South African consumers continue to borrow more, with year-on-year growth in bonds as high as 20% per annum. So when interest rates start climbing from their current lows to their historical average of 13.5% again, those who’ve overstretched themselves will start to panic. As these inexperienced buyers release their homes onto the market, you’ll be able to scoop them up as bargains at property auctions. You can buy a property at an auction for 20% to 50% below market value. This opens great opportunities for the ‘master property investor with a plan’. You can also take advantage of ‘distressed property’. Basically, this is property that has been repossessed for some reason or other. You can buy this type of property well below market value and, with a few clever and cheap renovations, you can massively boost your profits!
Posted on: Wed, 11 Sep 2013 05:01:42 +0000
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