What To Consider When Buying Your First Home

Don't let the property market be daunting.

Be prepared

Before you even think of going house hunting, you need to know how much you can afford. Visit your banks website and see if they offer a bond calculator (it’s not always accurate, but it gives you a rough idea), that way you will avoid disappointment.

 Factors to consider include:

•           You are entitled to one FREE credit report a year
•           Check all your taxes, expenses and credit rating as this can affect your bond application

 Its the one

Don’t expect to find your perfect home first time round. You need to make sure that you’ve sussed out and researched all the possible outcomes. Finding the right house takes time. It’s not a race.
Jot down all the features you are looking for (a large garden, pool area), and make notes when you visit each house. Also take note of everything you would need to fix up (paint peeling, broken door handles), all the small and big elements, as it’ll cost you to fix them. Do this for ever house, then you can compare everything fairly.

Area is everything

Is your dream house in an undesirable area? Or a family friendly neighborhood? When you decide to sell up this new house, area is everything. No one wants to buy a house in a problematic area. If you invest in a good house, in a good area, you will get your money back.

Original article: https://blog.moneysmart.co.za/investments-what-to-know-before-buying-your-first-home/ 

March 02 2020 By Noble Wealth Management Markets & Investing, Financial Planning