Save - to buy the property you really want

2016-10-13 06:00

Many people in their 20s and 30s are renting their homes because they are paying off student loans and other debts and owning a property seems like a simply unattainable dream.

But if they are able to save some cash each month, they may be able to buy sooner than they thought.

“First-time buyers should aim to save a deposit equal to about 10 - 12 % of the purchase price of the type of home they want before applying for a home loan to cover the rest,” says Gerhard Kotzé, the new MD of the RealNet estate agency group.

“For example, if you were to buy a home priced at R750 000 with a 10% deposit, the current monthly repayment on the loan would be around R6800, but if you could up the deposit to 15%, the monthly repayment would drop to under R6400.

“Budgeting and saving for your first home shouldn’t make you feel deprived but rather happy that you are getting closer every day to being able to give yourself something that you really want.”

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