Determining "value for money" when buying a home
PUBLISHED 12 OCT 2020
The residential property market has seen its share of ups and downs over the past year, with a downward price trend in 2019 intensifying in the wake of Covid-19 and several months of lockdown.
However, as sellers adjust their price expectations and low interest rates spark a wave of interested buyers, the market is returning to normal - and the focus is on value for money.
Whether you’re a homeowner or potential buyer, now may be the perfect time to get involved in a property transaction. Here are some of the features of in-demand Cape Town homes on the market right now.
Location giving way to value as a primary factor
As working from home becomes more popular and the prospect of future lockdowns weighs heavily on South Africans’ minds, location has ceased to be the primary determining factor of a home’s value and desirability.
Finding value in Cape Town after lockdown
- Affordability is a key consideration for home buyers in the current economy - and low interest rates aren’t likely to change that. Peripheral areas and suburbs offering enhanced quality of life under a lockdown scenario are enjoying excellent demand.
- Mixed use developments - which allow residents to work, live, and play in the safety of a single area - are surging in popularity.
- The same pattern is likely to occur in the retirement development sector with a growing number of over-60s leading a safe, health-conscious lifestyle that requires enhanced medical and recreational facilities.
The Cape Town residential property market has not yet returned to the highs it saw during the previous decade. Nonetheless, with prices starting to rise in some areas and buyers becoming more conscious of monthly bond payment costs it’s worth searching for properties that offer exceptional value at a reasonable cost.
Areas like Wynberg, Parklands and Table View offer easy access to the Mother City without the rush of inner city life - and there are some great properties available in these family-friendly areas.
To find out more about the properties in our portfolio, contact the Cape Realty team today.
Image Credit: https://pixabay.com/photos/table-bay-harbour-cape-town-dawn-3541607/