5 Things to Consider When Buying Your First Home
After years of living in rented accommodation, the thought of finally actually owning your home is very appealing. As exciting as it is, however...
After years of living in rented accommodation, the thought of finally actually owning your home is very appealing. As exciting as it is, however, it is very important to think carefully about the realities of first time home ownership. Here are 5 things to consider.
- What you can realistically afford
This is calculated at around 30% of your gross income. While it may be tempting to try to buy the biggest and best, sometimes it is wise to choose a property slightly below your affordability range to allow for fluctuations in interest rates and your own living expenses. Also remember to factor in the rates and levies you will need to pay. Bear in mind that there will be bond registration fees on all properties and transfer fees on those over R900 000.
- Room to grow
That being said, it’s also important to make sure that the property has everything you need in order to be able to stay in it for at least 5 years. Unless you find a really great deal, chances are you’re not going to make much of a profit if you sell before then. The stunning one bedroom apartment might not work so well if you decide to have a baby or need to work from home.
- Location, location
The cliché about buying the worst house in the best street exists for a reason – it really is good advice. Remember that you can change a lot about a property but you can’t transport it to the other side of town. You don’t want to land up in a situation where you can’t sell your beautiful home because of the run-down looking properties around you. Also, consider the home’s proximity to your work as well as schools if you have or plan to have children.
- Look beyond the décor
It’s essential to be able to see beyond unfashionable furniture, ugly carpeting and bathroom tiles. These are things that either won’t be left behind when the owners move or can be reasonably easily changed. Try to look at the bones of the house- if the choice is between a beautifully renovated two bedroom and a four bedroom in need of work, remember that it’s a lot cheaper to redecorate than to build on to the property.
- Go with your gut
While all the above points are important, don’t forget to trust your instincts. If a house looks perfect on paper but hasn’t got your heart racing, it’s probably not the one. On the other hand, if you walk in and your excitement rises plus it at least ticks your basic need boxes, it might be best to compromise on one or two aspects and follow your heart.
Planning carefully and thinking through all these points can make the process a whole lot easier when you start house hunting. So take your checklist of essentials along with you, but also keep an open mind and you’re a step closer to finding your dream home.
Writing blogs about the property market of South Africa.
Content Team - Real Estate Agent
