Renting offers flexibility and convenience, especially if you’re exploring new areas or not ready to commit to property ownership. But for many South Africans, the appeal of owning a home - both financially and emotionally - eventually takes precedence.
READ: SA's evolving property market: Growth in Pretoria, Gqeberha, and KZN
Jacqui Savage, National Rentals Business Development Manager at Rawson Property Group, explains, “Renting is often the best option during life transitions, but homeownership brings stability, freedom, and the chance to create a space that’s truly yours.”
If you’re ready to make the leap, here’s a step-by-step guide to help you navigate the process confidently:
Step 1: Do your homework
Research neighbourhoods, property prices, and lifestyle factors that matter to you. Visit show houses, talk to agents, and compare listings to understand what fits your budget and needs.
David Jacobs, Rawson’s Gauteng Regional Manager, advises, “Being realistic about what’s available in your price range can save a lot of heartache. You might need to compromise on location or size, but you could also find unexpected gems.”
READ: Cape Town property growth: Why now may be the right time to act
Step 2: Get prequalified
Before house hunting, get prequalified for a home loan. Leonard Kondowe, National Manager at Rawson Finance, stresses this step prevents falling in love with unaffordable homes. Prequalification assesses your income, expenses, and credit history to set a realistic budget and identify your likely bond size and interest rate.
“A deposit, even 10%, can improve your interest rate and save you money long-term,” Kondowe adds.
Calculate your estimated monthly bond repayments here
Step 3: Partner with a professional
An experienced estate agent is invaluable. They help you interpret market trends, understand contracts, negotiate offers, and offer insider knowledge of neighbourhoods and amenities. “A good agent guides you through legal, financial, and emotional aspects of buying your first home,” says Jacobs.
Step 4: Making the offer and signing the OTP
Once you find the right home, your agent helps you submit an Offer to Purchase (OTP). This legal document includes your price, conditions and timelines. The seller can accept, reject, or counter your offer. If countered, you may negotiate or walk away.
After acceptance, you must meet suspensive conditions, usually securing financing within a set timeframe (often about two weeks).
Adrian Goslett, CEO of RE/MAX Southern Africa, explains, “The first few weeks after signing your OTP can feel overwhelming. Your agent and transferring attorney will guide you through submitting documents, paying deposits, and managing timelines until transfer.”
Step 5: Financial and practical preparation
Pam Naidu of Devmco Realty shares key tips for first-time buyers:
- Location: Consider the micro-location within estates or suburbs.
- Financial Stability: Get debts and credit in order.
- Budget: Create and stick to a realistic budget.
- Find a Trustworthy Agent: They will be your partner through the process.
- Get Pre-Approval: Know your affordability before shopping.
- Factor in Transfer and Closing Costs: These are often overlooked but are essential.
Step 6: Finalising ownership
The transfer process usually takes eight to twelve weeks. During this time, budget for ongoing costs like municipal rates, insurance, levies, and maintenance. Understand any estate or complex rules if applicable.
Kondowe cautions, “First-time buyers often forget these extra expenses. Having a financial buffer makes settling in easier.”
Buying your first home is both a financial and emotional journey. Stay patient, ask questions, and rely on trusted professionals. “A good real estate agent is your best ally,” says Goslett. “If you’re unsure what’s next, reach out - they’ll guide you every step.”
Savage sums it up: “Whether it’s a trendy city studio or a family home, it’s about finding the right fit for your lifestyle and future.”
Begin your property journey with confidence. Use our affordability calculators, obtain prequalification, and engage with experienced estate agents to help transform your property aspirations into reality.
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