Monday, 13 July 2020 21:40

How to go 'green' in Sectional Title

Steep annual increases in municipal electricity and water tariffs are a constant incentive for sectional title (ST) schemes and housing estates to implement alternative energy and water supply solutions.

Sectional Title schemes and other community housing developments should be taking steps as fast as they can now to ensure that residents have access to electricity and water supplies in the coming months.

Innovations and special provisions that apply to sectional title apartments and town houses do not necessarily apply to homeowners’ associations.

National property management company Trafalgar has just announced the acquisition of Table View-based managing agency Browmann Property Management.

The residential property market has had its ups and downs during 2016 as the economy stagnates, the Reserve Bank started hiking interest rates again and consumers struggle with household debt-to-income.

With sectional title sales accounting for a growing percentage of South Africa’s total home sales, rising from 22% in 2010 to 28.4% of total sales in early-2016, there are no signs of this trend abating, particular as densification and the demand for convenient apartment living continues.

The requirements now necessary with regards to sectional title maintenance of major capital items as per the Sectional Title Schemes Management Act (STSMA) are there to create a more formalised and long term view with regards to maintenance, which in turn will create a need for better budgeting and financial management, says Michael Bauer, general manager of property management company IHFM. 

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