A buyer’s market is the ideal time to move if you are looking to upsize
Everything is relative. If you have a house to sell and you are taking the hit on value, it will be the same for your onward purchase, in theory. Larger, more expensive properties, are always more affected in a cooling market as the lower end is propped up by buy-to-let investors and first-time buyers.
You may ask: why is it more relevant to upsizing? The greater the value, the bigger the reduction and when the market improves, the greater the future gain in value. This is especially prevalent if you are looking for a long-term family home which will be owned for many years, or inherited by children.
It is, however, important to consider the practicalities of buying a larger home. Maintenance and rates will become a greater cost, especially if your new property has a garden and pool.
If you would like to know the value of your current home, contact Knight Frank at one of our three offices in Cape Town. We will be happy to offer you an expert, complimentary valuation. Please click here for contact details.