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Is this the time to buy property?

We all know the benefits of owning one’s own property.

1. Over time one accumulates wealth
2. Rent is avoided, and any monthly payments that are made are put into your own property
3. One can improve one’s property, according to one’s budget, timescale and taste
4. One has a sense of putting down roots and belonging to a community. Despite this being contrary to a modern trend to prefer renting so that one has the flexibility to move as one wants or where one’s work takes one, for me, the sense of permanence in this ever environment beats the flexibility hands down.

If you agree with me there are some positive trends that support buying now.

1. Purchasers have a selection of homes to buy in Grahamstown, Port Alfred, Kenton on Sea, and the neighbouring towns along the coast such as Boesmansriviermond, Boknes and Cannon Rocks
2. Prices have been relatively stagnant for a number of years. My experience has been that whenever prices of a commodity have not moved with inflation there comes a time for a correction.
3. During 2019 we have experienced a trend where the banks enthusiasm to lend has increased and are prepared to accept lower deposits relative to the purchase price
4. This competition for business might also be encouraging banks to sharpen their pencils with regard to lending rates in order to grow their books

Whether you are wanting to buy a home to retire to or just to have as a “Home from Home”  while your children are at school this is a good time to look around. Have a look at our website or email us on sunshinecoast@seeff.com should you need more information.

SIMON OLIVER

 

* The opinions expressed in this article are the author's and do not reflect the views of St Andrew's College.

**  We extend our grateful thanks to Seeff for their sponsorship, thereby offering a young man the opportunity of an outstanding education at St Andrew's College.