Buying with breathing room: A practical guide to making financially resilient property decisions

For many South Africans, buying a home has always been about one question: Can I qualify for a home loan? While qualifying remains an important milestone, it's no longer the only measure of affordability.

Higher municipal charges, rising insurance premiums, ongoing maintenance costs and everyday living expenses mean today's buyers are increasingly looking beyond the purchase price. Rather than stretching to buy the most expensive property they can afford today, many are asking a more practical question:

Will this home still fit comfortably into my life a few years from now?

This shift is about more than being cautious. It's about building financial resilience by making property decisions that leave room for life's inevitable changes and unexpected expenses.

Financial resilience doesn't mean buying the cheapest home available or delaying your property goals indefinitely. It means buying with enough flexibility that your home continues to support your lifestyle, even if circumstances change.

Here are five practical questions that can help you make a more resilient property decision.

Could this home absorb an unexpected financial surprise?

Life rarely follows a perfectly planned budget. Interest rates can change, municipal tariffs may increase, a vehicle might need replacing or household expenses could rise unexpectedly.

Before making an offer, ask yourself:

• Would my monthly budget still work if my housing costs increased?
• Could I comfortably manage an unexpected repair or emergency?
• Would owning this home still allow me to save for future goals?

The aim isn't to prepare for every possible scenario, but to avoid putting yourself in a position where even a relatively small financial setback creates unnecessary pressure. Leaving some breathing room in your budget today can provide valuable peace of mind tomorrow.

“Buying a home should be about more than qualifying for a bond. The strongest financial decisions are those that create stability today while still leaving room to achieve your future goals.”

Michael-Anne Abrahams

MyProperty Home Loans

What costs aren't immediately obvious?

The asking price is only one part of the cost of owning a home. Depending on the property, your ongoing monthly expenses could include:

Some properties with a higher purchase price may have lower ongoing maintenance requirements, while a seemingly affordable home could require significant repairs or carry higher monthly running costs. Looking at the total cost of ownership rather than the purchase price alone can help you compare properties more accurately.

Will this home still work if your life changes?

A home should support your future, not just your current circumstances. While it's impossible to predict exactly what the next five or ten years will bring, considering a few realistic scenarios can help you make a more sustainable decision. 

Ask yourself whether the property would still meet your needs if you begin working from home more often or start a family. The cost of living crisis is also shaping how people are planning for the future in terms of caring for ageing parents; multigenerational living is on the rise again and is thus shaping how people are looking at properties.

Buying a home that offers some flexibility can reduce the likelihood of needing to move again sooner than expected.

Is this property supporting your financial goals or competing with them?

Owning a home is an important financial milestone, but it shouldn't come at the expense of every other goal. If your housing costs consume most of your disposable income, it may become more difficult to build an emergency fund, invest for retirement, pay for education, renovate or improve your home over time, or enjoy the lifestyle you've worked hard to create.

The most financially resilient buyers don't necessarily purchase the biggest home they qualify for. They choose a home that allows them to continue making progress in other areas of their lives as well. A property should form part of your financial future, not become the only thing your finances revolve around.

How predictable are the property's future costs?

No property is completely free of unexpected expenses, but some come with more certainty than others. Before making an offer, take time to understand as much as possible about the property's ongoing financial commitments.

Depending on the type of property, this could include:

• the age and condition of the home
• recent maintenance and repairs
• the financial health of the body corporate or homeowners association
• planned special levies or major maintenance projects
• neighbourhood development that could influence future costs
• municipal service charges.

The more information you have upfront, the fewer surprises you're likely to encounter after moving in. Buying with confidence often comes down to asking the right questions before signing an Offer to Purchase.

Financial resilience isn't about buying less; it's about buying wisely

Every buyer's circumstances are different, and there is no single formula for choosing the right home. However, buyers who focus only on what they can borrow may overlook the factors that determine whether homeownership remains comfortable over the long term.

Financial resilience isn't about avoiding property ownership or settling for less than you want. It's about choosing a home that gives you enough flexibility to navigate life's changes while continuing to build your future.

In a market where affordability remains a priority for many households, the strongest position isn't necessarily having the largest budget; it's buying with enough breathing room that your home continues to work for you, whatever the years ahead may bring.