Do you have ‘buyer’s block’? Overcome your fear of homeownership
If you’re a home buyer who has pre-qualified for a bond, spent weeks visiting show houses, read a truckload of good advice about where, when and how to purchase property - and still can’t bring yourself to sign an offer, you may have what agents call “buyer’s block”.
And, says Rudi Botha, CEO of BetterBond, SA’s biggest bond originator, this feeling is not something you should ignore if you want a happy ending to your home search story.
“Instead, take the time to find out what is causing the conflict between wanting to buy and being unable to make a decision. The main reason is usually money – or rather a concern about being able to stick to such a big financial commitment – but there are fortunately several constructive ways to address this concern so that you can move forward.”
He says you could start, for example, by checking out less expensive homes - perhaps smaller than you initially envisaged - or located in a cheaper area. “Property portals and estate agency websites make this very easy to do, and you can’t really go wrong with buying for less than the maximum that you can actually afford.
Banks more willing to lend a positive sign for home buyers and sellers
Banks are showing an increased appetite to lend, according to first quarter (Q1 2018) property statistics recently released by ooba, South Africa’s leading home loan originator.
Rhys Dyer, CEO of ooba, says, in Q1 2018 ooba recorded the highest home loan approval rate in the over ten years since the National Credit Act was implemented. The total ooba approval rate of 76.9% showed an increase of 4.9% over the Q1 2017 approval rate.
Consumers appear to be managing their debt much better and the current low-interest-rate lending environment, coupled with slower growth in property prices means getting a bond for your home is a great deal more affordable now than it was 12 months ago.
Deadline for land expropriation submissions extended
The Joint Constitutional Review Committee has extended the deadline for written submissions on land expropriation without compensation to 15 June 2018.
The committee further resolved to conduct its public hearings from 26 June 2018 to 6 August 2018 in all provinces around the country.
Provinces with a larger rural area will have four days set aside for the hearings while other provinces will have three days of public hearings. Co-chairperson of the committee, Lewis Nzimande, said at least one of these days will be over a weekend to allow the working public an opportunity to participate in the process.
The later date for public hearings will allow members of the National Council of Provinces to complete their work regarding the budget votes, another co-chairperson Vincent Smith said.
How to get home loan finance and buy property on auction
Buying a house or flat on auction can be a good way to secure a home at an excellent price, but the process is more complicated than most people think and there are some important precautions that potential purchasers need to take.
“The first of these,” says Rudi Botha, CEO of BetterBond, SA’s biggest bond originator, “is the need to establish the market value of the property before the auction, so that you can set a limit on how much you are prepared to bid and not get carried away in the excitement and competitive atmosphere of the auction.
“And your best course of action in this regard is to seek help from a qualified and experienced estate agent who is familiar with the area where the property is located and can draw up a comparative market analysis (CMA) for you. This will provide details of similar properties recently sold in the area and the actual prices achieved.