After the extreme drop in the prime interest rate in 2020, putting it at the lowest it has been in almost five decades, owning rather than renting has become a more accessible option to more people. People are now more able to buy properties that they couldn’t afford before.
Homebuyers are now changing their views on their needs in a world after lockdowns. Upscaling is as big a trend as downscaling at the moment. Prospective buyers aim to get the maximum bond available while interest rates are low, and they can fix their rate.
Similarly, first-time buyers are taking advantage of the low rates to enter the property market. Going from being a tenant to being a homeowner in 2021 not only gives you an asset to your name, but you can also end up repaying your bond at a lower rate than you are currently renting at.
Due to the strong demand for properties between R700 000 and R1 500 000 seen in 2020, some projections indicate the possibility of a stock shortage later in the year. Buying now means that you won’t have to face disappointment later.
People buy for two main reasons:
Cosmopolitan Projects have a wide variety of developments throughout Gauteng that are perfect either as a family home or an investment opportunity. Because Cosmopolitan Projects focusses on building communities rather than just houses and creating family-centric living, the developments have good amenities like easily accessible public transport and shopping centres located close by. In more recent developments, there are also private schools, shops, parks, fibre internet connectivity and in some cases security.
For more information on what is on offer at Cosmopolitan Project, follow the links below:
Features include state-of-the-art security, fibre internet connectivity, beautifully landscaped green areas with kids play parks, walking and jogging trails, and gated entrances for each of the eight estates in the greater Lion Pride Estate. Soon there will also be a private school and shopping centre.
Features include a private school, the Sky City regional mall, fibre internet connectivity, play parks, sports fields and beautifully landscaped areas.
Features include 24-hour security, low levies and a private school.
Features include communal parks and beautifully designed Tuscan-style houses.
Features include spacious stands and security features like burglar bars.
Features include a suburban lifestyle, large stands, solar geysers, security and play areas.