21/10/2024
1. GET YOUR CREDIT SCORE INTO THE BEST SHAPE POSSIBLE
Your credit score will play a central role in whether or not you’re granted a home loan, and the amount that will be approved.
2. QUALIFY FOR A PRE-APPROVED HOME LOAN
One of the sure-fire ways to strengthen your bargaining power is to ensure that you have a pre-approved home loan.
3. CONSIDER THE HIDDEN COSTS
Besides putting a deposit down, buying a house involves lots of other "hidden" costs too, such as:
- Bond registration costs
- Property transfer costs
- Levies and special levies if you're buying a sectional title property.
You should also look at what you're likely to pay for rates and taxes in addition to your monthly bond repayment. This will help to work out your affordability range.
4. RESEARCH THE AREA
Consider the location very carefully - you can always change something you don’t like about a property, but you can’t do anything about the location.
Make sure you look at the average sales price of the area you’re buying your first home in, and that the sale price of the property that you are interested in aligns with that.
5. WORK WITH A REALTOR to help manage negotiations and ensure you understand the offer to purchase fully before signing it
6. LOOK FOR DEFECTS
When you buy a house, the seller is obliged to advise of any latent defects on the property. These are defects that may not be immediately visible to the average person, such as damage to plumbing, rising damp, or structural weaknesses.
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