Buying a house is one of the biggest undertakings you can make. With it comes the joy and pleasure that you get from owning your own home and enjoying it with friends and family (and possibly little ones). On the flip side comes many years of bond repayments and maintenance. But owning your own home is one of the greatest investments and opportunities you can make. So go for it!
Below are 6 important factors to consider:
Credit score – In order to get a home loan, you will need a good credit score. This means that you need to have paid off all prior debt timeously or else you run the risk of getting blacklisted. When my wife wanted to get a bond she was told that she couldn’t get one because she didn’t have a credit score as she had never had a credit card or any store accounts on which the bank could assess her credit score. So make sure you plan ahead if you do not have a credit score, or make sure that you never default on account payments.
Affordability – Make sure you know how much you can afford and stick to this amount no matter what. It’s human nature to always want better things, but wanting better with a home can put you under serious financial strain.
Deposit – This is a serious factor to consider. The more of a deposit you can pay, the less your monthly expenses will be. This will give you more disposable income so you don’t have to struggle to pay all the bills each month. So try saving as much as possible for your deposit before you buy your house.
Neighbourhood – Choose your neighbourhood according to your needs. If you have children, then you may need to be close to schools. If you have dogs, you may want to be near a park. But, the most important of all considerations is obviously safety.
Neighbours – It is really good to live in an area where your neighbours are of similar age and are at similar stages of their lives. If you and your neighbours have children this will be amazing for them as they will be permanently entertained.
Take your time – Make sure that you see as many properties as possible to get an indication of what you can afford. Just remember that owning a house is a long term commitment, so make sure you choose wisely.
I take great pride in leading my clients by the hand to make sure they get the house they want, at the time they would like it, and for the price they prefer. I’d love to have a chat with you to learn more about your moving plans, and to see if and how I could help you.