Buying a home while young is sage advice to follow

IF YOU have the financial means and you qualify, investing in property in your early twenties and thirties might be one of the best decisions of your young adult life, says Harcourts Africa CEO Richard Gray.

“The majority of first-time home buyers are in their forties and fifties, when they are already overloaded with a myriad financial responsibilities, families, businesses, or other investments. This means they will either have to work longer to pay off their mortgages, or enter retirement with a substantial amount of debt hanging over their heads.

“Buying property in your twenties, when you have few to no financial commitments, means you are ahead of the pack and will have a solid investment by the time you are ready to start a family.

“However, buying property is not just about qualifying for the bond, but also ensuring you can actually afford everything it entails.

“Aside from your bond, there are monthly rates, taxes, levies and, of course, the upkeep. If you are planning to have tenants, making use of a reliable real estate agent ensures your property is well looked after while you continue your studies, travel the world or climb the corporate ladder.

“Property is not just an investment. It’s a 20- to 30-year financial commitment. Without the proper financial planning, your investment could very well provide you with more pain than joy.

“By doing your research, educating yourself and enlisting the help of professionals, such as financial planners or mortgage brokers, you should be able to make an informed decision based on facts, instead of making a spur- of- the- moment emotional decision based on what’s trendy.”

Start climbing the property ladder as soon as possible to be ahead of the pack.