Buying Gauteng houses for sale at auctions has become increasingly cheap as the number of bank repossessions has gone up. The economic recession has meant that many people can no longer afford the expensive property they were living on which has increased the number of repossessed homes on the market in both Johannesburg and Pretoria. This means that auctions happen with increased frequency, and as lending institutions seek to recoup their funds, the prices of these incredible properties gets lower and lower.
There are so many reasons why you should purchase Gauteng houses for sale at auctions, not least of all because they are incredibly cheap. Property in Johannesburg and Pretoria has continued to become more and more expensive and the development in that area hasn’t stopped since South Africa was born. But when bank repossessions started happening in the wake of the economic downturn, these extremely expensive properties lost value. They have begun to be sold at auctions for incredibly low prices.
Repossessed homes are sold as is which has both positive and negative elements. On the positive side it often means that homes come with incredible interior decorations and are kitted out with all your kitchen, bathroom and living accessories. These houses are low in price and often situated in incredible locations with all the security and safety features you need.
One negative element can be the condition of the house. In some instances the previous owners had suffered from financial difficulty long before their home was repossessed. This means that when you buy your property you might need to renovate and redecorate. But hey, that can also be positive because you can get your decorating gloves on and get going on your new home. If you’re in the market then check out Gauteng houses for sale at auctions in Johannesburg and the Pretoria areas.