Must-Knows for single women buying their first property.
Data released by FNB's Home Finance department indicates that more single women in South Africa are buying property. The report compiled from 2016 to 2018 showed that home buyers have increased from 48% to 56%. Female buyers have grown from 22% to 27%, while male buyers remained on a slow and steady increase from 27% to 29%.
Mike Greeff, CEO of Greeff Christie's International Real Estate, says they are pleased with the recent shift in demographic as female buyers who may not be married or have children look to purchase their first property before continuing onto the next phases of their lives.
"It is important to cater to this market and ensure that while providing a real estate service, we also go above and beyond what is required of us and assist in putting them in touch with equally qualified service providers and assist them in making the overall process easier."
The data released by FNB's Home Finance department can be seen as a direct reflection of trends occurring in developed countries today, he says. "Women are no longer waiting to reach the norms of what society expects from their lives, but are instead rewriting the narrative as the sole breadwinners or providers for their households - regardless of what the home dynamic is made up of."
Some smart, useful tips for women looking to clinch that first property include:
1. Make sure you narrow down your property search to a safe neighbourhood within your realm of affordability
As a woman, you have several things to take care of. With bills to pay, and things to do, there is a considerable saving to be had when you find a property that meets all of your needs - in addition to being in a safe neighbourhood.
For example, the City of Cape Town records a high crime rate each year - many of which are property-related crimes. During your search, make the conscious decision to choose a safe neighbourhood where you can successfully settle down.
2. Ensure your property is secure
Having a property that is secure is paramount. There are various ways and means to ensure you reside in a home that is safe, and the knowledge thereof will be especially important to your general well-being.
Speaking to your agent about service providers in the security industry could be of great assistance to you. Agents generally have a vastly better understanding and knowledge of the areas they work in, and also have a trusted network of contacts who could be of assistance to you.
3. Lay out your options and be picky about your choice
The decision to buy your first property is truly something to be proud of. Having made this decision, unless you are restricted by a time frame, be sure to be choosy about your property and what you would like from it.
Making a decision out of haste could be to your detriment. Chances are the seller would be in greater need of your buy than you would be for the sale to take place. After all, statistics do indicate that we are seeing the general trend of a buyer's market which would put less pressure on the prospective buyer while also giving them more options to choose from.
Taken from Property 24.