You’ve decided you want to buy a home instead of renting and paying off someone else’s bond. What next? These are the things we suggest you do:

Check your budget: You may think that because the rent you currently pay is R6000p.m that you can repay a bond with R6000pm and therefore can afford anything around that price range, however there are so many more monthly costs involved when purchasing a home. You will have to pay Building Insurance on top of your normal Household Content & Car insurance. You will be responsible for Rates & Taxes or Levies, Water & Electricity and not to mention general maintenance. Ensure you are aware of all other costs and that you will be able to afford that on top of the bond repayment.

Do Your Research: Once you know what budget you’re looking at and can afford, start looking at what you could possible get for that price. Ensure you are happy with certain neighbourhoods and know what you need to have close by. The internet is a wonderful tool to research current market values on homes in all areas. It also helps to know what the essentials are that you need for e.g. 3+ bedrooms, at least 2 bathrooms and a garden is a must. Narrowing the search down will keep you on track.

Get Pre-Approval: Having pre-approval is as good as having cash in hand. When you are pre-approved for a certain amount, sellers are more likely to accept your offer. You will be taken more seriously with your Pre-Approval in hand.

Work with an Agent: Many people think that working with one agent is unnecessary however, if you build a relationship with your agent, they will eventually know exactly what it is you’re looking for and they can do the legwork for you. Also, once you have found something you like they are more likely to negotiate a better price with the seller.


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