When it comes to property advice just about everyone wants to weight in with their opinion. They’re not all wrong, but good luck wading through the garbage and finding the truth nugget somewhere in there.

Truth be told it’s a pretty scary first step to take, which is exactly why we have called in the professionals to help us out. We’re talking to Pam Golding Properties, South Africa’s leading independent real estate group, who have been in the business almost 40 years.

We asked Pam Golding what our readers should consider when buying their first home and here’s what they told us…

The inherent need of the majority of people universally in first world countries, and even in some third world countries, is to own their own home. In most cultures it offers security of tenure, engenders pride and self worth and satisfies a deep emotional need that supersedes economic fundamentals.

Having said that home ownership is a form of property investment too, as well as a place for your capital to grow whilst you are enjoying the occupational benefits. Given five to ten years, sometimes more, the value will have appreciated permitting you to reap some profit should you wish or add capital to upgrade.

Key points to bear in mind when buying:

Set yourself a budget with the following in mind:

•You should aim at having a cash deposit of 20% of the purchase price. This will place you in a favourable position with the financial institutions, providing you qualify with regards to net income after tax and expenses

• You will also be required to have in cash the transfer and bond costs. These have to be paid before transfer and cannot come from the mortgage loan monies as the bond will not yet have been registered and therefore the monies not available.

• Ensure that you are able to afford the monthly bond repayments and make provision for increases if and when interest rates increase

• Owning your own home comes with rates and in sectional title, levies which are payable monthly

• Regular maintenance will underpin the value of your home and enhance saleability when the time comes.

• The larger the property the higher the utilities such a water, electricity, repairs, insurance etc

• Buy the best property in the best position you can afford. keeping in mind accessibility to transport, schools and work place.

• Stretch but do not overburden yourself with a financial obligation you simply cannot afford

• Be prepared to give up other luxuries in order to acquire your home

• A small additional payment per month can reduce the term of your loan and save you many thousands of rand in interest. Ask an experienced consultant to give you these figures

• Property transaction are expensive. As a seller you will be liable for paying agent’s brokerage, capital gains tax (if applicable) and your moving expenses. As a buyer you will have to pay transfer duty and costs, bond costs, your moving expenses and moving in costs i.e any minor adjustments to the property to suit your needs, which always amount to more than one anticipates

While acquiring a property is not an easy road it is well worth it for the long term benefits. It is a worthy cause in which to invest any financial windfall such as parental funding , an inheritance, bonuses etc.

Our thanks to Pam Golding Properties for the helpful tips. Good luck out there prospective home buyers, best of luck!