For every individual there will inevitably come a time in their life when they will look to buy a house or property. For many this process will be a confusing and overwhelming endeavour…

However, it does not need to be an unpleasant experience. By gaining a little knowledge about the processes and administration, involved one can make sure they can secure the house of their dreams. An individual looking at buying a home should strive towards their goal but not rush or make harsh decisions during the process.

People will tell you to buy property as soon as you can, and seeing that property prices are constantly growing there is definitely truth in this statement. One should however remember that we live in a world of opportunity and that you should not be pressurised into making an offer on a property. There will be more great deals on the market, so do not be pressurised by a real estate agent or property owner when looking to buy a house.

Make sure your credit history is as clean as possible. This will ensure that you will get the best interest rate and this will help persuade the bank to approve your application. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover. If you have not bought anything on credit, you should look at opening a clothing account or cell phone contract to start building a credit record.

Never over-extend yourself when buying your first property (or anytime in your life for that matter) as this could lead to a financial crisis later in life. If you are set on buying a house but cannot afford the home of your dreams quite yet, rather opt for an entry-level property at first. This will allow you to save money and eventually put yourself in a position where you can buy the house of your dreams instead of being stuck with a “second best” property that crippled you financially.

Before you go house hunting, get a pre-approval from Mortgage Plus Bond Originators – 0861 1111 93. This will save you the grief of looking at houses you cannot afford and will put you in a better position to make a serious offer when you do find the right house. It is seriously advisable to obtain professional help, in the form of a real estate agent. A deposit is generally put down when purchasing a property, generally somewhere between 5 – 10% of the sale price. Sometimes loans can cover 100% of the value of the property and sometimes even more than 100% in the case of First Home Loans. Speak to a Mortgage Plus Home Loan Expert regarding the different home loan options from all the financial institutions. Home Loan Calculators : Affordability Calculator, Bond Status Calculator, Increased Instalments Calculator , Minimum Income Calculator , Monthly Payments Calculator

Look for a reputable estate agent (or agency) and allow them to do their job, they will look to secure a deal that is best for you. A real estate agent will ensure that you will be signing a comprehensive document, which does not have any hidden loopholes or unnecessary costs. Real estate agents deal with this process on a daily basis and will be able to navigate it as efficiently as possible.

It is essential that you do your homework when signing a offer to purchase for a property. By gaining, an insight in regards to what other properties in the area have recently sold for, you can ensure you place a competitive offer.

With all of this said, you should not rule out the option of renting straight away. For an individual who intends on travelling or changing jobs in the visible future, buying a house might not be the best choice. It may be beneficial to rent a property and save your unused funds towards a deposit on a house in the future. This will give you greater financial freedom and will allow you enough time to search for the right property for you.

If you would like to speak to a Professional Mortgage Specialist about your lending requirements, please phone Mortgage Plus Bond Originators on:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

Buying a home is a big decision.

Here are five tips worth considering before you take the plunge…

1. Consider Housing Costs

It may be tempting to put in an offer on a home but remember, along with the mortgage payments, you will also need to budget for property taxes and utilities. There will also be expenses connected with maintaining the property, even if you are not planning on doing any renovations right away. Consider these costs carefully before you make an offer.

2. Making a Long-term Commitment to a Home

While right now may be a good time to consider buying a home, keep in mind that prices may drop further in the short term. If you know that you will be staying put for several years (at least five), then now is a good time to think about buying a home. On the other hand, if you see yourself moving in the next couple of years, you may want to hold off on committing to home ownership for the time being.

3. Think of Your Needs First

If you have checked your budget numbers and you decide that you can afford a home and you will be staying in one place for the foreseeable future, you can start figuring out what features are more important to you in a home. Some home buyers want to live in a certain area or close to shopping and recreational facilities. People with children will want to find out about day-care facilities, schools, parks, doctors’ offices, etc., in relation to the house they are considering. These kinds of the things are ‘must-haves’ when you are looking for a home.

4. Your ‘Wants’ Are Not Needs

Just about everyone has a list of things they would like to have in their ‘dream’ home. As long as you are willing and have the means to pay for luxuries, it’s not a problem. You may want to keep in mind that it’s perfectly all right to get into the housing market with a starter home, build up some equity, and then move up to a bigger house that you really want. You may ‘want’ the home theatre, whirlpool tub, and granite counter tops, but do you really ‘need’ them?

5. Phone Mortgage Plus for the Best Mortgage

There are many options available to home buyers who are looking for a mortgage. Not only are there many lenders offering financing, but there are different kinds of mortgages offered by the same lender. Consider the interest rate, payment options and any required fees before you sign any mortgage documents.

Be smart. Consider your budget, how secure your job is, and separate the things you must have from the factors on your wish list to make the right choice for you.

Please contact us if you require any further information or would like to apply for finance:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za