Location a Priority for South African Buyers

May 14 - Ooba recently ran a poll that asked South Africans what the driving factors were that determined their purchase of a home.

In nearly 80% of the cases, the respondents said that the location of the property, as well as its price, sealed their decision before signing on the dotted line.

The breakdown of determining factors in order of importance was as follows:

• 44% - location
• 34% - price
• 10% - views
• 7% - proximity to work/schools
• 3% - parking
• 2% - newly refurbished property

"While it is no secret that location plays a crucial role in determining the value of a property, many people still choose to ignore this fact, which can be extremely costly when buying primarily for investment purposes," said Craig Deats at ooba.

Deats spoke of the importance of trying to establish how an area will look in another decade.

"The demographics of an area can change relatively quickly," he advised. "What could be classed as a vibey student area could be on its way to becoming either a chi and trendy neighbourhood or an urban slum."

"Doing some research into the recent and planned infrastructure and building projects in the area as well as the general upkeep of the existing homes may help you in this regard," he added.

Related Insurance Articles:
* Banks Still Require Home Loan Deposits
* Buyers Advised on Home Loan Procedures
* Housing Minister Outlines Plans
* Low Demand for Buy to Let Property

5/14/2010 9:27:49 AM