2019 is the year to buy your first home
Gearing up to buy your first home in 2019? Find out why experts believe now is the time to buy, and how to prepare yourself for finding the right property.
According to ooba CEO, Rhys Dyer, 2019 is looking up for first time home buyers. Slow growth in property prices, coupled with competitive interest rates from banks provide for the perfect opportunity for serious first time buyers to make that all important purchase. This environment is particularly favourable to first time buyers as they don’t have the hassle related to selling a current property.
Known as a buyers market, Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, reveals that “2019 will likely present the best opportunities to buy if you get in during the first half of the year. I anticipate reinvestment (both local and foreign) in the country post-election if the fight against corruption continues and tough decisions are made”.
As the situation is heavily dependant on the country’s political situation, buyers are urged to consider buying soon incase the situation doesn’t go as well as we all hoped after the election and the market takes a dive.
So if you’re on the hunt for your first property, remember the following advice as you start your hunt:
Save for a deposit – While the granting of 100% loans by lenders has become more common recently, property experts advise buyers to still save up for a substantial deposit to not only potentially reduce your interest rate but also reduce the total amount you need to pay back over a 20 – 30 year loan.
Get pre-qualification – Many first time buyers are unaware that they can obtain pre-qualification for a home loan to speed up the process and increase their chances of being approved when they find the home they want to buy. Getting pre-qualification also helps you understand what price bracket you could be approved for.
Research the market – Last but not least, have your fun and research the Germiston areas and property types you’re interested in. The more properties you consider, the better understanding you will have of what you can get for the money you have available. For more first home buyer tips, head on over to Private Property.
