Home Finance

Tips

Buying property is one of the biggest investments you will possibly do for yourself and your family. It’s also one of the biggest things you’ll ever buy. So, here’s what you need to know.

Whether you’re looking for a place to call home forever, perhaps you are on the lookout for an investment, maybe something that will add value to your pension income one day.

Maybe you are on the hunt for a place to live comfortably in right now and perhaps use as a stepping stone whilst on your way to owning your dream home, your ideal property is definitely out there.

We will help you find it and achieve your goal.

Know what you can afford

If you are lost at what your affordability is, it might be a good idea to first check your credit rating and rating to obtain a home loan - let WeFinance assist you with a pre-approved bond. This will illustrate your monthly affordability based on your income, rating and expenses. It will also further enhance your credibility to estate agents and sellers and means that you are serious and have done the necessary groundwork.

Take into account the extra costs

Purchasing your home will come with some additional costs: from a deposit, to transfer duties, conveyancing fees and deeds registration fees. Then obviously also the cost of running a household.

Besides the levy or rates and taxes, there will be maintenance (swimming pool, garden service, security upgrades and measures, then one also needs to also need to consider building insurance). Always find out if there are any special levies pending (especially in the case of sectional titles).

Know what you are purchasing

Perhaps you have viewed many properties and have maybe decided on some, it is paramount that you look beyond the aesthetics and furnishings. Do you see any signs of damp, or structural cracks, look at the state of the roof and and if it is sagging. How safe is the neighbourhood, etc. Costs that could easily cause huge concern are usually things like faulty electrical, plumbing and gas installations, water seepage and damp, as well as hazardous materials (such as asbestos, lead-based paint and toxic moulds).

Follow through on your offer

It is really important to have all the information before making a decision on the property you’re interested in.

Make sure you’re not paying more than you should, get an estimated value from a reputed agent or property expert. Once you’ve found a property you’re ready to call home, it’s time to make an offer to purchase. Do so with caution, as cancelling an offer to purchase can cost a small fortune in penalties. Also; have your paperwork ready to avoid additional time and financial strains.