Estate covenants are said to be essential. Hence, buyers are encouraged to ensure that it is part of their purchase agreement.
What does a covenant really do?
Covenants enable buyers in growing communities to keep the value of their homes and retain the character of its community in the future.
In other words, according to QM Properties covenants manager Carolyn Schofield, “covenants are that agreement to preserve the community they have bought into.”
At times, certain buyers look at a new estate and are left wondering if the neighbourhood will maintain its character over the next decades. Through covenant agreements, the design quality and character of communities are guaranteed. In addition, residents are protected from value depreciation, as well as assured that homes increase in value and deliver improved yields.
On the part of the developers like QM Properties, covenants consultants assess whether the planned construction and landscaping will be effective in maintaining the quality of the estates’ components.
“The covenant ensures that properties within an estate will all be of a similar standard. When a buyer invests time, money and effort into building their dream home, the last thing they want is to see their neighbour building a type of house that will devalue their property.”
“But beyond those considerations, buyers are buying into a community, and they want to know that that community will last beyond the end of the developer’s involvement,” concluded Schofield.
