Oudtshoorn Courant - Private Property
The ‘virtual’ reality of shopping for a property is real
Due to the precarious economy and Covid-19 lockdown, property owners have had much more time and reason to reassess their current home. There may be a number of reasons why you now consider selling. You may have found that your home is too big or too small, or realised that you can no longer afford the structural changes or glaring flaw repairs you have been planning to do. Maybe you cannot envisage a future where you have neither the energy nor resources to continue with necessary home maintenance, which would lead to devaluation of your property. Your financial situation may have deteriorated, leaving you unable to keep up with bond repayments - despite interest rate cuts. Even a pending divorce may change your prospects for your current home.
Budget, budget, budget
Before you enter the property market with a view to buy or sell, it is important that you do some online research on alternative accommodation. The first and most important step is to consider what you can afford. It's even possible that pandemic-related interest rate cuts may have given you the means to enter the property market, or look at a different type of property than you would have considered in the past.
The inability to impulse-spend because of lockdown may also translate into you being able to direct more of your income towards a higher bond repayment.these are strange times indeed, and there may be some advantages. For example, a property type that may have seemed beyond your means in January, may now be an affordable option. Thorough budgeting will indicate how far you can stretch your rand after all your basic needs and expenses have been covered.
Another great tool, video conferencing allows you to meet online with the agent / seller to address queries. Live viewings of the property can also be part of this process.