Lifestyle
So, you’re thinking about buying a home? We know how challenging that can be for a first-timer. After all, finding the right home can take lots of time and effort as well as planning the finances for the new home! That's where we come in!
We want to help you in your journey so it can be effortless. Here are 7 things to keep in mind before buying your first home.
Check your finances
We know it’s exciting, but hold your horses! Start off by laying out a plan on how much you can spend. Whether it’s for a down payment, the actual amount of loan, or an instalment plan, search for houses that work within your budget and don’t spend more than you can afford to pay off.
Why not use our loan calculator? It will calculate your monthly instalments based on the amount you want to borrow, the length of the loan, and the interest rate.
Pick the right location
Location is everything! The location of your new home should be convenient. For example, somewhere close to your office or your kids’ school, so you don’t drive long distances every day. Make sure the area you choose is close to pharmacies, supermarkets, and health care centres - you don’t want to live like you're on a deserted island! If you cherish silence, stay away from main roads and busy areas or search for a deserted island, it might not be a bad idea after all!
Space
Your home should complement your lifestyle and long-term goals. If you have children, you might feel you need an outdoor garden to spare your living room from becoming a football field. If you’re planning on having more kids, you’ll need to consider an extra bedroom. If you still work from home, the dining room table might not be the best workspace, so you’ll need an office.
Compare Houses
Never rush into decisions! Visit the houses you’re considering more than once and compare their prices, sizes, locations, construction, and finishing. Don’t forget to explore the neighbourhood, so you’re not surprised by anything! Picking the right house can be challenging, but lay down a list of pros and cons to help you decide, and follow your heart on this one because a home is a lifetime investment.
Negotiate
Most homeowners set the price higher than its market value because they know there’s room for negotiation. But before you start negotiating, get an idea of prices in the market and don’t do what grandma does and overdo it when negotiating the price. Make a sensible offer. We don't want the owner literally shutting their door in your face and looking for other buyers.
Get an expert opinion
Even if you've checked the house yourself, you're better off using an expert's services to check that the electrical and water extensions and the heating and cooling systems are in good condition and that there are no insects, moisture or cracks in the walls.
Extra expenses
Don’t say we didn’t tell you! Moving into a new house means a few extra expenses that you need to plan for. These include property registration and transfer fees, taxes, service and maintenance bills, moving, installation and insurance fees.
Start making your tomorrow with our housing loans for your dream home. Find out more here.
