Despite the current economic climate, both globally and locally, it’s still a good time to invest in property, provided you do it for the right reasons and with a long-term view.
Some property industry insiders have been reporting positive signs in the Gauteng market, which bodes well for purchasers who are thinking of buying in this part of the country.
Bradd Bendall, General Manager of Real Estate Operations for Pam Golding Properties, told Property24, “In the Johannesburg and Pretoria metros we are seeing an upward trend in sales across all price bands, and even experiencing stock shortages in high demand areas. It is likely that the appeal these areas hold for first-time buyers, namely affordability and the development of mixed-use properties, is ideally suited to the lifestyle of young professionals.”
Melrose Arch Sales Consultant, Tersia Taljaard, confirms that mixed-use precincts offer a sought-after lifestyle for property owners and tenants alike. She advises prospective purchasers to consider a few key things in their decision making:
There are a number of different reasons to buy property. Are you buying to live in it, to rent it out, or to sell it on? The answer to this should determine which areas to look at.
It’s the oldest rule of them all when it comes to property – location, location, location – and still the most important one, says Taljaard. “Rather buy the cheapest property in the best area, than the best property in the cheapest area. You could look at one of the smaller apartments in a new development like One on Whiteley at Melrose Arch, which is fantastically located, instead of a larger unit in an outlying area of the city. The latter involves commuting time, fuel costs, etc. Whereas a mixed-use precinct takes care of all your daily needs within easy walking distance, offers the latest in connectivity, and the freedom to choose a pace and lifestyle that works for you.”
“It is very important to work with reputable agencies and individuals. Make sure they have a good track record and experience in the areas where you want to buy. They will also be able to put you in contact with good conveyancing attorneys and bond originators,” says Taljaard.
Always the key question – what will it cost? Make sure you’re aware of all the costs before you commit to purchasing a property. Taljaard gives two examples of where you could save considerably, if you have the right information at your disposal:
• If you buy from a developer, you save on transfer fees, which can be very costly.
• If you use a good bond originator, they’ll engage with the banks and negotiate competitive interest rates on your behalf. In the long term, this adds up to many thousands!