Q
What are some of the areas where first time homebuyers invest in around the country ?
A
There are pockets of activity in the property sector around the country , this is where properties are being bought by first time buyers . We have a list with a number of suburbs where properties are being bought greatly than others in certain metros . And from a national view we also know where these activities are happening . It is important to also note – for buyers – that the activity is greatly linked to life stage , affordability of properties .
PROPERTY ADVICE
HAYLEY IVINS-DOWNES Lightstone
For specificity purposes , in Cape Town there are places like Belhar , Plum Stead , Observatory , Sea Point and Wyneburg . These are some of the suburbs that most first time home buyers are buying in . And in Durban : Boulware , Chesterville , Morningside Resevour Hills , Mass graves . In Johanneburg , first time home buyers are buying in Kensington , Lombardy East , Orange Grove , Glen vista and Winechesta hill .
Q
I would like to buy my first home , and I don ’ t know where to start with my financial profile .
A
As a first-time home buyer , if you have not yet gone for a free credit report , go and get it as soon as possible and make sure that your profile is ready to go . You would be surprised to learn of the information that the bureau has on you , and if you have any information on your profile that you think is not fairly reflective , then you have the opportunity to dispute it with the bureau .
MICHELLE DICKENS TPN
Budgeting During this time of our lives , affordability is too critical , interest rates are at their lowest for the first time in approximately 55 years – 7 % - that ’ s fabulous . But when you are doing your calculations , and banks will do it in any event , pop in an extra 3 % and make sure you still have the ability to continue to pay your bond repayments at that price . So , if is very important that you allow yourself the breathing space , in order to be able to bounce back should you find yourself in a sticky financial situation in the future .
SA Real Estate Investor Magazine MAY 2021 5