It is an unfortunate reality that getting onto the property ladder is not easy, especially in the inner city market. Consumers in particular at the lower-end of the income segment have struggled due to insufficient capital for deposits, transfer and bond costs, and a lack of credit history and profiling. This has led to a rental culture that does not inspire property ownership. However, on the 9th of December 2021 that all changed with the launch of THE WATT CLUB in Durban Central that is the first of many developments to be rolled out nationally based on the revolutionary ‘Rent-2-Own’ concept by Urban Lifestyle Investment. This latest flagship development project has finally answered the decades long demand for more accessible property ownership for the lower income earning bracket wanting to live in the inner city.
Urban Lifestyle Investment, powered by its HOMii brand, has been at the forefront of converting under-utilised, existing commercial buildings into residences that are driven by proximity, convenience and affordability. When asked what motivated this disruptive property development strategy, Craig Turner of THE WATT CLUB project says, “Our buildings aim to give individuals a space to thrive within central city locations. Not only that, but we have created a truly special product offering that has the look and feel of something you would expect to see in Umhlanga or Rosebank. In Durban we have pushed the envelope with THE WATT CLUB in giving new life to an existing building while creating a community-focused shared economy lifestyle where you have 24-hour hi-tech security, facial recognition access control, hotel-style smart locks, gym, co-working spaces, games rooms and communal lounge areas, and an unrivalled rooftop communal space with 360 degree views of the City – all for an affordable monthly cost.”
Through the launch of THE WATT CLUB, Urban Lifestyle Investment is introducing a dynamic first-of-its-kind “Rent-2-Own” solution that tackles the challenges of upfront costs like having a deposit, or cash at hand for bond and transfer costs.
By implementing this type of purchasing model, inner cities see a new side to property ownership opportunities for the future.
Through the Rent-2-Own solution, you rent with a contractual option to purchase agreement affording you the right to take transfer and ownership at any stage during a 15 year period, at an option price that reduces the longer you rent.
The benefits include that there are no upfront costs, such as deposit, bond or transfer costs, and debt-free ownership can be realised 5 years earlier than a traditional 20-year bond. There are also no other additional payments as your monthly Municipal rates and Body Corporate levies are included, and you can move in straight away without having to wait the usual 3 to 5 month transfer process. This Rent-2-Own product was crafted out of the strong rental culture that exists in the inner-city, providing an easier ownership transition. In addition, THE WATT CLUB offers a hassle-free rental management solution for investors.
“As an affordable location, statistics indicate that there is an attraction of a younger market where 45% of sales in 2020 were between R400 000 – R875 000. Our research has allowed us to take these elements into consideration and deliberately implement solutions that cater to the market, including competitive pricing to combat these factors, as well as create options that address the fact that many new homeowners do not have the capital to outlay upfront costs. We are proud to present a product that gives individuals the ability to increase a property portfolio without extending debt exposure with banks,” Turner adds.
Situated within the bustling metropolis of Durban Central’s Joe Slovo Street, this oasis is a stark contrast to its surrounds and presents a new way of inner-city living with studio, 1 and 2-bedroom apartments. Whether you are a first-time buyer or an investor, you could potentially Rent-2-Own a sectional title apartment in the heart of the city from R6,500 per month. THE WATT CLUB is injecting new life into the inner-city with energy and innovative spaces and having easy access to local amenities.
“This is just the beginning of what Urban Lifestyle Investment has in the pipeline and will set the benchmark for how South Africans will be able to live and invest,” ends Turner.
For more information, visit: https://www.thewattclub.co.za/