Step aside patriarchy; ‘tis the age of the independent women and home buying stats can prove it. Many South African single women are lighting up fires in the homeownership front and are becoming homeowners.
According to Lightstone Property (a South African property intelligence company), among single homebuyers in 2018, an average of 72 000 of these were single females, making them the largest single group of property buyers in South Africa – bigger than married couples or single men.
We understand that, compared to married couples or single men, single women are likely to face more hurdles in their quest to become homeowners. Because of this, we have put together a short guide to help you towards buying your first home.
Live within your means and set a budget
Affordability is everything in home buying. Your bond will be your biggest expense and you need to ensure that there is enough money left over to take care of your monthly expenses until the next payday. Do not buy more house than you can afford, consider other long term goals like saving for your retirement and house maintenance costs like refuse levies and utilities.
Leadhome partnered with Bondspark, a fully online free home loan application platform whose consultants go all out to find you the best home loan deal with the major banks in South Africa. To kick-start, your home buying budget, use this affordability calculator to determine how much you can afford.
Make a priority checklist
Your home will be your castle, so make sure that it is what you want. Therefore, make a checklist of your needs and wants. This will help keep you focused on what you really want and avoid the temptation to compromise your priorities.
Research your way into your new home
Your home will be one of your biggest lifetime assets, so it has to tick all the right boxes. After the price you are willing to pay for the home, it actually matters the most that your home is just what you want it to be. Consider doing thorough market research of your ideal home.
Once you locate the precise area you want to live in, it will be much easier to zone in on the perfect home that fits both your budget and your lifestyle. Research the neighbourhood, its prospects now and in the future, amenities and whether it will stay relevant to your life’s changing needs or not. Top of mind, too, should be your safety and security. Will you have peace of mind in this regard in your new home?
Be patient and be prepared
Be patient, as searching for the right property requires more consideration and time. The average person can see as many as more than ten homes before they zone in on the one they want to buy. Be prepared; by understanding your budget and lifestyle goals; perhaps you plan to start a small business or have a pet? You will be able to create a list of questions to ask your agent to make sure the property you have chosen is suitable.
Challenges for single female first time home buyers – and how to overcome them
As a result of income, market conditions have always favoured male and/or married home buyers. So, as a prospective single female homebuyer, affording a down payment on your own can seem almost impossible.
However, many women should realise that the odds favour them. If you are single and don’t plan on starting a family right away you can get away with purchasing a smaller home; a flat or townhouse.
The fear of going it solo: Although you might have everything that you want in a home figured out, there will be times when self-doubt or overthinking your decision and choices creeps in. Avoid this by making a friend or trusted family member your sounding board during the process.
Uncertainty about homeownership: The home buying process can be overwhelming. Being taken advantage of is a genuine fear for women in the homebuying process. Of importance here is not to panic. Instead, do your homework and ask as many questions as you need to before making decisions.
The need to ‘settle down’ before buying a home: For a woman who desires marriage and family in the future, homeownership can feel like a big hassle when things could change in the not-so-distant future. We urge you not to focus on the possible negatives but reformat the way you think about homeownership. See it as an investment which will pay off in a few years. After all, it can be a great way to earn a passive income if you rent it out. You can also resell it for more money in your pocket!
Nervous about buying a home? Ease the pain with Leadhome’s home buying checklist. Contact us for a personal home buying experience!
