Buying a home is a dream for many South Africans, but navigating the buying process can be difficult. This guide will explain the important do's and don'ts to ensure a smooth home buying process.
what to do
Obtain a pre-approved deposit. Having a pre-approved mortgage loan will give you an advantage in negotiations when purchasing a home. Going through the approval process also lets you know exactly how much you can afford and how it will affect your finances.
Research the market and region. Be sure to understand current real estate market trends and property values. Thoroughly research a specific area or neighborhood. Consider safety and crime levels, as well as expansion opportunities.
Let's think about the future. Take a moment to think about your future plans. If you are planning to start a family, you may want to consider things like nearby schools. If you plan to live in this house in the near future, you may want to investigate possible renovation options or the possibility of building on the house. Are you thinking of having another person living with you in the future, for example your parents? Is there a garden on the premises? Is it important to you to have one? Questions to ask, based on your situation and plans there are a lot of.
Negotiate. Don't be shy and ask for a better price. In fact, many agents and sellers expect potential buyers to negotiate, and are therefore more likely to do so.
What not to do
Don't overlook additional costs. Many first-time home buyers focus only on the price of the property and overlook the additional costs that may be required. Additional costs include registration fees, brokerage fees, property taxes, and maintenance. If the property is part of a gated community or complex, monthly levies are also an expense to consider. These levies typically cover the cost of maintaining common areas and security.
Don't skip a home inspection. Inspections can reveal hidden issues that can have a significant impact on the property's value and living conditions. Following these steps will help you avoid costly repairs in the future. Electrical inspections are also important to ensure that electrical wiring etc. are up to standards.
Don't act on emotions. When you're excited, you tend to rush into decisions. Think through your decisions and stay focused on practicality and reality.
Don't rush. Agents often push decisions because they want to close the deal. Buying a home is a big decision and involves a lot of commitment. Feel confident about your purchase without the pressure.
