Buying your first home should be the start of many happy years spent enjoying your investment, however, many first-time homebuyers find themselves facing unexpected challenges.This is according to Arnold Maritz, Co-Principal for Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs“First-time home buying comes with many learning experiences, and while some mistakes are inevitable,...
Property News
Thinking about renting your property out in order to make some extra cash? Well you should know your insurance liabilities. A number of South Africans have taken to renting out a room, flatlet, or their entire house to earn extra income, especially during the holiday season.Homeowners have flocked to platforms like Airbnb, Roomies or Roomster to rent out their homes and or rooms to potential guests.The...
South African private residential property investors, people who own and have purchased (not inherited) three or more properties for R100,000 or more in today’s monetary term, are losing their appetite for their growing portfolios, according to Lightstone. Lightstone is a provider of comprehensive data, analytics and systems on property, automotive and business assets. In a statement, Lightstone said...
Carol Reynolds, Pam Golding Properties area principal for Durban Coastal said that buying a property is very exciting but potential buyers need to know what their budget is first.“To understand exactly what your budget is by liaising with a bank or a bond originator to acquire a bond pre-approval,” Reynolds said. “Once you know what your budget is, then you can start looking for property in the area...
The South Africa Reserve Bank’s (Sarb) Monetary Policy Committee is expected to deliver its decision regarding the interest rate later in November and the overall sentiment is that there is strong likelihood of a 25 basis points cut to bring needed relief for consumers.Reserve Bank Governor Lesetja Kganyago is expected to deliver the interest rates announcement on November 21.Adrian Goslett, the regional...
To move, or not to move is often the question that homeowners struggle with. This is particularly if they have a growing family or if they are an older couple with an empty nest, according to the Seeff Property Group.Seeff said that homeowners are often approached by estate agents asking if they want to sell, usually because there is a demand for homes in the area for various reason like it has good...
New data from Lightstone shows that people between the ages of 36 and 49-years-old are the largest cohort of home buyers.The percentage of purchases by buyers aged 36 to 49 has risen from 37% in 2018 to 40% during the first half of 2024.According to Ooba Home Loans, the average age of all buyers in South Africa currently is 39 years of age.Picture: Lightstone statisticsOlder buyers Research from Lightstone...
A number of South Africans have decided to withdraw from their retirement fund in order to settle other, higher-interest debts.Should you then also use your home loan equity to help pay off large amounts of debt that have a higher interest rate?The answer to this question is complex, according to Adrian Goslett, the Chief Executive Officer (CEO) of Re/Max Southern Africa.He said that the key to making a...
By Vivian WarbyIn a small office in Khayelitsha, Cape Town, South Africa, a woman is poring over some documents.The documents belong to another woman who bought a home informally, paid cash for it with money she had diligently saved as a nurse over the years, then she renovated the small place, adding on rooms and renting them out. She now wants to get the title deeds for the property into her name but is...
New data from Lightstone shows that people between the ages of 36 and 49-years-old are the largest cohort of home buyers.The percentage of purchases by buyers aged 36 to 49 has risen from 37% in 2018 to 40% during the first half of 2024.According to Ooba Home Loans, the average age of all buyers in South Africa currently is 39 years of age.Picture: Lightstone statisticsOlder buyers Research from Lightstone...
