Three major trends are converging at the moment to make large stands in established residential areas some of the best property investments available.
The offer of a lucrative contract in another country or a promotion to a position in another town or city is usually cause for celebration – but can present problems if you have to move in a hurry.
“If you’re a homeowner, for example, you will need to decide whether to sell and be ‘free’, or whether to become a landlord and bank on having a home to come back to in a year or two that may also have appreciated in value,” says Richard Gray, CEO of Harcourts Real Estate.
Neighbourhoods can change dramatically over time, and the suburban street that was so quiet when you bought your home may now be much busier – and noisier – but that doesn’t mean that no-one will buy the property.
When the property market is “hot” as it is at the moment, and the supply of quality homes for sale in your preferred area is dwindling, a competitive offer from another buyer can quickly result in the dream home you've just found becoming nothing more than a mirage.
Some people like moving house as it gives them the feeling of having a “fresh start” every few years. But for most of us, moving is a stressful experience we prefer to put off as long as possible.
The average age of first-time homebuyers in SA has risen from 28 to 36 in the past 10 years, and one of the main reasons is that many young executives and professionals are now choosing to delay their first property purchase until they can buy a “home for life”.