Houses sold on auction in Cape Town are usually a good deal which means that you can purchase properties in areas you always wanted to buy in, for half the price. The financial recession has had devastating effects on the property market in South Africa – the prices of homes are skyrocketing and this also has also affected the Western Cape. Many homes are sold on auction when they have been repossessed because their previous owners could not pay their monthly instalment on their bond. This means that the banks that lent them the money have had to attempt to recoup their funds as fast as possible, and thus the cost of the houses are reduced to speed up the process. That’s unfortunate for the home owner but fortunate for the home buyer.
The place to find advertisements for houses sold on auction in Cape Town is online or in your local newspaper. Sometimes in the Western Cape it is even possible to see advertisements for homes on auction on street light poles and public notice boards. Repossessed homes are even sometimes sold along with the contents of the properties. You can thus buy a house for yourself and your family and buy it fully furnished or at least partly furnished. It depends on the home owner and how much they are indebted to the banks. If you are a first time home owner this is a great place to get your house. You can have a look at what it might look like before becoming involved at all.
If you keep an eye out for advertisements for bank auctions, you can even approach your bank about finance before you go. That way you don’t have to worry about not having enough for your perfect home, but can purchase one of the wonderful houses sold on auction in Cape Town.