Investing in property
Are you considering investing in property? The reality is once you've decided that you can afford to buy property, it may still not be the best option for you. The questions you need to ask yourself need to become more introspective because you have to consider how buying a house will affect you in the long run.
Not a simple task, so let's start with 2 simple questions.
1. Are you ready to take full responsibility for the property, including all the maintenance expenses?
2. Are you ready to settle down in one place in the foreseeable future?
If you answered yes to both questions and factored in all the costs and risks, you've probably done your homework and are feeling more confident about your decision to buy.
But if you have any uncertainty, it's better to have a heart-to-heart with a financial adviser who can help you draw up a budget to make sure you aren't getting in over your head.
Good news for South Africans if you're
buying property in 2022
The average 30-year fixed interest rate dropped from 5.10% on 26 May 2022 to 5.09% on 2 June 2022.*
*Source: The Mortgage Reports
Lifehack
So, you're ready and are financially prepared to take that next big step and buy property. Here's a few important considerations:
- So you don't lose money on the property sale, plan to stay there for at least 5 years.
- Make sure you can afford an increase in interest rates and maintenance on the property, so it is in a saleable condition when you decide to sell it.
- Location is key. Buy in a location that you trust.
Your property buying checklist
CEO of Momentum Investo, Stanley Gabriel, has some #AdviceForSuccess for this exciting chapter on your journey.
Fixer-uppers are a good property investment
Shiree Darley, founder and CEO of Darley Interior Architectural Design, advises that if you have a small budget and are interested in looking at a fixer-upper option, you shouldn't be put off a house’s looks. If it's in a good location, a few cosmetic changes like installing new light fixtures, replacing tiles or opening up spaces to suit your lifestyle will give you a beautiful home and investment.
EPISODE 6 | 16 JUNE 2022
The digital world
In next week's episode, we talk about all things digital. Everything from how digital can help us in our lives to how to spot a scam.
Catch Money Heroes re-runs on via DStv,
channel 147
Mondays at 06:00, Wednesdays at 13:30 and 19:30, Thursdays at 11:30, and Sundays at 18:00.
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