Good reasons to buy property over the festive season.

Good reasons to buy property over the festive season.

It's no secret that property market activity slows perceptibly from November, only picking up again once Christmas festivities are over, the school year has begun and everyone has returned to the grindstone, making this the best time for serious buyers to be shopping around.

In general, the stream of local buyers slows down as people start to prepare for Christmas and the lengthy school holidays and, with fewer buyers to compete with, especially for accessibly priced homes in sought-after suburbs, it's the ideal time to snag your dream home or investment purchase.

And, with work focus taking a back seat at this time of year for many people, it allows for some freedom to spend time looking for property in earnest. So, if you have the means, it's always a good time to be buying.

Selecting the right property is naturally key and with sectional title properties, due diligence should encompass more than just the unit you are buying.

It's the best time for serious buyers to be shopping around

Although there are excellent deals to be found this time of year, there are also a few challenges which could cause considerable frustration and unforeseen expenses if they are not taken into account.

Bear in mind that the deeds office closes around 10 December until after New Year - and that they will then also need to catch up with the backlog once they re-open. Therefore, transfers for November sales, for instance, can be expected no sooner than 1March the following year.

Many conveyancing attorneys are also away during this time and may return as late as mid-January which could cause delays as they are instrumental in numerous critical processes of the transaction.

Since most of documentation to be completed is likely to take longer at this time of the year, its advised that buyers contemplating purchasing a home late in the year should obtain a comprehensive bond pre-qualification through an experienced bond originator.

Extract from Property 24