Balwin Properties has launched a trade-in programme for any of its homeowners in Gauteng and KwaZulu-Natal, Balwin Approved.
“We are very excited about this concept which enables homeowners to trade in their current Balwin apartment for a new Balwin apartment,” comments Balwin Chief Executive, Steve Brookes.
“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.”
In terms of the process, Balwin 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 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.
Balwin Mortgages will further assist the homeowner with bond approvals on the new apartment. 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.
“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.
Having developed more than 23 000 apartments according to EDGE (Excellence in Design for Greater Efficiency) standards, and with over 15 000 apartments certified as EDGE Advanced, Balwin plans on leveraging its Green Bonds to obtain preferential interest rates for 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.” To protect its cashflow, 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.
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.
