However, in order to buy a property you need to have a healthy and good credit track record. Here are some basic tips you can follow in order to maintain a healthy credit track record:

• Establish a good credit score:

Without you even knowing it, your bank is keeping an eye on your payments and non-payments. These are being recorded, which make up your credit score.

• Do not exceed your repayment limits:

When buying a property, the bank will establish what percentage of your salary you can spend per month. This is to ensure that there are sufficient funds in case the interest rate rises.

• Save for a sufficient deposit:

The bigger deposit you can guarantee the bank, the better chance you have of your home loan being granted. Don’t see this as an obstacle to buy a property. Keep in mind that your loan amount will be less. This means that your repayments will be less.

• Avoid preventable debt:

This is the most important factor. Pay your current debt off as soon as possible, and avoid more debt.

There are many repossessed properties on www.myroof.co.za. The perfect property is waiting for you. Why not get rid of your extra debt and buy yourself a property?

Compared to interest rates during 1998 and 1999, where the interest rates changed frequently, the interest rate is now stable and low. This is good news for first-time buyers, since they can also get onto the property ladder.

On the other hand, with the many repossessed properties they can choose from, they have a great opportunity of getting their perfect first home.

Whenever deciding to buy a repossessed property, buyers need to keep in mind not to overspend on a house, and need to buy within their buying abilities. This is done to provide for any future escalations in the interest rate.

During the first quarter of 2012, the percentage of first-time buyers has increased to 25%, compared to 24% of the previous quarter. It is the second consecutive quarter it has increased, and is significantly higher than the 12% in the third quarter of 2008.

The activity of young- and first-time buyers is a clear indication that the market conditions are improving significantly.

Many repossessed properties are revoked due to either insolvency or bankruptcy. This is done by the financial institutions as a last resort, not by choice. The financial institutions are very helpful in situations like these, and will assist the person experiencing the problem to the best of their abilities.

Insolvency and bankruptcy both deal with liabilities exceeding assets, but they are different in structure.

Insolvency is a financial condition experienced when someone’s liabilities (debts) exceed their assets, or when a person can no longer meet up to their debt obligations.

Bankruptcy has to do with successful legal procedures resulting from either a person declaring himself bankrupt, or a resolution filed with the Registrar of Companies in order to be declared bankrupt.

Insolvency can lead to bankruptcy, but does not always. Insolvency can also be temporary, whereas all bankrupt debtors are considered insolvent.

This clearly indicates that bankruptcy is the advanced and final stage of insolvency.

For those who are close to retirement, and even those who aren’t so close yet, you can always consider investing some of your money in repossessed property sold on auction. These properties are very much affordable and it is a long-term-, low-risk investment. This could be the ideal investment if you want to add to your investments.

This property can then be rented out to contribute to your income. The rental market’s demand is very high and it is performing quite well. The property can also be sold just before or just after retirement. This will give you a further solid financial injection.

MyRoof specializes in offering repossessed properties going on auction. Furthermore, we offer you the opportunity to buy repossessed properties directly from the banks. These properties go for much cheaper than ‘normal’ listed properties, and it will save you thousands in the process.

This is a very good proposition to make your retirement even more comfortable. Do you want to retire comfortably?

1. Relationships

When you buy a repossessed property, you will stay on the premises for some time. This will give you the opportunity to build relationships with the neighbours. This can be an added advantage, depending on the different circumstances you can be in.

2. Predictability

Your bond repayment will be very predictable if you decide to sign a fixed-rate term on your mortgage bond. This means that the repayment amount will be exactly the same month after month.

3. Equity

When paying rent, you never see the money again. However, when you pay your mortgage, you know it is an investment and you will see the money again when you sell the property. By being a home owner, you build your wealth over time.

4. Ownership

When you bought a property, it is yours. This means that you can renovate, paint, and decorate it the way you like. You will not have to obtain permission from a landlord beforehand.

5. Great Deals

With the interest rate being at an all-time-low, there is no better time to buy a repossessed property than right now. You will save even more money when you buy a repossessed property since they are usually sold for below market value. It is also a well-known fact that you can get your hands onto great deals when buying on auction.

Given all of these factors, don’t you think it is time to make the leap and invest in property?

Gill Marcus, South African Reserve Bank Governor,said “The exchange rate is, as always, highly uncertain, but the risk posed to inflation in recent months has subsided somewhat given the less volatile, albeit uncertain, global environment”.

She also said “the immediate threat to the global economy posed by the eurozone debt crisis appears to have subsided somewhat, but significant risks remain.”

So, what does this mean for property investment? The lower the repo rate is, the better it is to invest in property since your bond repayments will be less.

You can save even more money when you buy a repossessed property on auction. It is a well-known fact that repossessed properties are sold for below market value.

With the economy the way it is now, you can expect to gain more due to:

• The repo rate is unchanged and at a 30 year low
• Your bond repayments will be less
• Buying a repossessed property on auction can save you thousands

Taking all of these factors into consideration, there is no better time to invest in property than right now.

Bids are being placed constantly on Myroof’s online auctions where many of the potential buyers or investors become property owners in the process. You too can become a property owner by viewing the repossessed properties on www.myroof.co.za.

Here are some advantages house buyers will benefit from:

• It is the ideal way to buy property since you get more house for less money; and
• You save thousands and get property for well-below market value.
• It is an ideal opportunity for house buyers to get onto the property ladder and build your property portfolio.

On the other hand, this is how investors will benefit from repossessed properties:

• Investors can buy more properties since it is more affordable; and
• Investors will build their property portfolio greatly in the process.

Furthermore, the investor can rent out the property he has bought with the eye on reselling it later on.

Some of the advantages of auctions include:

• The prices are much more affordable than the normal, retail prices of property.
• You can expect to get properties for well-below market value.
• Repossessed property provides bidders with excellent property opportunities at great prices.

The decision to buy a repossessed property on auction is very smart. Many “happily ever after” stories take place everyday by people who invest their money in repossessed property. Are you attracted by auctions on repossessed property?

There are some things you need to consider, however. First of all, get the appropriate finance in place before bidding on an auction. This will speed up the process significantly as well as give you an indication of how much you can spend.

Then do your online research on www.myroof.co.za to determine the type of properties you will be interested in. Since you have your own, unique idea of what a home should be, only you will be able to decide this. Luckily there are many repossessed properties to choose from.

Lastly, make sure that you are prepared and know how much you will spend with all the costs involved. This will include the selling price, deposit and renovations if you want some done.

Make use of our website to view the listed properties and services we can offer you. We can also assist you in obtaining a mortgage for a repossessed house – everything through one company! Then all that’s left is for you and your family to find a house that you can call a home.

Furthermore, there are many repossessed properties available to choose from. With so many repossessed properties available, combined with the market remaining over-supplied, you have a choice of different properties, prices and sizes to choose from.

You as a would-be owner need to take advantage of this situation. Keep in mind that repossessed properties bought on auction are usually sold for well-below their market value, making this even more affordable. Imagine the capital gain you can achieve when buying on auction!

Myroof differs from normal on-site auctions in the way that you do not need to put down a deposit in order to participate in the online auction. When you are the highest bidder, you will be informed where after you will be requested to transfer the deposit

With the auctions of repossessed properties still on a rise, there ought to be a big expansion in this sector during 2012. This will result in an even bigger over-supply of properties

With all this advantages when buying on auction, can you afford to not go and see what is available?