10 things you should consider before buying property
Property Investments
Investing in property? Here are 10 things you should consider before making a purchase.
Buying your first home is an exciting experience, although it can also come with its own challenges. It is common to be nervous when you’re house hunting, especially if it is your first time buying property. However, a small amount of preparation will ensure you end up with the perfect home.
1. Know your budget
Determine what you can afford. This is the first step in the property search. You need to know what you will be able to afford on a monthly basis and decide ahead of time what amount you are able to pay per month for your mortgage.
2. Save up for a deposit
This is one of the most important things you can do to help yourself obtain a bond at a good rate. The more money you put in at the beginning, the less you will owe and the more inclined a bank will be to give you the bond you need.
3. Get prequalified
If you get prequalified for mortgage finance, you’ll know what you can afford, and you’ll be in a stronger position to make an offer when you find the perfect home.
4. Decide where you would like to live
If you aren’t sure about your specific location, spend some time in the area you’re interested in. Decide what would suit your family better: an older, more established area, or a newer one? Do you like communities with plenty of activity or a secluded area with more privacy? Would you like to live in a gated community, or are you more comfortable in an apartment block?
5. Know what features you are looking for
You will need to decide on the features you require in order to meet your family and lifestyle needs. Clarifying your needs will make the house hunt much easier with a predefined list of requirements.
6. Understand all the costs involved upfront
There is nothing worse than an expensive surprise so be sure to understand all the costs involved with the home you would like to purchase. Costs to consider include levies and transfer fees.
7. Get multiple options for your bond
Don’t just accept the first bond offer you receive from the first bank you try. Another bank might offer you a better deal! Most buyers make use of a reputable bond originator. They will apply to multiple banks for your home loan simultaneously, ensuring that you get the best deal at no extra cost to you, with less hassle and paperwork.
8. Get professional advice
Listen to your friends and family, but also seek the help of a reputable property agent who are experts in the property field and will give you free, impartial advice.
9. Plan ahead
It is essential to consider how long you think you will be living in the property you are about to buy. It is pointless to buy a bachelors pad knowing you plan to start a family soon. Similarly, if your job or your family circumstances are in any way to become unstable in the near future, make sure you will be making the right choice for these future developments.
10. Apartment vs House
There’s one important question that divides many home buyers: should I buy a house or an apartment? While the answer is clear cut for some people, the choice is not so easy for others. Some pro’s to Apartment buying are 1. Security: there are several layers of security to pass to get to your apartment door, which isn’t the case with many houses. 2. Less maintenance: you don’t have to mow the lawn of tend to the garden when you own an apartment, there are also plenty of maintenance tasks that would generally be taken care of by an onsite facility manager, less maintenance tasks means more free time. 3. Lower costs: apartments generally have reduced space which results in cheaper electricity and gas bills, because you only have to heat and cool a smaller area.
YOUR NEXT HOME – Invest in a modern, lock-up-and-go apartment within walking distance of the luxuries that can be enjoyed in Central Hillcrest. Morningside Apartments boasts lifts to all floors, 24-hour security, super low levies and a spacious open plan living area.
Get in touch with our professional sales team so we can show you how you can own a home of your own!
