Pro tips for first-time buyers seeking houses for sale
Anyone buying a property for the first time may find it to be an intimidating journey. It is a step-by-step process that may, at times, feel muddled with impatience and tension. For many, homeownership is a dream that opens a world of possibilities, but without the right know-how, it is possible to make costly mistakes. As experts in the luxury property market, we at Fine & Country South Africa understand what finding one’s dream home entails. Not only will we assist you with finding houses for sale that exceed your expectations, but we also act as a solid support system while navigating all the legalities and logistics. Below are a few essential tips on buying your very first home.
Understand the property market right now
The impact of the COVID-19 pandemic and the current property market go hand in hand. As lockdown restrictions in many countries are easing, we are still seeing a healthy property market that favours buyers. With record-low interest rates that were cut by the South African Reserve Bank, as well as banks competing for customers with improved home loan deals, now is the ideal time to buy. This is an uncertain season for the economy, however, which means that it may swing to a seller’s market soon, so pursuing a property now is wise. There are a few property trends for which to watch out this year, and buyers would do well to look out for the following opportunities:
- Houses for sale in remote locations or holiday destinations. Places such as coastal regions are seeing an influx of buyers because more people are working from home now.
- Sectional title properties in estates and complexes that offer various amenities and a strong sense of community and security.
- Housing developments that are on the affordable side.
These opportunities are not only superb as first-time homes but make for fantastic future investments, which is why they are phenomenal purchases.
Finances are your top priority
Spotting your dream home from a list of houses for sale is one thing, but affording it is quite another. Mustering up the loans and ensuring you are prequalified is crucial. Home loan calculator tools (available online on many bank websites) help determine what you can borrow and repay monthly. Before you start browsing for a home, putting money aside for a deposit will help to ensure your bond is approved and means your bond repayments will be lower.
Some first-time buyers are also not aware that their credit score is important. To build a better credit score, apply for a credit card and ensure that your monthly payments are always up to date. As far as possible, you will want to pay off as much of your debt as you can before applying for a home loan from a bank.
Narrow down the list of houses for sale
While property hunting, price is your main consideration, but other factors will help you target your search better too. Your desired location, current lifestyle, future goals, proximity to amenities, the kind of maintenance the property requires, and the aesthetics of the home are all important. There are likely hundreds of houses for sale near you but listing non-negotiable qualities you are seeking in an abode will streamline your decision.
Don’t forget about moving
Relocating is a major upheaval, especially for those with larger homes and families. Work the cost of moving into your budget, how much time you will need, and whether you plan to use a moving company’s services or take it on alone.
Partner with an industry expert
Having an expert on call to assist you with everything from exclusive listings to all the paperwork you will need to work through is priceless. We at Fine & Country South Africa will advise you on wise investments and see you through your first buy.