As South Africans grapple with the ongoing uncertainty around fuel prices, geopolitical tensions and volatile equity markets, the idea of owning a home has never seemed so worthwhile. with new home RulerWith May 1st in mind, I would like to highlight both the value of property ownership financial anchor and a Personal Landmark, offering practical advice for first-time buyers.
In times of uncertainty, owning your own home provides a sense of stability that few other investments can. While markets may fluctuate and external pressures may change, a home remains a tangible asset that provides both security and long-term value.
While property ownership is a rewarding goal, it is also an important one. financial and legal commitments that require careful consideration and planning. Buying property can be overwhelming, especially for first-time buyers. However, with the right preparation and guidance, it can be one of the most empowering decisions you make.
Practical Tips for First Time Home Buyers:
- Know your numbers: Before you start looking for your home, understand what you can realistically afford. Use an online bond calculator to estimate your loan eligibility and monthly payments.
- Budget for additional costs: Apart from the purchase price, transfer and bond registration costs should also be taken into account, which must be paid before the property is registered in your name. Planning for these early can prevent unexpected events. financial strain. Some banks offer loans up to 105% to help cover these fees if you meet specific eligibility criteria.
- Explore Home Loan Options: You do not need to apply specifically to your bank for the loan. It is advisable to compare offers from multiple banks, Because even small differences in interest rates can lead to significant savings over time.
- Explain VAT and transfer fees: Whether VAT or transfer fees apply depends on the VAT registration status of the seller or the nature of the purchase. “Always confirm what is included in the purchase price and seek professional advice from a qualified accountant or auditor if necessary,” says Abro.
While global and local economic conditions may seem unpredictable, property ownership is a stable, long-term investment that provides both financial And emotional returns.
A home is more than just a place to live. This is the foundation of your future. Taking the time to understand the process and ask the right questions will put you in a stronger position to make confident, informed decisions.
*Abro Susan is an attorney at Abro Attorneys.
personal Finance