With distressed property sales still the order of the day in the South African Property market it is still currently a buyer’s market and any predictions of a turnaround in favor of property sellers can at this stage be nothing more than a thumb-suck guesstimate.
Selling your property in the current situation can be quite daunting. Competition is fierce and buyers are now in a position to be more selective. The following guidelines could be of some assistance when selling your property.
With interest rates at their lowest since 1974 and house prices being pretty flat at present, now is probably a good time to invest in property if you can afford to do so.
To make sure that you realize the best returns on your investment it is imperative that you do your homework before you purchase any property. If you are looking for a good return on your investment then remember that the three factors that will have the most significant impact are firstly location then features and lastly the price. The more sought after houses are in the suburb the better chance you have of reselling at a good profit in the long term. Proximity to schools, shops and hospitals will have a direct impact on the popularity of a suburb, or area in a suburb.
Home renovations and improvements need careful planning and consideration to ensure that the money you spend on home improvements is money well spent.
Before you consider doing any home improvements it is wise to ensure that your home is in a good state of repair and that if you are considering adding on to your house that you can afford the additional maintenance, insurance, bond repayments and property taxes.
Since the introduction of the Consumer Protection Act (CPA) on 1 April 2011 players in the property market have been debating over the effect that the CPA will have on property transactions with the imminent death of the “voetstoots” or “as is” clause.
Although the majority of media reports deal with the implications of the CPA from the seller’s perspective, potential property buyers must be made aware of what some sellers are doing to combat their increased liability in terms of the act.
There are several approaches to negotiating a successful real estate deal, but all involve a few key strategies. Recognizing the strengths of your position will enable you to execute the most advantageous deal possible.
Foremost, you must completely comprehend that you are negotiating from a position of strength. Many property owners are in a financially distressed state, that is, they are desperate to sell. Recognize that the seller has to dispose of this particular property while you can buy any property on the market. Let the prospective seller understand that you are willing to walk from this deal and you will immediately have the upper hand.
