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Now is the time for SA women to become homeowners and investors

Now is the time for SA women to become homeowners and investors

Author: Pranil Maharaj
Date: 2018-08-17

With August being Women's Month inSouth Africa, there is no better time for women to think about purchasing homes of their own or becoming property investors.

One reason is that there are currently more properties for sale in most areas than prospective buyers, and prices are accordingly very negotiable.

Did you know, there are more than 90% of sellers currently have to drop their asking prices by around 10% to achieve a sale, so there is a good chance of being able to purchase more home than you expected for the money you have available.

Another reason to buy now, is due to its relatively easy to obtain a home loan.

Of course you need to have a steady household income and a good credit record, but the banks are currently keen to lend to home buyers, and are offering good interest rates.

This is especially true if you have already saved up a deposit and if you apply through an originator like Durban Property Finance, which is currently able to get approval for 82% of the home loan applications it submits.

Thirdly, there is high and growing demand now and in the foreseeable future for rental properties, which makes this a good time for women to become property investors and start acquiring rental homes that will provide them with capital growth along with an independent income stream.

A survey conducted last year showed that women are in fact already the major decision makers when it comes to property purchases, with 51% making the decision by themselves or on behalf of a partner.

Women also outnumber men when it comes to single buyers, accounting for an estimated 10% or total home purchases compared to 7% made by single men, and we really hope to see this trend accelerating now as more women in South Africa move into top government and corporate positions or set up their own successful businesses.

Property ownership is after all one of the strongest expressions of financial independence - and the sense of empowerment and personal security which it provides.