10 TOP TIPS FOR 1st TIME HOME BUYERS

10 TOP TIPS FOR 1st TIME HOME BUYERS

Buying your first house can be a stressful and expensive experience. It does not have to be! You can avoid some of the risk and unpleasantness by taking advantage of these top tips below:

1. Purchase in the right area

That old saying, 'Location Location! Location!' still rings true today. It can mean the difference between buying an average home or a great home. You have to figure out exactly where you want to live before you start the process of looking for a home. Factor in things like schools you'd like your children to attend, as well as the commute to and from work before deciding.

2. Put down a deposit

This seems so obvious but it is difficult these days to save for a deposit. A large deposit can shave years of payments off your bond (if you pay the same amount monthly as you would have without the deposit) The major SA Banks normally require a ten percent deposit so keep that in mind when deciding on your budget.

3. Stay within your budget

It is very easy to look at properties over and above your own budget when house hunting. This will only frustrate you as there was a reason you have a set budget in the first place. Sometimes a 10% bump in price can seem insignificant but over the bond term it can really add up. There are always ways to create more usable space in smaller homes - if your budget does not allow it.

4. Find a home that fulfils your unique needs

Technology today has made it much simpler to define and refine your property searches. This can now be done instantly and from the comfort of your own home. Find the exact number of rooms and bathrooms for YOUR needs - and find that right property.

5. Work with experienced professionals

Purchasing a new house is one of the biggest financial investments you'll ever make. You should always use trained professional property practitioners in all aspects of the deal. This will give you peace of mind in this normally stressful endeavour.

6. Compare and evaluate different bonds

Bond originators are a great resource for you. They are companies that shop around banks and across financial channels for home loans. This will give you the opportunity to compare apples with apples when evaluating your bond costs.

7. Know all the extra costs

The purchase price is just one piece of owning a house - be sure to consider all of the costs associated with your potential new home. Transfer fees, conveyancing fees, deposits for lights and water all need to be paid, and should be taken into consideration. Get some idea of what you're in for before buying, and make sure you have enough cash to take care of all the additional costs.

8. Negotiate as much as you can

Work with your property professional but do not hesitate to negotiate. Buyers don't generally offer the full purchase price when they make an offer on a property and although many may end up paying less than the advertised price, they may have been able to knock the seller down even more had they been armed with the right information and tools before making their final offer. Knowledge is power. Do your research and negotiate!

9. Sniff out any issues with the property

It is almost always difficult to properly inspect potential homes in the allotted viewing time. You also do not normally have the technical expertise. A possible solution to this can be to take a professional with you. On your 2nd or 3rd visit hire a plumber to inspect geysers/drains/taps and fittings. You can also do the same with building contractors to give them the chance to inspect on your behalf. The cost benefit could be huge for you.

10. Take your time

Don't operate on someone else's timeline and don't make commitments that will make things challenging if your property hunt takes a few months longer than you anticipated. Weigh up everything before making a decision and be absolutely sure that you really want the home before submitting an offer.

Bonus Tips!

• Take a digital camera with you when house-hunting. Having photographs in front of you will help you recall specific details of each home you see - which is particularly useful if you're viewing up to six homes in a single day.
• Write down key points about each home you see as you're inspecting it. In particular, record its size, special features, design and other factors which may influence your decision.
• When you've narrowed down your options, ask to view the homes you like best a second time. This will help you to narrow down your options further.

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