The private sector has largely been responsible for the development of housing for South Africa’s growing population, but new data shows that fewer homes have been built by this sector over the past year.Considering private developers are heavily relied upon to meet the housing needs of the country’s residents, this decline could be a concern.South Africa’s population grew by more than 10 million...
As many office buildings in South Africa stand empty or are used by only a small portion of staff following the shift to remote working, investors are eyeing them out for conversion into student accommodation.After all, the country is in dire need of student housing while it has a declining need for traditional office space.Even though many people have returned to the office, FNB commercial property...
It is no secret that putting down a sizeable deposit on your first home will make a huge difference to your chances of approval as well as the monthly instalment on your home loan and the total amount you owe.The average purchase price for first-time homebuyers in Q3 this year is R1,116,672, according to ooba Home Loans, and if you take out a 100 percent bond, you will pay R12,101 a month; but if you put...
Home loan applications have declined by up to 25 percent in the past year but the vast majority of South Africans who have applied have been approved.Lenders are aiding homebuyers in the tough market by offering competitive rates, while low house price growth is making it more affordable to buy property.More than 80 percent of home loan applications are being approved, according to ooba Home Loan...
Homeowners under financial pressure and struggling to keep up with their bond repayments may believe that the best, and possibly only, option is to sell – but this could be a mistake.Of course, each situation is different and so general advice may not be applicable to everyone, but if you sell your property too soon after buying it, you could lose more than you think.Deciding when to sell a house you...
Parking in Cape Town, particularly areas on the beachfront, is so hard to come by that residents will pay more than R1 million to own one.That’s right, the sales of parking bays is actually a very real thing, and when you buy one you even get a title deed.They don’t come on to the market very often, however, as those who are fortunate to own their exclusive piece of parking generally hang on to them.So...
If you don’t live in Cape Town or own a luxury home in one of the city’s affluent beachfront areas, it is very difficult to understand how a single parking bay can be on the market for R1,5 million – and have a very good chance of selling.Perhaps this seemingly ‘rich people problem’ is actually just normal and the rest of us will never truly be able to fathom it.Still, when you apply some sort of...
Why buy a house when you can rather purchase a game reserve lodge? And why buy an apartment when you can own a hotel room?Buying a hospitality property not only comes with a number of advantages but is also a means of property investment that is gaining popularity in South Africa.If you want to be the owner of an apartment in a hotel on the Atlantic Seaboard or a lodge in a Big 5 game reserve, you actually...
Home loan applications have dropped by 20 percent in the past year as interest rate hikes strangle property market activity in the country.There are signs that sales activity may be starting to settle as the rate stabilises, but property buying may only really start showing a noticeable increase once the interest rate starts coming down.Some positive news, however, is that those who have bought property in...
An offer-to-purchase (OTP) a property is a legally binding contract that you cannot get out of it without incurring onerous financial penalties, so you need to be ready to buy before you put in an offer.You cannot put more than one offer in at a time and once that offer is in, it is binding unless it lapses due to your inability to fulfil any potential suspensive conditions, says Samuel Seeff, chairman of...
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