Property | couple holding up the keys to their new home

01 Apr 2022

Ultimate guide to buying a property for the first time

When you purchase your first home you are probably making the biggest investment of your life. It is not a decision to take lightly, and making this long-term financial commitment can seem overwhelming. However, the steps to owning your very own home are not that complicated. 

The steps include knowing what you can realistically afford and what type of home loan and interest rate you will be offered, saving for a deposit, furniture, and other expenses, and finding the right property in the right location.

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Dr Sivuyile Madikana hosts this episode of In conversation for young professionals. He is joined by Nosiphiwe Balfour, Structured Property Finance Specialist at Investec Private Banking, Dr Nokukhanya Khanyile, Paediatrics Registrar, and Letlotlo Lenake, Research Analyst at Investec Corporate and Institutional Banking.
 
Dr Sivuyile Madikana hosts this episode of In conversation for young professionals. He is joined by Nosiphiwe Balfour, Structured Property Finance Specialist at Investec Private Banking, Dr Nokukhanya Khanyile, Paediatrics Registrar, and Letlotlo Lenake, Research Analyst at Investec Corporate and Institutional Banking.

  • Skip ahead

    [00:50]  How do you know the right time to rent or when to buy a property?

    [02:10]  What do you need to save for when you are interested in buying a property?

    [03:37]  What you need to know before you buy your first property

    [04:53]  How do you set a realistic price range to consider your affordability when buying a property?

    [07:32]  Is there merit in buying a property off-plan?

    [11:20]  Should you be paying more than the minimum repayment amount?

    [13:35]  What are the benefits of buying a property to rent, while living at home?

    [14:56]  The advantages of investing in property without owning property - listed property shares

    [16:06]  Some additional costs to factor in when, buying a property, are furniture and home decor  

    [14:18]  Lessons from the panel's experiences

     

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Dr Sivuyile Madikana hosts this In conversation for young professionals property podcast.

Watch the full series

Want to know how to buy a house for the first time in South Africa? We speak to influencers and experts to help you understand the process of buying a home in South Africa.

The episode focuses on property. The panelists discuss renting and buying your first property as a young professional – finding the perfect place, the process, and the pitfalls to avoid. They also discuss purchasing a property to generate rental income.

"The biggest lesson I learned in my property journey, was really around breaking this myth, that, as a first-time home-buyer, you had to be a price taker." - Nosiphiwe Balfour, Structured Property Finance Specialist at Investec Private Banking.

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Watch more episodes from the In Conversation for Young Professionals series

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PRIVATE BANKING

For young professionals

A Private Banking partner as you build your career and future.
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A home loan for first-time buyers

A 100% bond including all transfer costs, up to a 30-year term and an interest-only repayment option.
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First-time buyer's checklist

Here is a handy checklist if you are buying a home – from preparation to the documents you will need, as well as the step-by-step process.

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Disclaimer

Investec Private Banking, a division of Investec Bank Limited registration number 1969/004763/06. Investec Private Banking is committed to the Code of Banking Practice as regulated by the Ombudsman for Banking Services. Copies of the Code and the Ombudsman's details are available on request or visit www.investec.co.za. A registered credit provider registration number NCRCP9.

Investec Life Limited, a member of the Investec Group, is a registered Long-term Insurance Company (Reg.No. 1944/017130/06) and an authorised Financial Services Provider (FSP number 47702). The video on this page contains factual information and should therefore not be regarded as financial advice. Terms and conditions apply.

 

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