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Posted by MP Pretorius on May 28, 2014
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Before Buying a Home.

Buying a home or property is a life-changing event. It’s the start of a significant long-term commitment. Do your homework and decide if this is the right time to enter into the property market. Prepare yourself by doing a credit check and applying for a pre-qualified home loan. There are some point to consider and here is what you need to know when you are about to buy a property.

  1. Location:

The location on the property is one of the most important decision when you are buying a home. A good location can ensure that your investment derives future value for you in the long term. Keep in mind that homes in areas with day-to-day amenities such as shopping malls, schools or hospitals will increase the value of that home in the future.

  1. Affordability:

Owning a property is a long-term commitment – you need to keep all costs involved in mind. Start by working out on how much you can afford. If you are a first-time buyer, aim to save a deposit or at least 10% of the total value of the property to reduce the total cost over the term of the loan. A deposit is very important as it gives potential home buyers the boost they need when applying for a home loan. If you have a deposit to put down, the Banks will take this into account and your affordability score will rise.

  1. Banking Partner:

Choosing the right banking partner is vital. As a first-time buyer, consider where you are likely to get a good client experience, as well as value for your money based on the repayment interest rate offered to you.

  1. Apply for a Pre-qualified Home Loan

Being pre-qualified for a home loan is a vital step as it will confirm the bond amount for which you will be able to qualify. This can be q guideline to be used when house hunting. There are two ways in which you can apply for a pre-qualified home loan. You can go to the Bank directly, or you can use a mortgage originator. What a mortgage originator does they will help you to apply for a bond at multiple lenders, giving you the freedom to compare quotes, whereas your private bank will evaluate your existing relationship with them to determine your loan rate.

  1. Check Your Credit Profile

Working towards a good credit status and knowing your credit status is very important. It can improve your chances of being approved for a home loan rather than being sent away from the Banks. If you don’t already have a credit history, meaning you don’t have any debts or credits on record, then it is advisable to open an account or apply for a credit card. Using the credit available and paying it back you can start building a reputable credit score.

Buying a home can feel overwhelming. With so many considerations to keep in mind. But with the right knowledge it can be the best life experience you make.

 

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