It’s Easier To Buy A Home Now
Since the pandemic started, people in South Africa have changed their thinking about a “home”. Many non-homeowners have begun to realize the benefits of owning their own home. These include security, stability and long-term advantages.
There are also financial advantages. Generally, property values increase over a long period of time. Also, bond repayments are constant, whereas rents keep increasing.
Many homeowners have decided that their home is no longer suitable for their needs. They are looking to move into homes with more space, including a work-from-home office. This is due to remote work becoming more of “the thing” nowadays.
But there are two obstacles facing home buyers:
1. The ability to save for a deposit
2. The ability to qualify for a bond.
The good news is that buying a home may have become much easier. This is because qualifying standards are now less stringent. Banks are more amenable to offering 100% mortgages to first-time home buyers. Also current mortgage rates are reasonable.
