{"id":18458,"date":"2023-11-16T12:00:20","date_gmt":"2023-11-16T10:00:20","guid":{"rendered":"https:\/\/getitmagazine.co.za\/joburg-west\/?p=18458"},"modified":"2023-11-13T12:40:32","modified_gmt":"2023-11-13T10:40:32","slug":"become-a-first-time-home-buyer-with-these-5-tips","status":"publish","type":"post","link":"https:\/\/getitmagazine.co.za\/joburg-west\/blog\/2023\/11\/16\/become-a-first-time-home-buyer-with-these-5-tips\/","title":{"rendered":"Become a first-time home buyer with these 5 tips"},"content":{"rendered":"<h4><strong>Single? Under 35? Not earning your dream salary yet, but dreaming of owning property? You could make it happen faster than you might think.\u00a0<\/strong><\/h4>\n<p><span style=\"font-weight: 400\">Be proactive about becoming a first-time buyer and find out what\u2019s within reach with these five, clever tips:<\/span><b>\u00a0<\/b><\/p>\n<p><b>Can\u2019t afford it? Ask for help<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400\">First-time buyers with a gross monthly household income of between R3 501 and R22 000 could qualify for the government\u2019s Help Me Buy a Home programme (formerly FLISP). Lightstone data for June 2023 shows more young buyers opting for properties as single owners. In 2012, 69% of younger buyers were single owners, whereas this figure has now increased to just under 75%.<\/span><\/p>\n<p><b>Be savvy about what you buy<\/b><\/p>\n<p><span style=\"font-weight: 400\">Buying a home of less than R1.1 million, which is the transfer duty threshold, will mean a considerable saving for a first-time buyer. Lightstone reports that 44% of sales to buyers under the age of 35 were in the R500 000 to R1 million price range.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another option is to buy in a new development where transfer duty does not apply. The big banks in <\/span><span style=\"font-weight: 400\">South Africa offer a range of home loan products that include loans of as much as 110% for young professionals under the age of 30.<\/span><\/p>\n<p><b>Stronger together<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400\">Collective saving schemes, \u2018stokvels\u2019, have become an increasingly popular way to buy property. Some of the big banks, like FNB and ABSA, have launched a collective buying home loan scheme which allows up to 12 people to buy property together. Each person contributes towards the monthly repayments.\u00a0<\/span><\/p>\n<figure id=\"attachment_1255283\" aria-describedby=\"caption-attachment-1255283\" style=\"width: 744px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1255283\" src=\"https:\/\/caxtondigital.co.za\/wp-content\/uploads\/sites\/110\/2023\/11\/ElanaWagner-07-13-2023-Home-FirstBuyer.1-744x496.jpg\" alt=\"\" width=\"744\" height=\"496\" \/><figcaption id=\"caption-attachment-1255283\" class=\"wp-caption-text\">Couple moving into their first property. Source: Pixabay<\/figcaption><\/figure>\n<p><b>In partnership<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400\">You don\u2019t have to put a ring on it to own property with your partner! Joint bond ownership allows at least two parties to apply for a bond together. It could be a partner, a friend, or a family member. While there are many benefits \u2013 including shared costs and other responsibilities \u2013 it is important to be aware of the risks as well. If one of the bondholders pulls out, the other party will be responsible for repaying the bond.<\/span><\/p>\n<p><b>Let the professionals do the work<\/b><\/p>\n<p><span style=\"font-weight: 400\">Buying property is an exciting investment, regardless of whether you are a first-time buyer looking to get a foot on the property ladder, or a seasoned investor who wants to expand your portfolio. Get a <\/span><a href=\"https:\/\/www.betterbond.co.za\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">bond originator<\/span><\/a><span style=\"font-weight: 400\"> to talk to various banks for you in order to look for the best option. The best part, is that this service is free!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Single? Under 35? Not earning your dream salary yet, but dreaming of owning property? You could make it happen faster than you might think.\u00a0 Be proactive about becoming a first-time buyer and find out what\u2019s within reach with these five, clever tips:\u00a0 Can\u2019t afford it? Ask for help First-time buyers with a gross monthly household [&hellip;]<\/p>\n","protected":false},"author":113,"featured_media":18459,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1743],"tags":[6875,6876,5394,6877],"class_list":{"0":"post-18458","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes-and-decor-and-garden","8":"tag-first-time-home-buyer","9":"tag-home-owner","10":"tag-property","11":"tag-property-market"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Become a first-time home buyer with these 5 tips - Get it Joburg West<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/getitmagazine.co.za\/joburg-west\/blog\/2023\/11\/16\/become-a-first-time-home-buyer-with-these-5-tips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Become a first-time home buyer with these 5 tips - Get it Joburg West\" \/>\n<meta property=\"og:description\" content=\"Single? Under 35? Not earning your dream salary yet, but dreaming of owning property? You could make it happen faster than you might think.\u00a0 Be proactive about becoming a first-time buyer and find out what\u2019s within reach with these five, clever tips:\u00a0 Can\u2019t afford it? 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