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CT's lesson for landlords in SA
Category Property News
Purchasing property for sale in Lydenburg, or other parts of SA, is often a solid investment. However, a tough economic situation coupled with high living costs has seen the average citizen having to tighten their belt. If you want to stay competitive in the rental market, then this article is for you.
Whether you have purchased property for sale in Lydenburg, or any other parts of the country, then there is a valuable lesson to take note of if you want to ensure that you enjoy steady returns during the tough financial situation in South Africa.
It may feel like it has been storming for some time at present, with the technical recession and exploding living costs starting to take their toll. Petrol prices are hitting unbelievable highs and some global pressures are just adding to the concern.
This all impacts the property market, and considering the concern earlier this year regarding the land reform issue, landlords need to make sure that their property is the most attractive to potential tenants browsing the rental market.
To do this, one factor stands out above all the rest, and that is price! Of course, entering the property market is often to ensure that you enjoy solid returns, but at some point, you may need to bite the bullet to ensure that you don't end up suffering major losses.
Discussing the importance of this, Lisa Hendricks, a rental specialist at Lew Geffen Sotheby's International Realty in the Western Cape, said, "Owners are understandably frustrated that they cannot achieve the same rental prices they did last year, but they are starting to realise that the market isn't bouncing back overnight and that it's far more costly to have an empty property than a good tenant at a slightly lower rental."
She was discussing the situation in the Atlantic Seaboard, which boasts some of the most attractive properties in South Africa. Even here, where demand is never really any issue, landlords were sitting with empty properties and had to shoulder the costs.
So to ensure that you don't end up taking on extra costs every month, do thorough research to ensure that you can remain competitive in the market during the storm.
Author: Lew Geffen Sotheby's International Realty