Many single South African women are taking the homeownership front by storm as they buy their first homes. 'Tis the age of independent women, and the statistics back it up. In fact, according to a South African property intelligence company, in 2018, an average of 72 000 homebuyers were single females. Making them the largest group of property buyers in South Africa – which is significantly more than single men or married couples.
Despite the high numbers, single women are still likely to face more obstacles in their pursuit to becoming homeowners as compared to single men or married couples.
August is National Women’s Month in South Africa. To celebrate it, we at Idwala Property Group have put together a short guide to help you buy your first home as a single, powerful, and independent woman.
#1 Set A Budget and Live Within Your Means
When it comes to buying your first home, affordability is everything. You should know that one of your most significant expenses will be the bond. It’s essential to ensure there’s enough money left to take care of your monthly expenses until your next paycheck.
A general rule of thumb is never to buy more (or bigger) than you can afford. To help kick start your buying budget, feel free to use our affordability calculator to determine how much you can afford.
#2 Create A Priority Checklist for Yourself
Your home will be your fortress, so be sure that it’s what you want. Compile a checklist of your needs and wants. Not only will this help you stay focused on what you really need, but it will also help avoid the temptation to compromise your priorities.
It’s important to know that your home will be one of your biggest assets, and it needs to tick all the right boxes. What matters most is that your home should be what you want it to be, after the price you’re willing to pay for it, of course.
#3 Research Is Key
Research will be critical to finding your perfect starter home. Start by investigating the neighbourhood and whether it will stay relevant to your life’s changing needs or not. As a single woman, your primary concern should be your safety and security. So, ask yourself: Will I have peace of mind in my new home?
However, as time goes on, you may want to prioritise other matters. Perhaps you’d like a home office or space that can accommodate a future family. Consider the future as you search. When you’ve found your ideal neighbourhood, it will become a lot easier to find the perfect home that fits both your lifestyle and budget.
#4 Be Patient and Prepared
Patience is a virtue, so don’t rush things. We know all too well that searching for the right property requires a lot of consideration and time, so do your homework. This is not an overnight decision you can make. Keep in mind that the average homebuyer will view more than ten homes before deciding on the one they want to buy. It’s essential to understand your budget and lifestyle goals; perhaps you are planning to start a small business or even own a pet.
Create a list of questions that you would like to ask your agent to ensure that the property you have in mind or have chosen is suitable for you.
Challenges Single Female First-Time Homebuyers Face, And How They Can Overcome Them
In many cases, the market has traditionally favoured male and/or married homebuyers since they represent a more stable income. As a result, single women often find it challenging to save enough money for a down payment on a home. Despite this, We advise that women should realise that they can get away with buying a smaller house, a condo or a townhouse if they aren’t planning on starting a family right away.
Let’s look at a few common challenges when buying a house as a single woman and how you can overcome them this National Women’s Month.
The Fear of Doing It Alone
Although you might have everything figured out about your ideal home, you will still doubt or overthink your choices. Get a friend or a trusted family member involved during the process so that you can listen to a different opinion.
Uncertainty About Homeownership
There is a genuine concern about women being taken advantage of in the home-buying process. The key is not to panic. Do your homework and ask as many questions as possible before making decisions.
The Need To ‘Settle Down’ Before Buying a Home
Some women who wish to marry and start a family in the future may feel that homeownership poses a big hassle when their plans may suddenly change. Instead of focusing on the possible negatives, consider reformatting the way you view homeownership.
Think of it as a long-term investment. After all, renting out the property can earn you a passive income. In addition, you can resell the property for a profit!
Conclusion
While single women face greater obstacles in becoming homeowners as compared to married couples or single men, there is no reason for you to get discouraged when it comes to buying your first home. Follow these guidelines and set up a budget, create a priority checklist before making your decision, do your homework, be prepared and most importantly, be patient. Times have changed and with the right attitude and guidance you can make owning a home a reality. Buying a home as a single woman is scary, but we at Idwala Property Group will walk by your side to help ease the fear. Celebrate your power and independence this Women’s Month. Contact us today!