Making the move from renting to owning
Category Newsletter
Upgrading is just as feasible in the current property market
As things stand right now, the prime lending rate has dropped to 7.25%, dropping by more than 2% since the beginning of 2020, which means that bond-agreements have become accessible and affordable to more South Africans than ever before.
As a result of the economic downturn, there are a lot of people who are placing their homes on the market. With this oversupply of property and the decreased interest rates in bonds, owning property probably won't be more affordable in one's lifetime than it is right now.
These low interest rates also could make it cheaper to own than to rent property. More advantages are that the owner pays his own property and can also make changes to the property as he/she wishes.
For those who can afford it, there really is no reason why they should hold out on buying property in the current property market.
Homeowners and buyers must keep in mind, however, that over the next few years the prime interest rate will go up again as the economy starts to recover. This means that there should be room left in your budget to make up for the possible increase in bond repayments.
For all your property needs, 3%.Com Properties provide an all-in-one solution. We act as both agent and attorney, decreasing the need to pay additional costs for independent services.
This means that you are not only saving because of the interest rate cuts, but also on traditional agent fees. We will help you every step of the way, with legal support and professional advice, as you enter the property market and start living in the home you deserve.
3%.Com Properties - We know Property and the Law®
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)
Author: 3%.Com Properties