Is buying a new home on your to-do list for 2023?

Are you looking to buy a new home in the new year?
Meridian's property professionals are here to guide you through every step of the process.

If you're planning to make your dream home a reality this year, there are a few important factors that you need to consider. A lot goes into the preparation for buying a new home so partnering with the right estate agent is crucial during this big step. We want to give you the guidance you need to make the right decisions and enable you to think proactively about your property investment plans. Our real estate professionals suggest that you include these three things in your new year−new home plan:

1.Research, research, research
We want to encourage you to do as much research as you can when planning to invest in any property. You have to make sure that you can access relevant and accurate information about market and area trends so that you can make informed decisions. The influences on the property market fluctuate in their severity and often have an unforeseen impact on buyers.

Our research indicates that the rental market showed a positive growth rate in rental rates and a drastic improvement in payment trends during the last quarter of 2022. Semigration and the return of tourism are also boosting rental demand and the fact that the rental market has largely recovered means that there are more opportunities for buyers to invest in buy-to-let properties. Another aspect of the market that should be carefully considered is the bank lending landscape, which remains positive at the moment but could be subject to fluctuations because of inflation and world economic financial conditions.

Without the right guidance, these aspects often turn the housing market into a frightening territory, which can be difficult to navigate. Our team specialises in advising you on everything you need to know about the current market trends, area, and economic development.

2.Roots in the future
When you are looking for a new home in the new year, it is important to establish a personal framework of what you need, and this should include thinking of the future of your property investment.

The big decisions come first, like deciding between an apartment, townhouse, or house. Think of the impact of a single-storey building compared to a two-storey building, as well as long-term factors such as expanding your family or moving abroad. Next, you should consider the area, which is vital for the future of your property investment. After establishing your own needs, focus on the location and its possibilities for the future. Will you be able to resell the property if your needs change, or does it have the potential to become your next rental income?

If you are considering putting down roots, it's best to speak to a property expert about the area and its development potential.

3.Hidden expenses
If 2023 is the year for a new home, it was probably led by a few years of financial planning, but don't forget about those hidden costs that you probably didn't plan for! This is the least exciting part of planning for a new home, but managing your finances is a crucial part of the process. Extra expenses are often buried underneath legal paperwork and administrative responsibilities that come with buying a new home. Our solution is to make sure you approach them proactively.

A real estate professional will be able to assist you in planning for all the hidden transfer, moving, and conveyancing costs, as well as help you formulate the rates and taxes you need to prepare for.

If you're looking for a new home this year, Meridian Realty is your answer to navigating the uncertainties of the property market and finding your perfect fit. Our expert team of property practitioners help you make informed decisions about your investments. Let's talk about your new home in 2023:

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At Meridian Realty, our expert property professionals know exactly what your curb appeal should and shouldn't be. Contact us today for any home valuation questions: https://www.valuations.meridianrealty.co.za