Property in Gauteng
Have you considered buying property for sale in Gauteng? The 2010 soccer world cup has significantly affected Gauteng in many ways with The Star newspaper reporting a 6.5 billion rand spend over the opening weekend.
Many people are wondering if this and South Africa's new status as a popular tourist destination will have a significant effect on property prices. If the South African deeds offices are anything to go by, property has always proven to be an excellent investment which gains capital value year on year.
Although, my personal opinion is that the soccer world cup will not drive exorbitant property prices, there are still several good reasons to invest in property in Gauteng. Let's look at these reasons in greater detail:
The massive infrastructure spend in areas like Midrand, accompanied by plans for commercial and residential development to the tune of 10 billion rand, lets us know that serious demand for property is anticipated. Without much further research, we can safely invest in such areas by simply following the prevailing trend which has been set.
Property in certain suburbs of Gauteng that include, Midrand, Sandton, Fourways and Randburg has achieved high capital growth in the last few years. It has quite literally been possible to make a few hundred thousand rand in a relatively short space of time. Investments of this calibre cannot be achieved in any other investment space, including the share market.
Gauteng is developing rapidly, making space for "up and coming" communities. Buying investment properties now means that you will be able to supply the future housing demand and possibly be able to take advantage of any government tax breaks which may be on offer.
Other than buying a townhouse or flat for investment, a house to live or land to build your dream house, there are other excellent property investment options available. Presently, the department of trade and industry is offering massive incentives for those who wish to start a guest house. This includes capital for building and on-going support for operational costs.
Finally, I would like to share some advice which will assist you in finding the right investment properties:
* When you have found a property which appeals to you, visit ww.lightstone.co.za and buy an automated valuation report. This will give you a fair idea of a ealistic offer to make on the property.
* Hire a professional home inspector to examine the property and advise you of any major defects. This must be taken into account when making an offer, as repairs could be very expensive.
* Organise your finances before you go house hunting. Speak to your bank or a home loans consultant to find out about the loan amount you could qualify for. It is senseless shopping for a property you cannot afford.
* Be careful! Do not purchase a property because of an emotional decision. Do your homework and when you are ready to commit, do it without hesitation. Remember that your decision will have an impact on the lives of the sellers and possibly the estate agent.
In conclusion, Gauteng is one of the best places in South Africa to invest in property, specially, the property in Midrand. I wish you every success with your house hunting.
About the Author
Courtnall Machanick is a real estate professional with 10 years of experience in the South African residential property market. He owns Chilli Property, a real estate form for property in Midrand. Visit us: http://www.chilliproperty.co.za .
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