home couple loan buying a house

Young couples can easily buy a home. Image via Unsplash

Young couples can still buy a house – if they give up pricy car payments

Buying a house in South Africa isn’t the daunting task it appears to be – especially if you make the right sacrifices.

home couple loan buying a house

Young couples can easily buy a home. Image via Unsplash

For many young South Africans, buying a house seems like an impossible feat. According to experts, buying a home is not as difficult as it appears although young couples looking to do so will need to put on their thinking hats and give up their high-priced cars that come with equally as high monthly installments.

Not only is a house an investment but they are also less likely to get hijacked or as easily damaged as cars.

Couples can buy a home together – here’s how

In South Africa, many youngsters are under the impression that buying a property is simply not possible.

Speaking to IOL, property investor Ben Malapile explains that young people don’t exactly need millions to become property owners.

According to Malapile, young couples are more like to spend thousands on expensive cars because they’re under the impression it’s cheaper than buying a house – this however is not the case.

Leonard Kondowe, finance manager for the Rawson Property Group says that one issue for young couples is the area they want to live in versus the area they can afford.

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This can be easily solved by choosing an equally as great area but with properties more in line with your budget Kondowe tells IOL.

Malapile says a couple who earn R15000 each and have a combined income of R30000 will likely qualify for a home with R10 000 monthly which equals an R1 million property.

Make compromises, and sacrifices

If the area you live in does not have houses for this price you can either save, rent or rent to buy he says.

He also suggests you save money for a deposit while you apply for a pre-qualification certificate.

In terms of saving, he suggests a joint account wherein each couple makes monthly deposits until they reach their goal.