Making a purchase can be a daunting experience especially if it is something as big as property and if you are a first timer it gets even more stressful.
There are a whole lot of things to consider when making a decision to buy or whether not to buy. New property buyers are usually overwhelmed by the fact that you will have to live with the decision you make for a considerate amount of time because as oppose to cloths you can’t just decide to take it back. Guarantee that million dollar signature is put to something that you have actually put sincere thoughts in and have compared the pros and cons.
This is the least you would want to hear but it is the most important thing to pay attention to before buying into a property. As embarrassing as it might seem you need to pull out your credit record and ask for a print out months before you start the process of viewing property you might be interested in, this will help you prepare for figures and accounts that reflect as problematic, you will need to account and even explain your situation.
It is most likely that you will not have thousands of rands laying in your account hence it advisable that property buyers expand their options by not making a mistake of visiting only one lender. Different lenders have different interest rates so have a something to choose from, once you have found one that best suits your financial situation you will need to be transparent with your lender, its shouldn’t end will handing your pay slip. Go into details of your expenses and never lie about it because in the end it will be you who will suffer. Once the lender has estimated the amount of money they can lend you, the next step is…
The only exciting part of the whole process, viewing the property you would most likely spend the rest of your life in. Now that you have the budget and you know the means you need to be playing around, there won’t be any reason for you to be viewing property worth a million while you can only afford half of that. When viewing a property don’t be taken by the beauty of it only, take into account what you need in a property, this could be space and condition of it. Probe the agent and find out as much as you can about the property.
There is nothing like having surprises later on after making the purchase official. Go through the land survey of the property, it might look big because there is no fence or wall. Find out reasons why it is sold, you don’t want to find yourself in a haunted house. Conduct a research on the noise pollution, crime level, access to close proximity in schools, hospitals and malls or shopping centers.
Have an independent inspector assigned by you to make further inspections on the property. Agents will try hide by adding sparkles to cracking situations you need a second professional eye to make sure you are not sold a dream.
Save a little extra cash
When everything is sound checked and you are happy with every thus signed on the dotted line, you will want to add personality to your property, change in paint colour, adding and eliminating various things and this will cost money. There should be cash set aside for the improvements to the property. Buyers can also have, but not forced at least 20% down payment for the property this will relieve you from high monthly mortgage instalments.