With volatile interest rates, a soaring cost of living, and an overall challenging economic outlook for the foreseeable future, sharing the costs of getting into the property market seems like a perfect solution for many South Africans.
For married couples, entering into a purchase jointly may be entirely natural, with any unforeseen circumstances being covered by pre-nuptial agreements, as long as you’ve thought through your marriage contract carefully. But when friends, siblings, parents, and children, or an unmarried couple enter into such an arrangement, it is just as important to ensure a watertight contract is in place to cover all eventualities.
SEE: Everything you need to know before buying a home with a partner
“We should never be lulled into a false sense of security because we are related or in love with our purchasing partner; life may throw any of us a curved ball at any time and the circumstances of one or other or both the partners may change,” says Andrea Tucker, Director of MortgageMe.
“Drawing up a partnership agreement may not feel very conducive to a harmonious relationship, nor very romantic for couples, but life happens, and we must be realistic in creating a document which protects both parties equally,” she adds.
Find out what home loan amount you qualify for, click here
Many first-time buyers can still obtain 100% bonds plus costs. Take a look at some of the affordable property options priced from under R1m across SA.
1. A fresh start in Pretoria for R1.595 million
This home in the upmarket Zambezi Manor Lifestyle Estate offers you a peace of mind. The home has three bedrooms, two bathrooms, a private garden, excellent security and access to a communal pool.
Click here to view.
2. A brand-new home in Johannesburg for R850 000
This brand-new apartment in Rembrandt Park offers two bedrooms, one bathroom, a beautiful living room flowing onto balcony with private garden and is close to many amenities.
Click here to view.
3,Easy living in Blue Downs for R699 000
Set in a new and trendy development in Sunset Gen, Western Cape, this 46sqm home has two bedrooms, one bathroom and access to communal facilities such as kids play area and a club house.
Click here to view.
4. Entertainer’s paradise in Roodepoort for R1.749 million
Spacious and secure, this home in Weltevreden Park offers four bedrooms, two-and-a-half bathrooms, a bar, fire pit, lovely garden and sparkling pool.
Click here to view.
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