 So we're talking property this morning on your feel-good-break for show and the daunting task of being a first-time home buyer can be both Exciting and nerve-wracking at the same time because with so many factors to take into consideration This can very well turn into quite the challenging decision But here to give us a little bit of guidance as the CEO of private property Simon Bray. Simon lovely to have you in studio welcome Thanks, you're good to be back. Yeah, I love this man love talking about property I just remember what it felt like to buy my first property It was it was rather exciting but nerve-wracking like I said at the same time But in your mind is there a specific right time to buy property? I mean are you looking at financial security? Do you look at your job security? Do you look at the markets? You know, what would your advice be? I mean you've got to look at all of those things, right? As you said, it's a it's a daunting process buying your first property It's wide-eyed terror if we if we're honest to that self So it's a very exciting time in anybody's life the main thing you've got to answer is can I afford to own this property? You know property is a difficult process. It's quite a long legal process And selling a property is not that easy either So, you know, you can buy something and if you do need to sell it because of affordability concerns That can take a number of months, so you don't want to get that wrong The main thing is can I afford it and that's not just the bond repayments Although there's some great calculators on our site to go and work out what bond repayments would be But there are other costs involved with with owning a property Rates and taxes transfer costs when you first buy the property deposits that your bank expects So there are a number of things that you should go and work out and we've got a cool calculator on the site An affordability calculator plug it all in and it spits out what you can afford Yeah, trust me I've used those a number of times before I bought my property just to see but I mean like you said it is Very important to taking into consideration all the other costs that come of you know that go with buying a property But I mean we have to ask the question at this point in time 2016 Is it better to buy at the stage or should you stick to renting? It's a great question, you know, and we see it probably better than most Private property is the biggest rental platform in the country So we sit between this decision rentals on one side and buy on the other side, and I think a great Viewpoint on the market is to look at what are rentals in a particular area doing Versus the selling price of properties in those areas and then make a decision Based on where you're looking to purchase a house, you know a great example is Morningside in Durban It's a you know two bedroom apartment in Morningside is gonna cost you about eight and a half thousand around a month from a bond Repayments point of view but rentals in that area already seven and a half thousand a month So the difference is not that big, you know You could be paying somebody else's mortgage by paying Your rental every month or you could be paying your mortgage for just a little bit more other areas though Doesn't make sense at all, you know, you look at Santon the difference between Renting a place and buying a place is about six grand a month and then City Bowl Unreal 16 grand a month So it's much cheaper if you want to live in City Bowl area to rent the place So it's got very much to do with you know what your lifestyle choice is But find that area where that difference is small and you absolutely should be buying Yeah, I want to throw this in this one in as well people looking at buying property for the first time at this point Looking at the economy. I mean, I think it must be a little bit more difficult for people now to enter into the property market Just given the you know the economy and and what we are facing in South Africa But should you be looking at buying a property as an investment or a place for you to stay looking at a family setup at this stage You know those reasons for wanting to purchase a property are uniquely personal reasons Some of the people might be making them because they've got family commitments And they want to create a good secure environment for their family Others they're getting into the market because they're looking at it as a great investment choice Uncertainty and what we're seeing in the economy now around interest rates and costs and economy and is the you know Is the market going to grow or shrink? Those are probably very compelling reasons for guys to stay out of the market But there's another side to look at it and and that's that prices haven't increased massively in the last two or three years So first-time buyers can get a really good deal in the market. You can buy property now Better than you could have perhaps bought it two three years ago. So it's probably a safer bet in some respects So it really depends on your unique situation. All right Well, I think it's a good news for a lot of viewers out there quickly before we finish up a me Where can people go just do you to make sure that they know each and everything that they need to know when it Comes to buying property that they informed when they take that leap of faith Yeah, I mean for most people it'll be the biggest investment they've ever made in their life So it's absolutely important that they know everything that they can about the process about the various pitfalls You know, where do I get a home loan? How much am I expected to put down as a deposit? What is the legal process look like and what are some of the taxes and the costs of those taxes? Those are pieces of information you should be an expert on before you buy the property Not just afterwards and I think there's there's great resources online We've got an advice platform on on the site where you can go and you can type in any of those questions And we can give you some great advice and help you make the right property decision Brilliant Simon. Thank you for joining us this morning Not to buy that first property can mean creating a home or an investment But whatever your reason private property can help you find the perfect home You can visit them on private property dot co dot z for some more expert advice and who knows you might just discover your first home You