Seeking houses for sale? Advice for first-time buyers
Buying one’s first home is an exciting endeavour and a desired milestone for many individuals. It is a way to truly own a house and transform it into a long-term home. It is also a major financial investment and comes with plenty of responsibility. Apart from attaining a pre-approved loan (which will assist you in figuring out the right price range), you will need to start searching for houses for sale that accommodate your current lifestyle needs and future goals, whether this means growing a family or starting a new career.
Why to buy property now
Despite the global pandemic greatly affecting the South African economy, and other issues such as load-shedding cropping up, the property market continues to grow. Consistently low interest rates make property investment a viable option for first-time buyers. Low interest rates and house prices falling makes this an ideal buyer’s market – but this may be for only a short window of opportunity. In fact, industry experts predict that we could see the pendulum swing into a seller’s market as early as 2022, and those seeking houses for sale would do best to act quickly.
Understand your budget and the extra costs involved
Using an online home loan calculator (many banks have this available on their websites), you can easily work out a realistic amount to borrow and what your bond payments will amount to each month. Finding a home is not as simple as shopping for houses for sale and procuring your favourite through a once-off payment, however. There are usually hidden costs involved that most first-timers do not know about. These costs include bond registration fees, transfer duties, conveyancing fees, and special levies if you are investing in a sectional title complex. Along with a monthly bond repayment, you will have rates and taxes to cover too, which will also increase your expenses.
Researching where you want to live
The location in which you live is just as, if not more, important as the home you choose. If you are shopping for luxury houses for sale in a rundown part of town, you may save on money, but the investment could be a poor one in the long run. While looking for houses for sale, find areas you like that are known for safety, easy commuting and transport, great schools and medical facilities, and easy access to convenient amenities such as shops. Once you find a desirable area, research the average going price of houses for sale and compare that to the price of the homes you are viewing.
Do your homework on your purchase
Once the sale goes through, the seller cannot be liable for defects on the property. This means that you will need to thoroughly understand the condition of the home. Actively looking for defects such as structural damage, faulty electrical or plumbing installations, or toxic and dangerous materials present is important. It is always recommended to hire a professional inspector to help you identify any obvious or latent snags before you sign that dotted line.
Work with a trustworthy rental agency
Having a professional on call to assist you with choosing your dream home and sorting through all the required documents and legal jargon is vital. With us at Fine & Country South Africa, for example, you can expect leading industry expertise and knowledge of the luxury market. We will advise you on the best places to invest and which houses for sale would best suit your preferences, living requirements, and chosen price range. We also have access to exclusive listings, which means you are privy to properties not seen anywhere else.
Do not make the mistake of shopping for a new home without assistance – let us make the journey a hassle-free delight. For more information, speak to our friendly team today.