Well it's a sad state of affairs when I finally realised this morning that the first thing I wanted to do was look at my BLOG. Gone are the days where I used to drink till 4:00am, party all night and sleep all day! I have become an online nerd! AND I LOVE IT!
So good morning to you all!
After writing my article this week about Buy To Let Mortgages I realised that I'd left out the part about:
"Now that Buy To Let has become the BIG THING for property investors in South Africa, Rentals, well unfortunately, they're going up!"
So this article is for those of you that are renting.
South African tenants face major increases in rentals over the next couple of years. According to the Record newspaper, the massive movement of people from outskirts of South Africa to the city centres are forcing rental prices up. Along with this the demand for apartments and flats to be built cannot keep up with the demand for rentals themselves.
With property prices booming in SA, more and more people are starting to move towards the rental market. The problem we're have is that investors are finding building prices are just astronomical at the moment and this is slowing down development of new units. You average price to build in Sandton for instance is now around R20 000 a square metre for an apartment. According to some reports, expect rental prices to increase in the region of 10% over the next year.
It's not all doom and gloom for those of you who are in the rental market. According to Chris Green of Wizard Midrand, there's a very good option for those of you who are wanting to start investing in some property. SYNDICATES or SYNDICATIONS as some know it, is the latest craze in property investments. As a youngster who doesn't have enough money to invest in a property themselves, this is a way to get your portfolio going.
Syndications allow you to buy property with a group of people. This enables you to split the costs amongst 5 or 10 other people (maxmimum of 43 allowed), enabling you to afford that investment that always seemed out of reach. If you're interested in finding out more about this contact Wizard Midrand on +27 12 341 2223 and ask for Chris Green.
Have a super weekend all...