PROPERTY NEWS - There’s a great deal of tempting property for sale in Knysna and Plettenberg Bay and thanks in part to the ‘Cyril Effect’, market prices show signs of recovery despite the ongoing debate regarding land expropriation. That being said there’s still some instability linked to fluctuating fuel prices and currency values hinge on the new headlines of the day. So, if you’re considering an investment in real estate there are several things to consider.

The cost of buying a home

Although most are aware of the need to save for a deposit, not everyone understands that the ‘buck doesn't stop there.’ Buying a home is an expensive exercise and includes all sorts of hidden costs including transfer fees and conveyancing costs. Cheaper fixer-uppers often come with their own set of challenges in the form of maintenance costs and yes, you may have bought the home for an absolute song, you are going to have to spend money in order to make the place habitable.

First time home buyers can look into newly developed property to save some extra money on transfer fees, since no previous owner means no such line item, which can save buyers anywhere from R50 000 to R75 000 - money better set against a deposit. For those who already own property, selling it will relieve a vast amount of the burden when it comes to the next property, so they don’t need to be as cautious.

Whether or not it’s time to buy also depends on your intentions -  is this an investment or a place to call home? As an investment, real estate takes time to mature. Overnight flipping of property shouldn’t be the plan. It is, however, currently a buyers market, and with a stabilised economy in the future, one can find some excellent deals that could yield a fantastic return