11 step guide for surviving SA

Tammy Harcourts

By Tammy Messiter-Tooze, Harcourts Dolphin Coast

When thinking of Buying or Selling property in the current market place, the term – ‘Junk Status” is creating a lot of uncertainty.  Under normal circumstances, buying or selling property is an emotional affair but although challenging it is still a very sound decision.

Most notably Junk Status increases the cost of borrowing for our Government and the future impact on property values cannot be underestimated. The repo rate has remained stable at 7% since March 2016, but may well increase. Keeping a positive attitude, no matter what your circumstances, it is still worth your while buying property on the Dolphin Coast, the place we call HOME.

  1. When Buying or Selling in times like these, and if necessary consult with a Financial Advisor before making any rash decisions.
  2. Do not get caught up in the hype and hearsay of negative news.  Plan carefully with as many facts as possible and then stick to your plan over the coming months.
  3. Turn the negative sentiment into a positive opportunity and be on the lookout for good property investment opportunities.
  4. Curb spending. This is not the time to over-capitalize on any property.
  5. As Entrepreneurs you may like to consider buying that larger property from where you can run a small business. Saving on additional rental costs.
  6. Property investment is still sound and paying cash for a property is King. As an added option reap the rewards from rental income to generate extra income.
  7.  When you have no other choice but to sell your property now, ensure that you use a reputable Real Estate agency such as Harcourts Dolphin Coast with a Global footprint as well as an experienced Harcourts Realtor.
  8. When renting, consider moving to a more affordable location and save. With higher interest rates your savings may enable you to purchase your own home, benefiting from the slowing home growth prices, especially when the market is in favour of buyers.
  9. Should you fix your home loan rate? There is always a premium in this arrangement and the chances are that you may end up paying a higher installment before the higher interest rates are effective. Pay off your Home loan as soon as possible to reduce the term of the loan amount striving to pay the least amount of interest.=
  10. Good news is that the change in Transfer duty brought a positive improvement for those entering the property market. Effective from 1 March-2017 the threshold on the value of properties exempt from Transfer duty has been increased to R 900 000. Resulting in a R 4 500 saving in duties.
  11. Ballito and the Dolphin Coast is experiencing an increased interest from potential property investors.  We are unlikely to experience a drop in Buyer confidence due to the predicted Economic slump as in many other places. The positive attributes that the Dolphin Coast and its magical coastlines offer will continue to draw more buyers for permanent lifestyles and as a holiday destination.

The impact of ‘Junk Status” on the property market is a reality but taking the above in consideration, we at Harcourts Dolphin Coast are here to assist all buyers and sellers to make best decisions possible for their circumstances. You can reach us at 032 946 2331 or by e-mail: dolphincoast@harcourts.co.za.





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