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Ready to buy property? Follow your head not your heart – Editor’s letter

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During my recent bout of house hunting, estate agents told me they were selling – as always – if the price is right. And, as always, some spots lingered on the market.

Many talk about owners’ unwillingness to drop prices. But this is nothing new. At the beginning of the year when the property market was already changing, it was difficult to tell a seller their property could no longer pull in the price it would have a few years back.

Estate agents at the time bemoaned this and still do.

My house hunting has seen me get some good advice from property owners, one in particular.

 

This includes visiting the spot you like at least three times at different times of the day, walking around the area and talking to people living in the block or close to where you want to buy. It’s amazing how much you learn from these conversations.

Buyers also have to do their homework – you can rely on an estate agent only to a point. What’s going on in the neighbourhood? Are there any contested areas? Read up as much as you can and talk to as many experts as you can.

But, ultimately, even if you do all of this, you’ll know when you walk into a home if it is for you or not.

One property magnate tells me not to make a heart decision but a head one: “Get out of your comfort zone and look at other areas, make quick offers on homes when you like them and buy a home from which you can create income.”

Owning a home, it is clear, is a good investment – mostly.

This week Bonny Fourie delves into developments and gives you all the tips you need to make informed decisions if you are investing in this property type.

Enjoy!

Warm regards
Vivian Warby
vivian.warby@inl.co.za

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