Balwin CE Steve Brookes
JSE-listed residential property developer Balwin Properties has launched its Balwin Approved trade-in programme, which enables homeowners to trade in their current Balwin apartment for a new Balwin apartment.
Balwin Approved is similar to the trade-ins offered by premium car brands, says Balwin CE Steve Brookes.
The company will inspect, evaluate and certify an apartment as Balwin Approved. It will then make an offer to purchase to the homeowner, subject to the apartment being on-sold within 90 days from the offer date.
All costs such as transfer duties and fees, as well as refurbishment costs, are included in the offer, allowing for a hassle-free and seamless process, he says.
“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,” he adds.
Further, Balwin Mortgages will help homeowners trading in their apartments with bond approvals on new apartments.
The company plans to leverage its Green Bonds to obtain preferential interest rates for all homeowners. Balwin has developed more than 23 000 apartments according to Excellence in Design for Greater Efficiency (EDGE) standards and more than 15 000 apartments are certified as EDGE Advanced compliant.
“Our Green Bonds are benefitting our clients, with prospective owners qualifying for a bond rate discount with most of the major financial institutions of up to 0.75% owing to our sustainable building practices,” Brookes points out.
On the successful conclusion of the finance transaction, Balwin’s conveyancers will settle the existing bond and register the new bond in the name of the homeowner, he says.
“The initial Balwin Approved programme is open to any Balwin apartment owner in Gauteng and KwaZulu-Natal on selected developments, with plans to expand the offering to the Western Cape over time,” he adds.
Further, to protect its cash flow, Balwin will not hold the traded apartments as stock, as all trade-in transactions are subject to the trade-in apartment being sold within a 90-day window, Brookes notes.