Tips for first-time homebuyers navigating the property market

BUYING your first home can be overwhelming, with so many factors to weigh up before deciding. From price trends and location to insurance and hidden costs, experts say doing your homework upfront is the best way to avoid expensive mistakes and ensure your investment grows over time.

- NICOLA MAWSON

The Absa Homeowner Sentiment Index for the second quarter shows the average age of first-time homebuyers is trending downward, with buyers now registering properties at 36 years.

Bradd Bendall, BetterBond's national head of sales, says new homeowners need to be aware of several key aspects before buying.

One of these is the price point of the property market.

The latest FNB Residential Property Barometer (August) shows freehold prices rising 3.7% and sectional title properties 3.8% both comfortably above August's 3.3% inflation rate.

Bendall says other important checks include a property's history, how long it has been on the market (over 12 weeks could indicate overpricing), crime rates, neighbourhood issues (by chatting with residents and checking local social media), internet access, and nearby schools.

The MyProperty Property Index shows homes in Gauteng are staying on the market for more than 12 weeks, compared to just over nine in the Western Cape, more than 11 in KwaZulu-Natal, and eight in the Eastern Cape.

"Overpricing isn't just 'testing the market' it delays your sale, erodes trust, and often results in the property selling for less than if it had been priced fairly upfront," says Adriaan Grové, CEO and Founder of MyProperty and Entegral.

At the same time, overall consumer confidence in the property market rose to 86% in the second quarter the second-highest score since the survey began in 2015 - although fewer respondents to Absa's survey were positive about buying compared to the first quarter.