In a pioneering move, Balwin Properties, a well-respected name in the South African property development industry, is set to launch a groundbreaking trade-in service for property owners. This new initiative, named ‘Balwin Approved,’ is designed to provide a unique opportunity for homeowners to upgrade their living spaces within Balwin’s esteemed residential developments in Gauteng and KwaZulu-Natal. While the concept takes inspiration from the premium vehicle trade-in model, ‘Balwin Approved’ focuses exclusively on sectional titles within the group’s stable.
Steve Brookes, the Chief Executive of Balwin Properties, unveiled this revolutionary concept, emphasizing its novelty in the world of sectional title homes. He remarked, “Premium motor vehicle brands have been doing this for years, where you can trade in your good quality car for a later model or buy a vehicle with peace of mind because of the manufacturer’s multipoint inspection and backing. Balwin Approved works on a similar basis, backed by our trusted brand, in what I believe is a first-of-its-kind concept for sectional title homes.”
Balwin’s initial pilot developments for the ‘Balwin Approved’ program include:
- Izinga Eco Estate, a Classic brand development located in uMhlanga.
- Greencreek, a Green brand development situated in Tshwane East.
- The Blyde, a Classic brand development featuring a Crystal Lagoon, located east of Tshwane.
These pilot developments are set to pave the way for the exciting journey of ‘Balwin Approved.’ Moreover, Balwin Properties has plans to expand this innovative program to encompass more properties in South Africa in January.
How ‘Balwin Approved’ Works
The ‘Balwin Approved’ program offers a well-thought-out process that ensures convenience and peace of mind for homeowners looking to trade in their apartments:
Property Inspection and Certification: Balwin Properties will inspect, evaluate, and certify an apartment as ‘Balwin Approved.’ This certification is a testament to the quality and compliance of the property.
Offer to Purchase: After certifying the apartment, Balwin will make an offer to purchase it from the homeowner. The offer is subject to the condition that the apartment is on-sold within 90 days from the offer date.
Inclusive Costs: The offer extended to homeowners includes all costs associated with the transaction, such as transfer duties, fees, and refurbishment expenses. This all-inclusive approach ensures a hassle-free and seamless process.
Bond Assistance: Balwin Mortgages will provide assistance to homeowners in obtaining bond approvals for the new apartment they wish to acquire.
Finance Transaction: Once the finance transaction is successfully concluded, Balwin’s conveyancers will handle the settlement of the existing bond and the registration of the new bond in the name of the homeowner.
Steve Brookes added, “Prospective buyers of Balwin Approved apartments have the assurance of a pre-inspected apartment that is free of defects, all the necessary compliance certificates, and the necessary refurbishments associated with normal use taken care of before moving in.”
Balwin’s Legacy in Sustainable Property Development
Balwin Properties has left an indelible mark on South Africa’s property landscape by developing more than 23,000 apartments according to EDGE (Excellence in Design for Greater Efficiency) standards. Furthermore, over 15,000 of these apartments have been certified as EDGE Advanced. Balwin takes pride in its commitment to sustainable building practices and plans to leverage its Green Bonds to offer preferential interest rates to all homeowners.
“We pioneered Green Bonds to the benefit of our clients, with prospective owners qualifying for a bond rate discount with most of the major financial institutions of up to 0.75% as a result of our sustainable building practices,” stated Steve Brookes. This commitment to sustainability not only benefits homeowners but also contributes to a greener and more environmentally conscious South Africa.
Balwin’s Unique Approach to Trade-In
Unlike some trade-in models where companies retain traded items as inventory, Balwin Properties is keen on maintaining a healthy cash flow and ensuring that trade-in transactions are swiftly concluded. Therefore, all trade-in transactions are subject to the trade-in apartment being sold within a 90-day window.
At present, the ‘Balwin Approved’ program is open to any Balwin apartment owner in Gauteng and KwaZulu-Natal, but there are plans to gradually expand the offering to the Western Cape, extending this unique opportunity to more South African property owners over time.
The Benefits of ‘Balwin Approved’ for South African Homeowners
The introduction of ‘Balwin Approved’ presents numerous benefits for South African sectional title homeowners:
Upgrade with Ease: Homeowners can seamlessly upgrade to a new Balwin apartment, ensuring that their living space remains modern and of high quality.
Certified Quality: With ‘Balwin Approved,’ homeowners can be confident that their new apartment is pre-inspected, free of defects, and compliant with all necessary certificates.
All-Inclusive Costs: The program covers all costs associated with the trade-in, eliminating hidden fees and providing transparency in the transaction.
Financial Assistance: Balwin Mortgages offer support in securing bond approvals for the new apartment.
Lower Interest Rates: Thanks to Balwin’s sustainable building practices and Green Bonds, homeowners may benefit from lower interest rates.
Maintained Cash Flow: Balwin’s commitment to selling traded apartments within a 90-day window helps ensure a smooth and efficient process.
Expansion Potential: The future expansion of ‘Balwin Approved’ to the Western Cape offers the promise of this unique trade-in opportunity to a broader audience of homeowners.
The ‘Balwin Approved’ program is set to revolutionize the way South African sectional title homeowners think about upgrading their living spaces. With the assurance of Balwin’s trusted brand and commitment to quality, homeowners can now enjoy the benefits of a hassle-free and seamless trade-in process, making their dream of a new, improved living space a reality.
The ‘Balwin Approved’ program is expected to open new horizons for the South African property market, setting a standard for innovation and convenience in the industry. As the program expands to reach more homeowners across the country, it will further contribute to the growth and development of the property sector in South Africa, while also aligning with the nation’s sustainability goals. Balwin Properties, with its rich history of excellence, looks set to continue shaping the future of South African living spaces with ‘Balwin Approved.’
