Wednesday, February 20

5 Things to Consider When Buying a House in South Africa

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Buying a home is one of the most exciting adventures you will embark on. But it can also be stressful.

Here are few things to consider when buying a home in South Africa.

What are your needs?

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Before shopping for a home, you need to be clear on what your needs are. Take some time to answer these few questions to create a checklist of what you need:

  • Do I need to be close to public transport?
  • Do I need to be close to my work?
  • Do I need to be close to a school?
  • How many bedrooms and bathrooms do I need?
  • Do I want a place in a garden?
  • Do I have animals?

Read more on how to organise your home


What is your budget?

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The first step to buying a home is having money. And for this to happen you will need to qualify for a loan. Home loans are given on the basis of affordability which is determined according to your net salary (salary after taxes), total monthly expenses, interest rate and loan term. There are many affordability calculators available online for you to get a rough idea of how much you can afford for a home in South Africa.

Where are you considering buying?

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Location is a crucial aspect when deciding to buy a home. There are important factors that will either maintain and uplift the value of your property and there are some which will be to your detriment if you decided to sell. Here are few crucial questions to ask?

  • What is the danger and security like in the area?
  • Are there any noise disturbances or disruptive facilities?
  • Is your house in a school district? If yes, then this will strengthen the value of your home in the future.
  • What does your commute look like? Will it enhance your life or cause more detriment to your overall daily routine?
  • Is it close to public transport? This is important as many home buyers look for these types of services.

What is available on the market?

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As an informed home buyer you want to do your research on what’s available in the property market. There is no need to make a hasty decision that you will only regret later. Also, you want to choose a home that will enhance your life by catering to your needs. There are many resources available online to get a broad view of all the houses available in South Africa. So, take your time and educate yourself.

Are there any structural defects in the property?

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The last thing you want is unending problems on your property. From crumbling walls to faulty plumbing. Take the time and effort to get a specialist to inspect your home by checking electrical, plumbing and overall structure. Finding these types of defects can play in your favour when it comes to price negotiations.

Maya Angelou said it best – “The ache for home lives in all of us, the safe place where we can go as we are and not be questioned.”  When will you buy your first home?

 

 

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