Finding your dream home online during the lockdown
The repo rate has dropped by 1% which makes it the ideal time to apply for a home loan. Buyers have more time to look at properties online and weigh their options due to the lockdown and with the favorable interest rate, buyers should definitely continue looking. It’s the best time to look around as you can make a definite decision due to time being on your side.
Buyers will not be making the rounds to show houses during this time, but they will definitely have plenty of time to view listings online while keeping their distance at home,
Due to the lockdown, real estate agents had to become creative to accommodate their clients and assist them in any situation, which is why most of them have moved their show houses into virtual viewings.
Before you look around, you must first establish what it is that you are looking for, Draft down a list of the things that are a definite must-have, things that would not make you want to buy the property and things that are just non-negotiable.
You must determine the following in order to narrow your search, which will save you a lot of time.
How many rooms you are looking for and how big your erf should be
Do you want to live in a free-standing house or if you want to live in a security estate
Do you want a fixer-upper or a house that you can just move into without the hassle of fixing it
Determine which location you want to live in & what your budget will be before searching for your dream home.
With location, you will have to decide the type of lifestyle you want to have. There’s a couple of things to consider when buying a home, whether it be just for yourself, growing family or future dependants.
Here are a few things you can consider when deciding on a location;
Will the commute to work and/or getting the kids to school be easy?
Is it close enough from the major highways
Is there a shopping center that’s close enough
Is there a gym/sports facilities close by
The above are just a few examples of the things you should consider when you’re looking for a home. They play a very important role in the value of the home over time. All the above depends on what you are interested in and what’s important to you.
Thirdly, knowing what you want, is knowing how much you’re willing and able to spend. You can use an online calculator to determine the estimated home loan amount that you would qualify for.
The ideal way to find out what you qualify for, is by applying for a home loan through a bond originator. You can apply directly by using your bank, but a bond originator will save you an enormous amount of time. If you apply via the bank you will have to fill in an application for each bank, whereby if you apply through a bond originator you only fill in one set of forms which they then submit to all the different banks for you.
Once you know how much you qualify for, it will make your online search much easier as you will be able to filter the listings according to your price range.
Finding your dream home during this phase should not be a dreaded experience, embrace the fact that you can still do all the above online. Once the lockdown has been lifted you can make an appointment and go view all the properties you’re interested in, in person.