Most people make buying a home or house seem very easy however it requires a lot of time and effort. Finding the best home for your family is not an overnight decision which one can just make, you need to do proper research, find the proper financing and so on, banks recommends the process be completed within 365 days but it mostly just take about three months to finalise.
These 8 easy steps to buying your perfect home will guide you in the process, what you need to know before making moves so that you can at the end make the right decisions. It is very important to have the right people by your side in the journey because as seen in many television programmes, the very same people can break your dream just like that.
This may be the boring stage of the process but very significant indeed, it will help you find the right people (agents) on your side. Find out more information on the internet, do interviews with people already owning houses, on newspaper and every where you can find useful information to guide you through the process. Move around to browse and view homes you admire the most, inspire yourself every day in the journey.
After finding at least four (4) houses that you admire and like, it’s time to look at your finances and expenses. Looking at your finance, try determine how much house you can afford, don’t kill yourself, remember this is also a long term and good investment. You need to find a home that cost no more than 3 times your annual income. If you earn R250k annually, you cannot go for a house worth more than a million rand. Get you budget right, make sure you use available helpful calculators, such as the Ooba Bond Affordability Calculator, check it out, might be very useful.
3. Get PreQualified
Obviously you have already determined that you cannot afford the house cash, so you will buy the house on credit. This is very important, you must find the right and trusted bond originators such as Ooba Bond Originators. They will provide a form which you will complete with your finance details, how much you earn after deductions, household expenses and so on. Because these institutions already have good relationships with bond providers, they will get you pre-approved within a matter of 7 days.
4. Real estate agent
Once you got pre-approved, it’s time to look for a reputable real estate agent you can trust. Real estate agents help find and locate available houses that are for sale. They will partner with you in the journey, they will take you to these houses for viewing and give you an option to choose the perfect house you really like. Agents will serve as bridge or medium between you and the seller of the house you want to buy. Some of the popular agents in South Africa includes, ReMax, Gallencia, Rawson, Pam Golding, Angor, Valulink, etc.
5. Go House hunting
As soon as you choose the right real estate agent, it’s time to go shopping for your dream home. You can begin by asking the estate agent to show a list of available properties they may have already have. Go view those properties and see if you like them. Checkout property website such as www.privateproperties.co.za or www.property24.com to search for your preferred house. This process shouldn’t take long, however it’s important to take your time to make sound decisions.
6. Property state
At this stage, I’m going to assume you have already chose your home, it’s time to check if it is in good conditions. This is very important because you’d want to make sure the state of the property matches the value the property is sold at. The estate agent will help with this process, they will occasionally chat to sellers to provide proof of state of the property such as electrical certificate and any list of damages there may be.
7. Find the right bond provider
If you had taken the approach of bond originators such as Ooba, then it is now time to go back to them to begin loan applications. They will submit your application to popular banks and give you offers. You’re going to choose and approve offers you can afford. Mostly they just differ with small percentages, however you know the bank you trust the most right?
8. Close deal
When your bond gets approved, it’s time to finalise paper work. The estate agent will recommend attorneys for you, if you don’t already have them to help with paper works. The banks or institutions will also appoint their attorneys to help close the deal at the courts and deeds office. You don’t need to go to the courts, not you just sit back and they will handle everything on your behalf.
This process should take at least three months and your home will be registered in your name.
Congratulations on your first property!