Buying a home is a milestone to many and a symbol of success.
Because it is such an exciting time in one’s life many home buyers overlook certain important elements when they get caught up in the emotional journey and it’s only when they move into their new home that they realize the reality of the situation and notice things they previously overlooked.
Here’s a few things to take into consideration to avoid regretting your purchase:
Before you as the buyer start to look at homes, you should make a list of all your needs and wants.
Prioritize your must haves and pen down the things you would be willing to compromise on.
Remain focused on the must-haves, purchasing a property is a long-term commitment and you should make the right decisions upfront otherwise you as the buyer will have to deal with the compromises for a long time.
Double check your finances
As the buyer you must take in account all the costs that is associated with homeownership, such as maintenance and homeowner’s insurance.
Having the home inspected will also give you an idea of the type of repairs that you can expect so that you can budget beforehand for it.
Potential buyers will be able to obtain a list of costs that they can expect to pay when buying a home, at a bond originator or a financial advisor.
Beware of the bidding war
Don’t get sucked into the bidding war, it’s better to walk away from a home than to overpay as a result of a bidding war. The deposit requirements and transfer costs will be higher, and you will spend thousands of rand on the additional interest on the larger bond. Stay objective and remember you are trying to buy the right home.
Buying a home is one of the largest financial investments most people will make in their lives and it is important to keep things in perspective and focus on what really matters.