Buying your first home is an exciting milestone but it can also feel a little overwhelming. It\u2019s one of the biggest financial decisions you\u2019ll ever make, and getting it right takes more than just falling in love with the perfect place.<\/p>\n
To help you navigate the journey with confidence, Susan Abro of Susan Abro Attorney shares practical tips every first-time buyer should know.<\/p>\n
\u201cBuying property can be daunting if you\u2019re new to it,\u201d says Susan. \u201cBut with the right preparation and guidance, it doesn\u2019t have to be stressful. The more you understand, the easier-and more enjoyable-the process becomes.\u201d<\/p>\n
Smart tips for first-time homebuyers:<\/strong><\/p>\n Know your numbers <\/strong>Before you begin your home search, understand what you can realistically afford. An online bond calculator can help you estimate the loan amount you may qualify for, as well as your monthly repayments.<\/p>\n Budget for the extras<\/strong> Many new buyers are surprised to learn that purchasing a home comes with additional costs, including transfer and bond registration fees. These costs can be significant and must be paid before registration. Use a bond and transfer cost calculator to estimate these expenses in advance. Some banks offer loans of up to 105% to help cover these fees if you meet specific qualifying criteria.<\/p>\n Shop around for a home loan<\/strong> Don\u2019t just apply to your bank – compare offers from different financial institutions. Even a small interest rate difference of 0.25 per cent can save you almost R40\u00a0000 on a million-rand home loan. Mortgage bond originators can assist by submitting your application to multiple banks and helping you secure the best deal.<\/p>\n Look beyond the surface<\/strong> When viewing properties, go beyond aesthetics. Test water flow and pressure, check for signs of damp, inspect electrical fittings, and ensure plumbing is functional. Ask about the location of the geyser and distribution board, and enquire about the condition of the roof – whether there are any existing leaks or if repairs have been done. Request a detailed disclaimer form from the seller listing known defects. While sellers aren\u2019t required to disclose visible flaws, it\u2019s up to the buyer to inspect thoroughly. Any concerns should be documented in the sale agreement.<\/p>\n