Single women are dominating the property market
Category Market News
The face of local property ownership is changing. According to Lightstone, the property research group, single women are the biggest group of property buyers in South Africa. In 2018, alone, 72 000 single women bought residential properties. As it's Women's Month, Tanya Combrink, Century 21 East Rand's Intern Property Professional, shares her insight on the trend.
Why single women are buying property
Women are staying single longer, points out Combrink. They're also earning equivalent to or more than their male counterparts. This applies even more to women who are unmarried, childless, and who live in larger cities.
"They're taking control of their finances and buying property to secure their financial futures. Owning a property gives the owner a sense of pride and confidence. It's even more so if she's a single woman."
Single women are also aware it's the best time to buy residential or investment property. Investing in real estate provides a better financial yield than most blue-chip shares.
Property single women are buying
Single women are mostly interested in properties in the R700 000-00-R1 200 000-00 price range, says Combrink. These are usually located within a secure complex or security estate.
These properties are desirable as they offer excellent security to residents - an important benefit for single women staying on their own. A large number of single woman buyers show particular interest in first-floor units, also for security reasons.
Single women with pets are determined to find pet-friendly properties. These women are, on average, prepared to pay 10% more for a property where their fur babies will be welcome.
Property challenges for single women
Single women see the benefits of property and know exactly what they want. Combrink finds, however, they encounter unique obstacles compared to house-buying couples.
"The biggest challenge and scariest part is committing to repaying a bond over 20 years - especially on your own. The risk seems higher committing to long-term debt than if you were married. Having two incomes and a family member who can assist financially helps if you're unable to service the bond and other property costs for any unforeseen reason.
"Another challenge is the transfer and bond costs and duty which is payable in cash before transfer. Some financial institutions do offer solutions by granting bonds including these costs. Unfortunately, not all single women qualify for these products."
Property-buying tips for single women
Thankfully, single women can still reach their real estate goals. Combrink offers some helpful tips and advice.
- Think about your goals: Buying a property is a big commitment. Don't let anyone rush you into a decision.
- Buy at the right time: Interest rates are at a 50-year low. This means that you'll be paying much less interest on your investment. Due to lower bond repayments, it's also much easier to qualify from an affordability point of view.
- Save yourself the effort: View the properties for sale on a trusted real estate agent's website. You can also check out portals to reduce the number of properties that you'll physically visit to view.
- Get the most bang for your buck: The area/complex you buy in should be well kept. You should also look for features that are budget friendly. Low maintenance buildings curb exorbitant levies. Face-brick buildings tend to be cheaper to maintain. Keep an eye out for properties close to amenities and with great security.
- Case the area: To get a good impression of the area, drive around on a weekday in peak traffic as well as on a weekend.
- Safeguard yourself: When putting in an offer to purchase, request a copy of the defects disclosed by the seller.
And most of all, always trust your gut, says Combrink. If something doesn't feel right, it usually isn't.
Boksburg is popular with single women
When buying property, Combrink reminds single women of the old adage. Location, location, location is everything. Boksburg, on the East Rand of Gauteng, ticks all the boxes for single women looking to put down roots or add to their property portfolio.
Boksburg is perfectly situated. It boasts easy access to highways leading to Pretoria/Johannesburg and OR Tambo International Airport. It's in the heart of Gauteng. But it has a much more affordable property market than the northern suburbs of Gauteng.
Choosing a Boksburg property professional
You should only work with a property professional you feel you can trust, says Combrink.
"Contact the dominant real estate professional in the area where you're interested in buying a property. This agent will have the most listings to choose from and the best experience to assist you professionally.
"If you're a first-time buyer, ask your property professional to assist you with making a list of all the costs involved in the purchase of the property as well as the monthly costs of owning the property."
Century 21 East Rand is proud to have a 70% female staff complement. We understand your wants, needs, and fears as a single women buyer. This Women's Month, we encourage you to buy property and watch the magic happen. View our properties for sale and get in touch with our fearlessly female team.
Author: Century 21 South Africa
