The current South African property market welcomes buyers and sellers. Since there are so many great offers to choose from, first time homeowners will benefit immensely from services of reliable real estate agencies. Buying a home can be a complicated and expensive process and may take time and effort to complete successfully.
Homefair is an online-based real estate agency that provides the same range of services as a traditional one, but at far more affordable prices. Our experienced staff will professionally organise the viewings, check the credibility of potential buyers, and fully evaluate properties to determine the right selling price. No matter whether you are buying or selling your property, a Homefair agent will support you through the process to complete the deal.
Evaluating the Options: A First Time Homeowner Deposit
The real estate market is performing solidly and interest rates are affordable, so most experts agree that the time is right for first time buyers to enter the property market. Although the average first time home price has increased in the past year, banks are ready to finance over 90 % of the purchase. The biggest problem for first time homeowners, however, is the initial deposit. Despite the fact that it has dropped recently, many people simply cannot afford it.
To analyse whether you too can afford to buy a home, you should learn about available home loan opportunities, have about 10% for an initial deposit, and be able to cover additional expenses.
Financing the Purchase: A Home Loan
To qualify for a home loan, you should demonstrate a good credit profile and stable source of income. Keep in mind that it is also necessary to take into consideration registration costs, initiation fees, and taxes. Buyers should plan for all expenses, so feel free to ask our representative about the aforementioned costs and potential interest rate increases.
According to the experts the good news is that over 40 % of home loans are granted to first time buyers. So if you’re looking for your first home, we will help you save time and money by sharing the list of the best properties on the market and providing the information regarding the amount of a deposit needed to purchase your chosen property.
At Homefair, we understand that less is always more for first time homeowners, so our agents are trained to look for offers with small deposits and affordable interest rates. So you remain within your budget and enjoy being a homeowner. We will study your requirements, analyse the market and select the best offers for you. You are welcome to call us, write an email or chat online if you have any questions.