Are you ready to buy your own house? Well great, you have come to the right feature to help guide you towards making that dream a reality.
It goes without saying that owning property is a wise lifelong investment. Not only is investing in such an asset great for yourself but also your family and even future generations.
Buying a home is different to nearly all the other purchases we make – you don’t buy a home every day, and there are things that you need to be aware of when going through the process of purchasing a property.
Our guide sourced from online experts as well as an interview with a real estate agent from Remax Real Estate Specialist, will help you to go in the right direction. “There is a wide range of things to consider before making your dream purchase. One of these is affordability. Online bond calculators can help you find out how much you can pay off over a certain period of time, Another aspect is the actual property which we also assist in helping you to view and assess,” according to Remax’s Estate Agent Ellroy Johnson.
Important things to consider are;
Know what you want
Know what size suits your needs and give good consideration to your choice of area. You can research area reports, which include size, population, available structures, general crime rate and other specifics for your chosen area from property agents as well as from the local town council. Johnson says they also assist with information in that regard.
Do your sums
Know exactly how much you can afford. It’s not just the instalment you’ll be paying – you need to include insurance (homeowners, household and life) and municipal costs in your budget. Use a financial institution’s bond calculator to see how much you’ll need on a monthly basis, to cover the bond. After that you need to add the additional costs to this figure.
Putting down a deposit
You may need to put some of your own money on the table before you can buy a house. Depending on your financial situation, some home loan products allow you to qualify for larger home loans without paying a deposit.
The right package
FNB, for example, has a wide range of financial products tailored to meet your individual requirements. It’s important to choose a Home Loan package that works for you.
Plan for additional costs
Be aware of other once-off costs that you will have to pay, over and above the deposit. These include initiation and administration fees, legal costs, bond registration fees and VAT/transfer duty.
Begin the search
There are a number of factors to consider when determining the initial amount to offer on a home
Sale price of similar houses in the neighbourhood for the past year or so will give you a good estimate of current market value.
The general condition of the house is also an important pricing factor. Information concerning things that need to be done in or around the building must be taken into consideration when making a price offer. Also inspect the house that you want to buy before the purchase.
Real Estate Agents like Remax then advise you to contact your bank in order to proceed with finalizing the loan for the purchase with them.
Checklist for first-time buyers
Required documentation for applicants
Valid Eswatini ID or passport and a copy thereof
A copy of your spouse’s ID or passport, if married
Proof of current residential address
Employer’s physical address and telephone number
Offer to Purchase
Additional information sourced from: https://www.investopedia.com/articles/mortgages-real-estate/10/ready-to-buy-house.asp