Whether you’re looking to buy a house for the first time or you are already familiar with the process, you have to acknowledge the fact that buying a house is a big commitment that should not be rushed or taken lightly.
Do It Right
If you’re planning to get a home loan, the most important thing you need to consider is that an investment of this magnitude will have a great impact on your finances in the long run. This is why when you decide to buy a house it is recommended to take your time, evaluate your options, your current financial situation and analyse the pros and cons of every decision you make along the way.
Before you go to the bank to apply for a home loan, think about how much you can comfortably afford to pay for a house. Only when you have established a (realistic) price range, is it time to see what’s on the market.
The good news is that in South Africa, because the affordable housing market is in such high demand there are many new developments to choose from. Keep an open mind and be prepared to make minor compromises in your search for an affordable dream home. Let’s look at a few:
Your Ideal Living Space
Ask yourself this question: Do you need that extra bedroom or guest room? How often do you have guests that need to sleep over? If you don’t play the role of a host that often then maybe you don’t need all that extra empty space. The same principle applies for an outdoor space as well. A big garden can boost the price of a house quite a lot. Consider trading a big back yard for a small outdoor deck.
Renovate Later
Usually when you buy a renovated house, you’re paying for those renovations. What if you don’t like what the previous owner has done? Then you will have to demolish the renovations which you already paid for and start remodelling the house according to your own taste. Keep in mind that we are not suggesting you to buy a house that requires foundation or structural work, but a house that doesn’t have so many upgrades and maybe requires minor repairs. You can always do the upgrades later when you have more funds.
We hope that you’ll find our tips useful and good luck purchasing your new house.