PROPERTY NEWS - The current buyer’s market is great for property shoppers, but does this mean that everyone who has a steady job and income should rush out and invest in bricks and mortar? Consider the following before making a decision.
A slowdown in the economy usually affects the housing market at some point, making it easier for some buyers to buy a home as price growth slows. There are, however, right and wrong reasons to buy and those pondering investing in property should consider.
A property investment is a long-term one. It takes several years in most cases before a real estate purchase shows a strong return on investment. During that time, if you intend on living in the house, your movement and work options will be more limited. With congestion levels what they are throughout most of South Africa, not to mention fuel costs (although we just did) most people are disinclined to travel very far from where they live each day.
It’s also important not to overextend yourself financially. If you can afford the deposit and the monthly installments, and don’t need to cut into your nest egg, then a real estate purchase is an excellent idea for you now. On the other hand, if you’re forced to sell your car in order to make that deposit, it may not be the best time for you or you should be considering a more cost effective purchase.
There’s a great deal of quality property for sale in George currently and the market is showing signs of recovery. So, if all the above boxes are ticked then opportunity may be knocking.
