Following 2020’s global Coronavirus pandemic, and the startling potential effects that this might have on the South African economy, we know that this can be a scary time for both homeowners, and for those who might have been thinking of buying a home in the near future.
We get it! As property experts, we’re equipped with the experience and the knowledge you might need to help you to get through this time and to take your next step following national lockdown. Here are some of our top tips for both homeowners, and potential homeowners, during South Africa’s lockdown.
If you’re thinking of buying a home…
It seems almost inevitable that there will be a global recession following the covid-19 outbreak. However, for people who are confident in their future incomes despite the corona-addled economy, this can be a great time to be looking to buy property.
Simply put, a recession refers to a time in which the economy stops growing. Historically, interest rates drop during a recession, making it a true buyer’s market, especially when coupled with the expected drop in demand for property. Sellers might be more open to negotiation due to the lower demand, and you might be able to ask for more from them.
Ultimately, it’s a big decision that requires a lot of thought, but if you’re confident in your long-term earning potential, this could be the ideal time to buy.
Still want to house hunt, but can’t leave the house? Our website is packed with photos, floorplans, and 3D renderings of all our highly sought-after properties, with many also including a full virtual reality tour for you to take right from the comfort of your couch! Just head to our website, click on the property you’re interested in, and then click on the specific unit size you’re looking for to see a virtual tour.
First-time buyer? Read our blog post on our 5 Top Tips for First-Time Property Buyers.
If you’re a current homeowner…
The thought of being stuck in your home for an extended period of time can be daunting – but we also know that with the right attitude and the right space, it doesn’t have to be. So, stay safe, stay at home, and why not follow these Reeflords-approved ideas for making social distancing work.