Buying to sell? Know how!

Private Property South Africa
Press

A common mistake when people buy homes is only considering their current needs. They often don’t consider the potential resale value of the property and this can have big implications further down the road.

When you’re making the buying decision, ask yourself why you’re interested in the property. Are you just buying it because it’s available and in your general price range? Or are there reasons that other buyers may share? If there are sound reasons for you to make the purchase, chances are good that others will feel the same way in the future.

Room for improvement

Are there a few simple changes around the house that you could do to push up its value? A little investment can yield great returns down the line. However, don’t fall into the trap of putting too much money into a renovation when you might not be able to make it back later. Here are some factors to take into account if you want to sell your house and make money from your investment.

Is it going to be in demand?

On the one hand, you might think it’s a good idea to buy property in a location that not too many others are interested in, because you can negotiate a better deal. But you may then have trouble selling it later.

Location is always important. But whether or not the location will be in demand some years from now is the question. It’s not always easy, but try to get a sense for whether or not an area is up-and-coming, is going to continue to be as in demand as it currently is, or is going decline in popularity. If it’s in a city you’re familiar with, you’ll have a better sense of the future marketability of an area. Otherwise, you’ll have to do some asking around.

You can get an idea of the prices of surrounding homes by going here.

Future development

A good tip is to check with the local municipality for any future development plans in the area. You’re going to lose resale value if, five years down the line, a noisy highway is going to be built close by or a high-rise building obscures your once-beautiful view.

Secure parking

In many older suburbs, the need for undercover secure parking or gated parking wasn’t really taken into account – people were happy to park in the street. Things have changed however, and nowadays people prefer to have off-street parking. Even if you’re comfortable without, remember that down the line you’re going to find it that much harder to resell.

It’s strange to think about selling a property before you’ve even made it your home. But even if you don’t foresee yourself relocating down the line, you never know what the future has in store for you. By taking these few things into account now, you could ensure that the property financing you do now is an investment you’ll reap in future.

Looking to sell your home?
Advertise your property to millions of interested buyers by listing with Private Property now!
List your home privately

Tagged In:

Property Search

Share:

Found this content useful?

Get the best of Private Property's latest news and advice delivered straight to your inbox each week

Related Articles

Braamfontein becoming more popular with young professionals
Young professionals who work in the nearby tech companies and innovation hubs are snapping up property in the area in order to live close to where they work.
Could Atlantic Seaboard rentals hit R200 000 p/m soon?
Considering that Zimbali (KZN, Dolphin Coast) has hit R100 000/month and the Atlantic Seaboard is already at around R170 000/month, then the R200 000/month mark does not seem too farfetched.
What homebuyers can get for R2 million in Gauteng’s top areas
For R2 million and even a little less you can buy a lovely home in a sought after area in Gauteng no matter where you choose to live.
Things are looking up for first time home buyers
Slow price growth and a recent decrease in the interest rate have seen more first-time buyers enter the market.
;