The pot of gold at the end of the rainbow
Have you noticed the pot of gold at the end of the rainbow?
Who would’ve thought that the coronavirus pandemic, associated restrictions of lockdown and general sense of the world being turned upside down, would create a glimmer of hope on any level? But in fact, this may indeed be the case. Potential homeowners should be focusing on the silver lining of lowered interest rates, and use this opportunity to purchase a home.
It just might not be all doom and gloom
The Reserve Bank has cut the repo rate by 250 basis points this year, bringing the rate of lending to a 50-year low. Low interest rates mean shaved monthly repayments, which is very attractive to the vast majority of bond holders.
Business as usual
It is true that the effects of the pandemic initially caused havoc with purchase and sale agreements, property transfers and bond registrations, which may have frightened potential purchasers off and created a less than rosy image of the concept of buying a new home. However, the Deed’s office has re-opened, conveyancers are working feverishly to progress title transfers and banks are registering bonds as per normal.
Altered financial circumstances may encourage sellers to reduce their sale price, making purchasing one’s dream home more achievable. Coupled with the reduction in interest rates, this might just be a good time to reconsider buying that home you’ve had your eye on! Naturally, you’d like the process of buying and or selling a property to be a hassle-free one. To this end, Bosch Marais and Associates have a team of experienced conveyancers who are able to assist with every step of the process, ensuring that your interests are protected and that the process is wrapped in the shortest possible time.