Buying Your First Home: Everything You Need to Know
Category Just Imagine Properties Team
Buying a first home is undoubtedly a watershed moment, and, for most people, it signifies a major transition into a new phase of their life. For some, it's the first step in providing security for their family, while others may see it as an important financial investment. Whatever the case, it's undeniable that buying a house - especially if it's your first - is incredibly exciting.
But you may find that, as a first-time buyer, the prospect is also quite daunting, which is why we're here to tell you everything you need to know about your maiden voyage into the property market.
Naturally, the very first thing you need to consider is your personal financial circumstances; you'll need to work out what you can afford that most closely aligns with what you want in a home. You'll be relieved to know, however, that there are plenty of options out there, and, with it currently being a buyers market, you certainly won't have to settle and owning your dream starter home may well be priced within your budget.
Once you've assessed your finances and made the decision to buy, the next step is to hire an estate agent who will work with you to find you a house to fall in love with. You'll talk over what you're looking for in a home, for example its size, location and proximity to schools and bus routes, and your agent will take the journey with you to ensure that you find the perfect match. Additionally, he or she will educate you on the condition of the market, coordinate the work of other needed professionals throughout the process and even negotiate with sellers on your behalf. In short, your agent will take a lot of hassle out of buying a house and help you make it a seamless and painless experience.
Next, you'll need to secure financing, and you can ask your agent to put you in touch with the preferred financing consultant, who will do a pre-qualification check to determine what loan amount you qualify for, and also apply for a loan on your behalf when you've found your dream home, in addition to taking care of a lot of the other admin involved in financing your purchase. This includes negotiating with the banks for a better interest rate.
We're getting closer to closing the deal, and, with your excitement mounting, you can now make an offer to purchase, which consists of the purchase price, deposit, transfer and bond costs.
This is the home stretch (excuse the pun). Once your offer has been accepted, everything will be taken over by the conveyancing attorneys, who will handle the transfer of the property from the seller to you and facilitate the registration of the bond with the deeds office. The entire process from signing the offer to registration takes around two months, and all you need to do is sign some papers, sit back and start thinking about what colour you are going to paint the rooms and which ornament will greet guests as they come to visit you in your beautiful new abode.
Yes, there are some steps involved in buying a house, but it's a well-signposted path and we'll be with you every step of the way.
Ready to find your dream home? Contact us today!
Author: Charl Mijnhardt
