5 signs for buyers that it’s time to move
Buying property isn’t something to do on a whim, but you also don’t want to get stuck sitting on the fence forever. If you’re wondering how to tell when it’s the right time to get into the market, these could be the signs you’re looking for…
1 . Your home isn’t your happy place. Is your neighbour’s new dog also your new alarm clock? Maybe you’re just sick of having to pack padkos to survive the drive to work. Either way, the moment your home stops being your happy place, it’s a good time to think about making a move.
“A home should be a sanctuary,” says Tony Clarke, MD of the Rawson Property Group. “That means different things at different times in your life.
2. You can’t resist a bargain. There are opportunities in every market, but some are easier to spot than others. Right now, low prices, plenty of stock, and lots of motivated sellers means buyers have a good chance of snapping up a bargain.
“Interest rates are rising,” warns Clarke, “so don’t buy at the peak of your affordability. That said, finance is still very reasonable in the grand scheme of things, and banks are giving pretty good rates to buyers with strong applications.”
3. You’re ready for commitment. Needing a fresh start is one thing. Sticking that fresh start out for several years is another. Buying a property isn’t a short-term commitment, so you need to think your move all the way through.
“For property to pay off as an investment, you usually need to hold onto it for five to ten years,” says Clarke. “That makes it important to know where you’re likely to be in the future, and choose a property that supports those life goals.”
4. Your finances are stable. Property is a big financial deal. Unless you’ve got millions stashed away somewhere, you’re going to be signing up for a 20- or 30-year loan term. That’s a lot of monthly repayments to plan for.
“A stable source of income is really important, not only for your own peace of mind, but also to get the best possible interest rates from your lender,” says Clarke.
5. You want a low-risk investment. “Historically, property is one of the safest long-term investment options,” says Clarke. “It’s far less volatile than other asset types.
Visit rawson.co.za or call 021658-7100. For more information, e-mail marketing@rawsonproperties.com