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Tips for buying a new home in South Africa

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Tips for buying a new home in South Africa

Purchasing a house is a very personal journey. For many people, taking this step is the result of months of preparation, budgeting, and making future decisions. It is a long-term financial commitment that will influence your lifestyle. It's all too easy to get caught up in the excitement of the process. With interest rates rising, it's essential to keep these homebuyer guidelines in mind.

  • ​​Know what you can afford

It is simple to determine how much you can afford when purchasing a home. As a general guideline, you should aim to spend no more than one-third of your monthly income (after taxes and deductions) on bond payments.

A bond calculator is used to work out monthly home loan payments and interest accrued during the loan term. This will assess your degree of affordability by comparing your income to the key bond factors and other monthly costs.

  • Get preapproved for your home loan

Getting prequalified will convey to the seller and property practitioner that you are serious about the sale and have the financial means to make it happen. You may be prequalified for a home loan through your bank or a home loan specialist. This will generate a prequalification certificate for you to provide to the property practitioner.

  • Choose the best property practitioner

The property practitioner you pick is essential to supporting your home-buying experience. You rely on them to execute your transaction, and they can have a significant influence on both your budget and stress level.

Meet with the property practitioner to explore your requirements and goals. You'll be guided through the house-buying process and shown several prospective homes so the property practitioner can assess your preferences.

  • Be flexible in your home search

Once you've found a reputable property practitioner, continue searching with an open mind. The more flexible you are with your preferences, the more likely you are to acquire a good property. Before you begin your search, prioritise the things that are most important to you. Are safety and security a priority? Do you want a home in a neighbourhood or the city? Do you want a home equipped with green technology? This will assist you in evaluating your alternatives once you begin touring potential properties.

  • Know your area well

If you've located your desired neighbourhood and a house or apartment that appeals to you, ask your property practitioner for a list of similar properties that have sold in the last year. How does your prospective house stack up? If it's at the top of the price range, it may be difficult to resell at a profit, but if it's at the bottom, you can only gain when the prices of other properties begin to rise.

Search Google Maps for nearby stores, police and fire stations, medical centres, schools, and hospitals. Are you near a major highway or road? Is there any air traffic above? Will the commute to work be time consuming?

To have a better understanding of the neighbourhood, it is also a good idea to visit the area at various hours during the day and throughout the week.

  • Get a home inspection

You have the right to ask for an inspection as the buyer. The only reliable approach to assessing the state of the property is via inspections. Finding any structural issues with the house that may later cost you big bucks to fix is worth the money. Once you receive the report, you may get estimates for any necessary repairs from the relevant professionals.

Are you in the market for a new home? Get in touch with our real estate specialists at Tshenolo Properties. We will help you through the challenging process of buying a home.

Author Tshenolo Properties
Published 18 Jul 2022 / Views -

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