Buying property: Seize the day or cautiously wait?

It’s a mixed bag for the property market at present, but with property, fortune favours those who play the long game, says Park Village Auctions’ (PVA) Roy Lazarus.

“Interest rates appear to be fixed for now, maintaining pressure on affordability and delaying recovery in the housing market,” he says.

“On the other hand, those with keen investment savvy can use these conditions to their advantage. We are anticipating a shift. Securing an investment now can benefit one in the long haul.”

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While the general sentiment in the market is cautious, with buyers adopting a “wait-and-see” approach, Lazarus suggests that those with enough financial security to weather possible hikes in the near future can reap from the harvest of SARB’s price stability goals.

Offering tips on how to seize the day, Lazarus suggests:

• Research the property market staying abreast of trends and forecasts to make an informed decision.
• Areas with a strong job market are always in demand and present a worthwhile investment, especially for buy-torent investors.
• Get a pre-approved mortgage so that you understand your budget.
• Include an emergency fund to cover unexpected expenses in your budgeting.
• Consider auctions. There are no suspensive conditions, which makes the auction process fast.

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Therefore, they are favoured in foreclosure and estate settlement cases.

These types of sales often bring houses in desirable areas to market. Lazarus adds: “Auctions are known for transparency.

Read through the supplied terms and conditions so that you are aware of all payable fees.

With your pre-approved figure in mind, you can eliminate the risk of blowing your budget.”

PVA has several property sales scheduled this month, from a vacant country estate stand in Parys to a ready-for-occupancy sectional title unit in a Weltevreden Park complex.

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To see all the upcoming sales, visit www.parkvillageauctions.co.za.

For all auction-related information, contact Park Village Auctions on 011-789-4375 or go to www.parkvillageauctions.co.za