FIRST-TIME HOMEOWNERS ON THE RISE
Category Residential Property News
Fact - there are significantly more first time homeowners buying property than any other sector of the market. The sales figures of consultants operating in Wakefields branches with properties suited to first-time homeowners, are testimony to that.
In the past few years, the first-time homeowner market has been on the rise, and from South Africa's perspective, is precisely what is needed. We need more South Africans to be in a position to buy their own homes - it's a positive sign that we're doing something right.
Rhys Dyer, CEO of bond originators, ooba, says, "First-time home buyers are benefitting from higher bank approval rates." So, in a nutshell, banks are approving more home loans in that sector of the market, with lower or even no deposit requirements. And it's on the increase, which is great news.
The Wakefields Khayelihle office is headed up by Lizette Elsip. She has ten sales consultants working in that area, three fully qualified, and seven intern consultants, who (while working at Wakefields) are still working towards their official qualifications at the Wakefields Academy. They've made property their careers.
For prospective homeowners who've never bought a property before, the process can be overwhelming, even a little frightening. It's a very big purchase, and when you don't fully understand the process of buying and selling, it's nerve wracking. Lizette says, "Our Khayelihle team welcomes all questions, and there is no charge whatsoever for our advice. No question is too small or silly for us! Even if you're just thinking about buying a property, walk into our office and one of our Khayelihle sales consultants will talk you through the different aspects of the transaction: how you go about buying titled or property that is under a tribal trust authority, how to negotiate the price of that land, how to borrow money from the bank to buy your home, whether you need a deposit, all about the legal aspect of the sales agreement which buyers and sellers sign, and so on."
There's a busy first-time homeowner market happening in the Chatsworth area too. Wakefields Chatsworth is managed by Sagree Chengan, and she says those who were raised in Chatsworth, don't want to leave the area, so there's a great demand for affordable homes for first time buyers: "Young people leaving home or getting married, want to stay in Chatsworth because they have their family support system, easy access to freeways, hospitals, shops and work hubs, and, importantly, there are affordable properties for them." A new Plot-and-Plan development at Shallcross provides potential homeowners with the affordable opportunity to purchase a freestanding home as a blank canvass to finish off to their taste.
The important thing for first time home buyers, is to arm themselves with information. Go into your nearest Wakefields branch, and ask all the questions you need answered. This information won't cost you a cent, and you can then make informed decisions.
Author: Anne Schauffer