The first step when buying a home is saving for your deposit. Most financial institutions require a 10-20% deposit for a home loan. For example, if you want to buy a home for R1 000,000 you’ll need a R100,000 deposit. If you have a smaller deposit, it’s worth contacting your lender – they may lend up to 90% of your home’s value. Keep in mind, there are exceptions, with first-time buyers qualifying for as much as a 100% home loan, but generally a deposit is required.

Calculate your repayments by clicking here.

Planning a personal budget is a good way to work out how much you can comfortably afford to pay for your new home. You should include any existing personal and household expenses as well as new costs associated with your property purchase for example property rates and levies, and home insurance.

Use this calculator to help you establish your budget.

There are free tools online to help calculate your home loan repayments. You can enter a few simple details (using the latest interest rates) including your Purchase Price and your preferred number of years for your loan repayment. It will help you prepare and budget for the monthly repayments.

For additional peace of mind, your chosen financial institute can arrange pre-approval for loans to work out which property price range best suits your budget. In a competitive market, pre-approval can also make your purchase offer more attractive to Sellers.

When choosing suburbs or areas to suit your needs and budget, affordability and safety are key. It’s also helpful to consider travel times to work, schools, shops and recreational facilities. Convenient road access and public transport can also be important considerations, as well as the distance to family and friends.

It’s easy to start your property search online. The Harcourts website has extensive listings of properties currently for sale as well as recent sales in your preferred area. Head to the “Sold” section at Harcourts.co.za. Certain property platforms can also be helpful in understanding recent sales and suburb reports. With all these tools at your disposal, you can always rely on the help of our friendly Property Agents to assist you with the information you need for your preferred areas.

Attending show houses and auctions is another good way to understand the current market and types of properties available for purchase.

You can also contact your local Harcourts office for accurate, up-to-date insights into the property market and helpful personalised advice.

When you’re ready to make an offer, contact the relevant sales agent to express your interest.

Your agent should provide you with a Sale Agreement and complete the agreement in the finest detail with you. Your conditions of sale will also be described in the sale agreement. Typical conditions include the sale of a property, need for a bond, building inspection etc.

The sales agent will then present your signed written offer to the Seller and negotiate on your behalf.

If your offer is accepted – when both you and the Seller have fully signed the agreement – you’ll be asked to pay a deposit. The deposit is typically 10% of the purchase price. Your deposit is held for safe keeping in a conveyancer’s trust account and is included in your overall purchase price.

A conveyancing attorney is nominated and is responsible for:

• Receiving the deposit and placing it in an interest-bearing trust account for the benefit of the buyer
• Paying SA Revenue Service the transfer duty on behalf of the purchaser
• Paying the Estate Agent commission
• Ensuring that the rates and taxes are up-to-date for the benefit and on behalf of the buyer

The conveyancer has a duty of care towards the seller and the purchaser and acts in the best interest of both parties

Property purchase costs

Remember to budget for the costs involved in purchasing your new home, such as transfer costs. Your agent, local bank or Home Loan representative can help you plan for these additional expenses and find the best home loan for you.

Typical expenses include:

• Bond cancellation fees
• Bank fees
• Conveyancer’s fees
• Legal search fees
• Bond insurance
• Home insurance
• Property rates and levies
• Building and pest inspection
• Removalist fees

Your conveyancer will do the necessary legal searches to make sure the property is ready for purchase, such as check the current Title Deed for any discrepancies.

They will also need a copy of your Identification Document. This can be done in person or through a secure online service.

If you’ve applied for a home loan, the conveyancer or financial institution will prepare the loan documents for you to sign.

It’s usual to take possession / occupation of your new home upon transfer. Occasionally, the Buyer and Seller may decide on a different date, for example, if you’ve agreed that the seller can rent the property from you for a set period.

On the day of transfer, your conveyancer will exchange important items with the seller's legal representative.

These include:

• Monies
• Transfer documentation
• Arrange for keys to the property

Soon after transfer, your conveyancer will register your ownership documentation and bond transfer with the Deeds Office in your province.

Congratulations, you’re now the proud owner of your new home!