Aspiring property owners taking advantage of the current buying conditions should remember that the age-old adage “location, location, location” still applies.
Informed buyers seek areas close to amenities such as good schools, healthcare and well-kept public spaces, says Gareth Bailey, an area principal for Pam Golding Properties.
“The prime interest rate has dropped… A R1.2 million property will now cost about R2 000 a month less in monthly instalments.”
First-time buyers should resist buying the most expensive property they can afford and rather ensure they can cover their bond repayments comfortably, possibly with a tenant.
“You can then buy another property, taking your first step toward building a property portfolio.”