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Here Is Why You Should Buy a Home in 2019
Many South Africans dream of buying their own home - why pay off someone else's bond? There's nothing quite like having your own place to call 'home'. The good news is that if you're looking to buy property in South Africa, the time is now!
Here's why you should buy a home in 2019:
It's a safe investment in uncertain times
Despite the slow improvement in local economic recovery, the current property market is filled with opportunities for buyers. In an uncertain economy, buying property is one of the safest investments a person can undertake. No matter what is happening in the world, people will always need a place to live. The long-term outlook when buying a property also creates the opportunity for good returns in the long run.
Property prices are stagnating… and falling
Right now, it's a "buyer's market" in South Africa. Properties are staying on the market for longer, and an increasing number of sellers have to cut their asking price. Price reductions are the ideal time for investors and first-time buyers to enter the property market. Property prices and bond repayments will be lower due to lower demand.
The banks are on board
At the moment, South African banks are keen to lend to home buyers, which typically means lower interest rates and better bond agreements. The oversupply in the market leads to banks being willing to grant bigger loans and accept lower deposit from borrowers with good credit records. Also, the competition among banks to make home loans more accessible is working in buyers' favour.
What do the numbers say?
According to BusinessTech, the number of applications for bonds increased every month 2019 when compared to the same month of 2018. For example, In April 2019, the number of applications was 16% up from April 2018.
There has also been a significant increase in the number of bonds being approved, with 27% more bonds approved in April 2019 compared to April 2018.
No. of bond applications
No. of bonds approved
Value of bonds approved
Jan 2019 vs. 2018
Feb 2019 vs. 2018
March 2019 vs. 2018
April 2019 vs. 2018
Who can benefit?If you can qualify for finance or buy property for cash, you're in an excellent position to take advantage of the current market conditions. Lower to mid-range properties between R300 000 to R1 500 000 have been dominating the activity of the property market as first-time buyers enter the property market at this favourable time. With lower deposit requirements and competitive interest rates, South Africa is seeing a significant window of opportunity for prospective homeowners.
Here are our top tips for making the most of the market
- Get prequalified for a bond before you start your search.
- Work out exactly how much cash you need to cover transfer fees, deposits and other purchase costs.
- Compare a property's listed price with similar properties on the market to ensure that it's priced right.
- Use the services of a bond originator to find the best deal on your bond.
- When considering the value of a property, take the price, size, position and condition of the property into consideration.
About the author
Shea Karssing is a writer for School Days and Easy HomeLoans, the only bond originator that helps you get a bond and contributes towards your family's education fees.
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If you enjoyed this post and have time to spare why not check out these related posts and dive deeper down the rabbit hole that is homeownership.
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