Time to reevaluate the true value of your property

Times of crisis call for perspective and level­mindedness. The crazy second bout of flooding experienced in KZN and especially the suburb of Umdloti and between Westbrook and La Mercy in our immediate area has left many property owners shell-shocked and wondering how to cope with the further devastation.

This is a tough time for many. Even our Seeff office was flooded for the fourth time. Insurance claims and litigation will no doubt follow and repairs to infra-structure eventually result to restore bridges, roads, and major water supply.

The disruption caused cannot be under-estimated and for the first time for many, we have been exposed to what it is like to have water, power, WIFI, and cell reception interrupted all at once. For most of us, our communication infrastructure is as important as the physical infrastructure. For now, we have to dig deep and remain strong knowing we will get through this. Good neighborliness is now more important than ever.

For KZN to have experienced as much as two­-thirds of their typical annual rain over a month and that in a historically dry season time is somewhat shocking. It most certainly gets asking questions about the impact of changing weather patterns and how all this will impact property buying decision-making and building design going forward.

Properties in low-lying areas with a higher risk of flooding and water damage, or with high retaining walls which pose a potential threat will have to trade at prices below similar properties that enjoy a safer more elevated position.

Properties that have survived the extreme weather unscathed now enjoy a new status and perception of being safe and dry and therefore more valuable than otherwise. In the next year, pricing adjustments can be expected to follow, and the market will dictate how this happens.

Large, gated communities with their infrastructure and amenities can be expected to gain more attention from buyers. New green-field developments such as Zimbali Lakes where the developer will own the water, electrical, and fibre infrastructure and therefore become the retail supplier and most likely with better service delivery and performance will have to gain more attention.

Properties and complexes with power and water backup solutions will become more valuable and desirable than those that do not look forward and invest in this aspect. As South Africans, most of us believe that if we want something done, we have to do it ourselves.

The extreme weather conditions we have experienced locally and see playing out in other areas around the world can also be expected to influence design elements for architects and engineers.

High retaining walls and buildings in low-lying areas will come under scrutiny. Large over-hangs and how stormwater is controlled around a building and off roads will now become even more important than ever.

Buildings that already have these design elements and have shown they can withstand the level of flooding we have witnessed will become more valuable overnight. Estates or communities that have not invested in stormwater control measures will now be forced to make this a priority and possibly have to incur additional costs to get this right.