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Area focus for first-time buyers

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So, you're finally ready to take that big step in your life - you're ready to buy your first home - congratulations! There are so many things to take into consideration when looking to buy your first home but first things first - location, location, location x 1000. Mike Greeff, CEO of Greeff Christie's International Real Estate says ''it's all about where you buy because ultimately, you need to be happy with the area you choose, and you need to ensure that it fits in with your needs (present and future) and your lifestyle''.

Before you start looking at different areas, it's important to know your budget. Although it is a buyer's market, you need to do an honest audit of your financial situation to work out how much you can really afford. This includes your lifestyle budget, debit orders and savings, as well as the deposit you intend to put down to secure the property. It's tough but being scrupulous in this phase will go a long way towards ensuring you don't run into repayment trouble down the line. It is best to find out what you qualify for because that, in turn, narrows down your area search.

Once you know how much you qualify for, you can start looking at the different areas. There are a few things to consider when choosing an area:

  • Do you prefer a quiet suburb or a bustling CBD?
  • Do you need to use public transport?
  • Do you commute to work?  And if so, what distance are you prepared to travel every day?
  • Do you need to be close to schools?
  • Are you looking for an area with certain schools or places of worship?
  • What amenities would you like to have close by (gyms, shopping malls, etc)?
  • Is the area within preferred proximity to family members?
  • What is the ideal view you are looking for (beach, ocean, mountain, etc)
  • What is the safety like of the area?
  • Are there visible crime-control actions, such as: patrolling security companies and neighbourhood watch?

There are several areas in Cape Town that are ideal for first-time buyers - not just because of price, but because they are perfectly situated near all necessary amenities. As a first-time buyer, it may seem overwhelming because the majority of properties appear to be outside of your budget but the good news is that you can still find a good deal for under R2 million - you just need to know where to look.

Take your pick of homes under R2 million in these areas:

 

 

 

 

 

 

Affordability plays a large role in buying your first home; however, it should not be the be-all and end-all. Get in touch with a reputable agency, get candid with them about your budget and allow them to find you the home you're looking for. In a market where banks are lending up to 108%, securing a home loan is relatively easy which means you are one step closer to being a first-time homeowner.

Buying your first home is an exciting and thrilling experience and what makes it even more fun, is when you find a home, in the perfect area, that just ticks all your boxes. It might not be your forever-home because your needs will change in the future, but for now, make it your dream home.

Author: Greeff

Submitted 01 Apr 20 / Views 1959