Thinking of buying your own home? Very exciting! However, it can also very be daunting … after all, this will be one of the biggest financial commitments that you will ever make.
The average age for first-time homebuyers in South Africa is 34. Our younger buyers tend to be a more cynical group of home buyers, given that many have no financial buffers with which to weather an economic storm, and are highly credit dependent.
Truth is, entering the property market for the first time can be a challenge. There’s so much to consider. First of all, it used to be easy to get offered 100% financing in the past. Nowadays, you will most likely need a deposit to buy your dream home; which is usually 10 to 20% of the purchase price.
So, will you be doing the right thing leaving rental life behind? Absolutely! The housing boom may have slowed down for sellers, but for savvy buyers this can be a period of opportunity. Property investment has always stood the test of time. Remember, buying a home is a compulsory saving, bearing affordability in mind, off course.
There’s an old Chinese proverb which says: “The best time to plant a tree is 20 years ago, the next best time is today.” It’s the same with property.
Owning rather than renting affords you the benefit of capital appreciation of your asset, which in turn can enable you to trade up in the future … if you can afford it.
Source: www.property24.com, www.ooba.co.za, www.privateproperty.co.za, www.entrepreneur.com, www.thebalance.com, globalnews.ca, www.rd.com, www.timeslive.co.za, www.woolworths.co.za
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