Cape Town is continuously voted in the worlds top 5 tourist destinations. It boasts one of the new 7 wonders of the world with the iconic Table Mountain and possesses an embarrassment of riches in its abundance of top class amenities. There is little wonder that owning a Cape Town holiday home has become the aspiration to many and the realisation of ten of thousands.
Owning a Cape Town holiday home
Owners of a Cape Town holiday home rarely view its primary purpose as one of investment. Owning an investment property in Cape Town comes with a completely different set of criteria. That said there may be a requirement for it to be let out to achieve some income, or be positioned in a place where capital growth is a distinct possibility.
For many, a Cape Town holiday home is simply that idyllic spot, their own slice or paradise to escape away to, be it for weekends or for many months each year.
Either way, owning a Cape Town holiday home is the result of an aspiration achieved and the experience of buying it should be one of pleasure and stress free. This is not always the case as buying a Cape Town holiday home can turn into a thoroughly frustrating process and owning one into a complete nightmare. The risk of this happening is increased even more for foreign buyers who may not be too familiar with the property laws and processes of South Africa.
Some of the risks of owning a Cape Town holiday home
- Not fully understanding the financial implications of owning a Cape Town holiday home. The last thing you need is your place of retreat and enjoyment to become a financial burden.
- Not understanding South African property law. This is particularly relevant to overseas buyers who may make the mistake of assuming it is the same as in their home country.
- Not having your own legal counsel and expertise. It is astonishing how many people buy in a country / area they have only known from a few weeks holiday without their own legal expertise. The effects of not having this legal team in place can be devastating.
- Making friends with the estate agent. They are not your friend they are there to sell you a house at the highest possibly price.
- Not buying a property with selling in mind. You should never buy a Cape Town holiday home that is suitable to only a few potential buyers. If you have to sell in future you limit your sales options.
- Not fully exploring the location. With a holiday home location is even more important than normal. Consider why people want to buy a Cape Town holiday home – views, beach in close proximity, amenities etc.
- A bargain priced Cape Town holiday home does not mean a good value Cape Town holiday home. The recessions of the last few years have seen some Cape Town holiday home’s become a luxury some can can ill afford. Panic and distressed sales (with huge price reductions) may seem appealing but in essence are more a reflection of the property’s value and sale-ability in some cases. In others some clever marketing techniques.
Why it makes sense to buy your Cape Town holiday home through SAHomeBuyers
- Better search capability – unlike a selling agent we can access all property for sale, both listed and private and with all agents.
- Unbiased feedback – we are employed by you the buyer to give an objective and truthful opinion, we are not trying to sell you a Cape Town holiday home.
- Expert guidance – the legally binding offer to purchase is completed with us and checked by our retained attorney.
- No need to worry about all the legal jargon and required terms and conditions. At last you have someone on your side.
- Non emotional and expert negotiating skills – our role is to get the right property at the right price – the lowest possible price. Our experience, insider knowledge and industry tools enable to negotiate with the selling agent from a position of strength.
- No hurry up tactics – you may have waited a long time for that Cape Town holiday home and rushing a purchase now is a pointless exercise. As we are not sales people we are not pressuring you into a purchase but working with you to find that right Cape Town holiday home.
- Our job is not done with the agreeing of a sale – estate agents are employed to effect a sale. In fact in many offer to purchase contracts it states that they are entitled to their commission once the offer to purchase is agreed by both parties (even if it subsequently falls through). Further some of the estate agents retain your deposit in their trust accounts to ensure payment in this event.
We point this out not to criticise them. Estate agents do their job and most very very well. They sell properties. With us, as your buyers consultant, our role does not stop in the purchase of your Cape Town holiday home until you are happily settled in.
Summary
There is a better way to purchase your Cape Town holiday home, use a buyers consultant. The property buying system in South Africa has long been skewed towards the seller and now is the opportunity for you to redress the balance.
Better service, save time and money, and better advice. A service that is tailored to you. Why buy your Cape Town holiday home any other way.
For you free and no obligation consultation, contact our Cape Town Property Director email us hereor phone + 27 (0) 83 265 8800.
