select
|

Don’t be scared to buy property solo

Home ownership is not just for happy couples – even if the banks do seem to prefer having two names on the mortgage.
 
“All over the world, the percentage of single buyers is rising as more young people delay getting married until their 30s, and more single parents decide to buy homes rather than rent in order to give their children more stability,” says Jan Davel, MD of the RealNet estate agency group.
 
“The latest statistics from the US show, for example, that almost a quarter of all homebuyers now are single, with women leading men by about two to one. And locally, according to the FNB Property Barometer, single buyers currently account for about 19% of all home sales, up from 13% four years ago.”
 
And even if solo house hunting feels a bit daunting, he says, buying your own home now is one of the smartest decisions you can make, especially if you are secure in your job and committed to your location for the next few years, because both prices and interest rates are on a rising trend that will make it increasingly difficult for buyers of all sorts to qualify for home loans.
 
What’s more, it need not be a frightening experience if you just follow a few guidelines, starting with careful financial planning. “It is important to get prequalified for a home loan so that you will have a good idea of what you can afford and not waste time looking at homes that are beyond your budget. In addition to this, you should leave yourself some room to manoeuvre if you get sick, lose your job or have to cope with a sudden steep interest rate increase.”
 
Secondly, says Davel, single buyers – like couples – should always think about the resale potential of whatever home they purchase. “Obviously buying a home is supposed to be a longer-term investment. But there is always the chance that you will need to move sooner than you think to take up a new job or a promotion, perhaps, or because your personal circumstances change.
 
“So you need to think about what the next owner of your home might want or like, such as an extra bedroom, even if you don’t need that space right now, or perhaps proximity to a good school, even if you don’t have children.”
 
Third, he says, single buyers need to think about safety and security even more than other buyers. “And this applies to men as well as women, because when you’re on your own, it stands to reason that your home will be unoccupied more than if there were two of you coming and going, and that you will be more at risk of being burgled.
 
“Consequently, you should put neighbourhood safety high on your list of priorities, and security provisions such as burglar guards, electric gates or garage doors and an alarm system well ahead of luxury finishes or even a great view when choosing your home.”
 
And finally, Davel says, you need to be honest with yourself about how much time you are likely to have for the maintenance work that will be needed to protect your investment.
 
“Typically, single people will spend more weekend time on sport or socialising than their married counterparts, and if you don’t think you will have the inclination to fix your leaky tap, repaint the kitchen, mow the lawn and wash the windows, you will have to budget for someone else to do it, or perhaps even reconsider home ownership until you are ready for a different lifestyle.”
 


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK