A guide to buying your dream home
The journey to finding your first home is never easy and that’s why we’re here to help you every step of the way. Here are 7 things to keep in mind before buying your first home.
Check your finances
We know it’s exciting, but hold your horses! Start off by laying out a plan on how much you can spend. Whether it’s for a down payment, the actual amount of loan, or an installment plan, search for houses that work within your budget and don’t spend more than you can afford to pay off.
You can use our loan calculator to calculate how much you’ll be spending on a new home by calculating your monthly installments based on the interest rate, the amount you need to borrow, and the life of the loan.
Pick the right location
Location is everything! The location of your new home should be convenient, somewhere close to your office or your kids’ schools, so you don’t drive long distances every day. Make sure the area you choose is close to pharmacies, supermarkets, and health care centres – you don’t want to live like you’re on a deserted island! If you cherish silence, stay away from main roads and busy areas or search for that deserted island, it might not be a bad idea!
Your home should complement your lifestyle and long-term goals. If you have children, you might feel you need an outdoor garden to spare your living room from becoming a football field. If you’re planning on having more kids, you’ll need to consider an extra bedroom. If you still work from home, the dining room table might not be the best workspace, so you’ll need an office.
Never rush into decisions! Visit the houses you’re considering more than once and compare their prices, sizes, locations, construction, and finishing. Don’t forget to explore the neighbourhood , so you’re not surprised by anything! Picking the right house can be challenging, but lay down a list of pros and cons to help you decide, and follow your heart on this one because a home is a lifetime investment.
Most homeowners set the price higher than its market value because they know there’s room for negotiation. But before you start negotiating, get an idea of prices in the market and don’t do what grandma does and overdo it when negotiating the price. Make a sensible offer, so the owner doesn’t literally close the door and look for other buyers.
Get an expert opinion
Even if you’ve checked the house yourself, you’re better off using an expert’s services to check that the electrical and water extensions and the heating and cooling systems are in good condition and that there are no insects, moisture, or cracks in the walls.
Don’t say we didn’t tell you! Moving into a new house means a few extra expenses that you need to plan for. These include property registration fees, property transfer fees, taxes, service and maintenance bills, moving, installation and insurance fees.
Start making tomorrow with our housing loans for your dream home