By Nomali Cele
Property ownership is an aspirational aspect of the economy for most South Africans, owing to economic disenfranchisement orchestrated by apartheid. Even as many South Africans began to participate in the economy, black women were on the back foot. Whether the aspiration is to buy a home or to start investing, this generation of black women is beginning to get into the world of property.
Zamantungwa Khumalo is a woman under 30, she represents this growing presence of women in property; Khumalo has gotten to the next step and is now investing in property. She recently spoke to Gugulethu Mfuphi on Kaya Bizz about her experiences in the property sphere.
From the very beginning of their conversation, Khumalo mentioned that she regrets not buying sooner or earlier in her 20s. This is something she now preaches to other women through her #PropertyInvestSA posts on social media: start even when you don’t think you are ready. Zamantungwa Khumalo urges aspiring women in property to get out of their comfort zones ad to start saving and viewing property as early as possible.
“I bought myself two properties for my 27th birthday,” Khumalo told Gugulethu Mfuphi
Today Zamantungwa Khumalo owns a number of properties and is real estate advocate, demystifying the landscape for other black women who want to buy property. Because black women, and by large black people, are only just beginning to make a move into the property market, most find that there is a dearth of relevant information.
While Khumalo encourages courage in women looking to invest in property, she also cautions against recklessness. In South Africa, women in property can benefit from pacing themselves.
Both Mfuphi and Khumalo agree that those who are just starting out in their journey of property investment don’t want to default on a bond repayment. This will not look good on your credit record. “If you don’t pace yourself, you have to have a contingency plan,” said Khumalo. Need a quicker checklist, these are the points Zamantungwa Khumalo says all beginner property buyers should keep in mind:
- Start early
- Understand your credit score
- Understand your affordability and hidden costs
- Work for bond pre-approval
- Research, research, research.