10 costly mistakes for a first-time property buyer

NAVIGATING the property market as a first-time buyer can be daunting, with the fear of making a costly mistake adding unnecessary stress. Understanding the most common errors can help you avoid them and approach your property purchase with greater confidence.

- SHERRY TAPFUMA

1. Not understanding your affordability: Before you begin your property search, take time to determine what you can realistically afford. Many buyers face disappointment when their home loan applications are declined due to affordability issues. Online bond calculators can provide a rough estimate, but remember that banks conduct detailed credit and affordability checks.

As a guideline, your bond repayment should not exceed 30% of your gross income—or combined gross income if buying with a partner—and must fit within your budget surplus.

2. Not getting pre-approved: Getting pre-approved for a bond gives you a clearer picture of your buying power and strengthens your position when negotiating. Pre-approval involves a credit check and affordability assessment, resulting in a certificate that signals to sellers and agents that you're a serious buyer.