structured around communal facilities. An excellent example of this would be Silver Lakes Golf Estate which is primarily built around a world-class golf course that which homeowners are granted exclusive access. Beyond this, basic amenities usually include a pool, tennis courts, walking trails, and of course, security.
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Con - Set community laws
The concept of "collaborative ownership" means that you will need to take into account communal laws and regulations that govern the estate. Sometimes, homeowners may be affected by levy increases that encompass communal maintenance or renovation projects. Homeowners need to ensure that they remain fully aware of these regulations and attend Annual General Meetings (AGMs) to have their say as often as possible.
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Pro - Communal or collaborative ownership.
While communal levies and hidden costs may give one pause, the advantage to this is that collaborative ownership means that the costs of maintaining the property is shared by the community. This does of course depend on the extent of the ownership. Some properties may be a full title (Ownership over the house and land) or they may be freehold (ownership of a unit in a complex)
Investment Opportunities
Because lifestyle estates are generally well maintained, the overall higher costs of the property mean that you will likely achieve an even higher resale value. This means that purchasing within a lifestyle estate can be a lucrative long-term investment.
One does need to take into account the size of the property. Lightstone research suggests that the more bedrooms a home has, the more likely the re-sale value will increase. Such factors need more research in order to ensure you're making a sound investment. Always ensure that you check everything from rules and regulations to the added communal amenities before making the Offer to Purchase.
Contact Ikonic Real Estate today
For Real Estate professionals you can trust and rely on for industry-related expertise, contact us below for more information.
If you are looking to live in Silver Lakes Golf and lifestyle Estate, Silver Stream Estate, Lombardy Estate & Health Spa, The Ridge Estate, Six Fountains Estate, or Willow Acres Estate and surrounding areas then Ikonic Real Estate is your preferred property practitioner to assist you in all aspects of the selling and buying process.
Office Number: 083 452 5599
Cell Number: 083 452 5599
Email: martin@ikonic.co.za
Ikonic Real Estate holds a Fidelity Fund Certificate issued by the Property Practitioners Regulatory Authority.
Author: Lisa