Location and price most important to South African homebuyers

Location and price most important to South African homebuyers

Nearly 80% of respondents to a new PropertyGenie poll hosted on behalf of ooba - South Africa's leading bond originator - cited location and price as the most important factors to them when buying a home.

44% of respondents put location of the property at the top of their list of deciding factors, while 34% chose price. Views were most important to 10% of respondents, while proximity to work / school received 7% of the votes. Parking received 3%, while 2% said the fact that a property was newly refurbished was the key factor in their purchasing decision.

According to Craig Deats at ooba, the old adage of location, location, location still rings true for many South African homebuyers.

"While it is no secret that location plays a crucial role in determining the value of a property, many people still choose to ignore this fact, which can be extremely costly when buying primarily for investment purposes."

He adds that it is also important to get some idea of what the area you are looking to buy in will look like 10 years down the line. "The demographics of an area can change relatively quickly. What could be classed as a vibey student area today could be on its way to becoming either a chic and trendy neighourhood or an urban slum. Doing some research into the recent and planned infrastructure and building projects in the area as well as the general upkeep on the existing houses may help you in this regard."

Deats says that not too much emphasis should be placed on the fact that only 34% of respondents ranked price as the most important factor. "Price is almost always a crucial element in any purchasing decision, especially in big ticket items such as property. In addition, most of the respondents who chose location as the most important factor have already factored in the price ranges of property in the various areas they are considering living in.

"Buying a home is a long term investment and is often likely to be one of the biggest purchases that most people make in their life, so it is important that buyers look at all the factors involved when making this decision," says Deats.

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