Tips and tricks for first-time home buyers

While the cost of buying property has frustrated many a South African in the past few years, 46.5% of them who are first-time buyers are following a shift in interest rates and increasing salaries that have resulted in an uptick in their spending habits.

Jonathan Spencer, brand strategic manager of online retailer One Day Only, says a starter home is a smart, short-term spot that meets all your basic needs.

“Typically featuring one or two bedrooms and a single bathroom, these homes range from 70m² to 116m² and are cosy enough to keep maintenance low, but spacious enough to make your Pinterest décor dreams come true.”

He adds that starter homes are the most wallet-friendly way to get into the property game. 

1. Any hacks for first-time home buyers and how they can approach decorating small spaces?

• Start with the must-haves: Before you splash out on trendy décor, lock down the essentials: a super-comfy couch (perfect for a Netflix binge) and a dreamy mattress (because sleep is non-negotiable).
• Double-duty chic: When space is tight, your furniture has to work harder. Think ottomans with storage space, a dining table that moonlights as a desk, and a bookshelf that doubles as a room divider. Smart, stylish, and oh-so-functional.
• Fake it till you make it: Small space? No sweat! Keep floors clutter-free, embrace crisp white walls for an instant brightness boost, and let mirrors and glossy surfaces work their light-reflecting magic. Pro tip: a few lush houseplants add a fresh touch while creating the illusion of a bigger, airier space.
• One room, many roles: Who says a room can only do one job? A bedroom that works overtime as a home office? Absolutely. A kitchen that pulls double duty as a dining nook? Yes, please! With smart furniture choices and clever layouts, you can maximise every square metre without sacrificing comfort.
• Get creative: Sometimes, thinking outside the box is all it takes to make a small space feel big on style. Who needs a bulky bedside table when a chair can do the trick? Not only does it add personality, but it also frees up space for other essentials. And wall sconces (lights attached to walls)? They're the secret to instant mood lighting without hogging precious surfaces.
• Light it up: Good lighting is like a great selfie filter; it makes everything better. Layer overhead lights with stylish lamps to create a warm, inviting vibe. Bonus points for swapping out outdated fixtures with modern, statement-making pieces.
• Slow and stylish wins the race: Rome wasn’t decorated in a day! Take your time curating your space, because good style and great homes are worth the wait.

2. Most of the hacks are meant to accommodate the small spaces they are in. With the cost of living climbing higher, would it not be smarter to buy bigger properties and furnish them as required over time, rather than furnishing a smaller property with items that will need to be replaced when moving to a bigger space?

While it might seem more practical to buy a larger property and furnish it gradually, the decision largely depends on your financial situation and long-term goals. In a high-cost-of-living environment, many people may find it more affordable to buy a smaller starter home now, even if that means investing in furniture and items that will eventually need to be replaced when moving to a larger home.

Starter homes are often more accessible for first-time buyers, as they require a smaller initial investment. It allows homeowners to enter the property market sooner, and as property values generally appreciate in time, they can build equity and eventually use the profits from selling the smaller home to upgrade to a larger property.

On the other hand, purchasing a larger home now may be appealing, but it can be out of reach for many due to the higher upfront costs. Additionally, while you might save on replacing furniture in the future, the higher monthly bond repayments and interest rates could put a significant strain on your budget in the short term.

Ultimately, purchasing a starter home allows you to enter the property market more easily, with the potential to upgrade later as your financial situation improves.