SA Property Seekers

Property SA: Buying and Property Investing tips

One could find many excuses as to why it’s impossible to get a foot in South African property market. High property prices, increasing interest rates and the introduction of the National Credit are among some of the more popular excuses.
But for all these negative reason, you only need one open door to make your dream real.

Here are 3 ways to buy your first property:
1. Buy with a friend or family member
If property prices are to expensive for your to handle at the moment , you could consider buying your first home with a friend or family member.
Although you’ll only own 50% of the property – you’ve finally got your own place to live. Later you will have a opportunity to buy the other 50% from your investment partner, once your income as increased to a point where you are able to afford the full mortgage repayment.

2. Save a Deposit
Saving a deposit is probably the best way to prove to a lender that you are able to afford your loan repayments. The deposit not only demonstrates sound personal financial management, affordability but it will also reduce the actual loan amount.

3. Change your focus
If you can’t find the perfect home at an affordable price, you may need to change your focus. Start by looking for a property that you can afford is your desired neighbourhood. If you buy the cheapest property (per sq meter) in the neighbourhood there is great room for capital growth, which you can use later to purchase a grander home.