Along with all the benefits of owning a home there are also a number of responsibilities and restrictions that homeowners need to be prepared for such as additional costs and maintenance.
The market is ripe for the picking, however, just because the market is ready, doesn?t mean every aspiring home buyer is.
Adrian Goslett, CEO of REMAX of South Africa, says although the majority of the South African population would like to own a property, rushing into the decision and purchasing a property when you are not ready can lead to trouble. He says before potential buyers take the leap, they need to do some research and make sure that the decision is in their best interest.
Property has proven to be an asset class that continuously shows excellent returns on investment, but only providing that the correct procedures were followed, he says.
There are a number of benefits to owning a property such as having a sense of security or the freedom to make your own decisions about what happens to the property, he says. ?However, along with all the benefits there are also a number of responsibilities and restrictions that homeowners need to be prepared for such as additional costs and maintenance.? Goslett shares a few things to consider when assessing your readiness for homeownership. Affordability
This does not only refer to the monthly bond repayment, but also the monthly rates and taxes along with the maintenance costs of owning a home.
Goslett says another aspect to consider around affordability is whether the buyer?s lifestyle criteria meets his budget. In some cases, he says a potential buyer may be able to rent a three bedroom property, but will only be able to afford to buy a two bedroom property. If he requires a three bedroom home, then he will have little choice but to continue renting until he can afford a property that meets his needs, he says. Property is a long-term purchase