Go in armed with these essential tips:
Buying a home is an exciting process for everyone. From first-time buyers to more experienced investment buyers; the process is a fresh start – a new adventure. Although exciting, it can also be daunting, especially if you are a novice.
Choosing an experienced, knowledgeable and professional real estate agent will make the process as smooth as butter! Seeff’s experienced agents provide a few essential tips to beat the house hunting blues:
What can you afford?
Probably the most important question to ask yourself at the very beginning is what you can afford. Consider what will happen if the interest rate rises and with that, your monthly bond repayments. Making a property purchase requires a firm financial commitment and often, you’ll need additional funds for transfer costs or conveyancing fees, which could fall outside the bonded amount. Other costs should also be factored in, like the need for new appliances or furniture, the costs of moving and installing new services such as a telephone and satellite television.
Good credit record and documentation needed
If you need to apply for a home loan to help you to buy a home, you will need to pass rather stringent credit vetting criteria. It is advisable that you check your credit record before you start the process and clear up any issues. You can usually get a first time free report, but thereafter would need to pay for the service. Speak to a home loans consultant and find out how much you qualify for before you start house hunting. Also ask what documentation you would need beyond your identity document such as pay slips, bank statements etc. That way, you can avoid disappointment.
Get in the know about property
It’s important when deciding to buy, to start educating yourself on all things property. What's the average price paid for a home in the area, how to find a bargain and, also recognizing how important the location of the home is. Location is everything when it comes to property. Always buy the best that you can afford and ensure you pay no more than fair market value.
Be clear about what you are looking for
Have a clear idea of what you are looking for before you begin your search for the perfect home. Online property listing portals all offer refined search options allowing you to specify your price, and the number of bedrooms and bathrooms among other things. It’s important to also remember that you should never allow yourself to be rushed or bullied into making an offer on a property until you are ready to do so.
Is there room to grow?
Another important aspect of the buying decision is taking your future needs into account. Buying a home that is too small or doesn’t fit your needs could result in a regrettable buying decision. There are several options when it comes to buying property, each with its own regulations and governing legislation. Sectional title properties mean that you are sharing spaces with other property owners, whereas full title or freehold is when you own the whole property. Research the different types of properties thoroughly before beginning your search.
Use the right estate agent
Be sure to work with a credible local area agent and, armed with these tips, you can then happily start the very exciting house hunting journey. Lastly, remember that while online viewing is a great tool, show houses remain one of the best ways to find your dream home. Do a thorough walk through and visit the home a couple of times, discuss any concerns or questions with the estate agent before putting pen to paper. And lastly, remember to have fun, enjoy the process and take it all in when starting this new phase of your life.