A step-by-step guide for first-time buyers

Buying a home for the first time can feel like stepping into unfamiliar territory. There is plenty to consider, from finances and paperwork to finding the right property. However, with the right guidance and preparation, the process can become far less daunting. For many South Africans, property ownership remains one of the most important long-term financial decisions they will make. Understanding the key step of the journey can help first-time buyers navigate the market with confidence and avoid common pitfalls.

“Buying your first home is both exciting and daunting, but careful planning can make all the difference. Before you even begin viewing properties, it is essential to understand your financial position, including your credit score, monthly affordability and the additional costs associated with purchasing a home,” says Adrian Goslett, CEO and regional director of REMAX Southern Africa. “Preparation is the most important first step. Being financially prepared helps buyers move quickly when the right opportunity presents itself.”

The first step is to get your finances in order. Before focusing on property features, you need to understand what you can realistically afford. First-time buyers should review their income, expenses and existing debt to determine a comfortable budget, and getting prequalified through a bond originator can provide a clearer price range while showing sellers that you are a serious buyer.

It’s also important to check your credit score, as banks use it to assess your home loan application and determine your interest rate. Finally, consider whether you can contribute towards a deposit. While some banks offer 100% home loans, others may require a deposit of around 10% to 20% of the purchase price, which can reduce the loan amount and potentially secure a better interest rate.

Next, buyers should research the property market and identify areas and property types that suit their lifestyle, work location and future plans. Are you single, newly married or starting a family? Do you need to live close to work or the kids’ school? Will you need a home office or extra space for a growing household? Asking these questions can help clarify your priorities. Considering factors like proximity to schools, transport routes, secure and future development will also help narrow down your options and make the house hunt far easier.

Once buyers have identified their preferred areas and property types, it’s best to work with a qualified real estate professional that can simplify the search process. An experienced agent can help navigate the property market and help buyers identify suitable properties, arrange viewings, explain market trends and guide buyers through negotiations. If you are in the market to purchase your first home, contact your nearest agent to help guide you through the buying process and get you settled into that dream home.

Once you have found the right property, the next step is to submit an offer to purchase. This is a legal document that sets out to the proposed price and the conditions of the sale, so it is important for buyers to review the terms carefully before signing. If the seller accepts the offer, it becomes binding and the home loan application process begins. At this stage, banks will assess the buyer’s financial position to determine whether the bond is approved.

The final stage is the transfer process, managed by conveyancing attorneys who handle the legal aspects of the sale. They prepare the required documents, liaise with the banks and the Deeds Office, and ensure that all legal and financial requirements are met. During this time, buyers will need to sign the necessary paperwork and pay the relevant transfer and registration costs. Once the transaction is registered at the Deeds Office, the property is officially transferred into the buyer’s name and they receive the keys as the new legal owner.

“While the process may seem complex, first-time buyers should remember that they are not alone. The key is to surround yourself with the right professionals who can guide you every step of the way. With property preparation, expert advice and a clear understanding of the process, first-time buyers can make informed decisions and turn the dream of homeownership into a reality,” concludes Goslett.

Issued by Kesia Abrahams