Buying a house is a massive investment and it is very important to think it through carefully and not just buy the first one you see...
Buying a house is a massive investment and it is very important to think it through carefully and not just buy the first one you see. While a home is an emotional purchase, it is wise to follow your head as well as your heart.
Decide in advance what your non-negotiables are. For example, the minimum number of bedrooms, the size of the outside space and whether or not there is a garage. Also think about how important light and views are to you. Everyone is different so something that’s no big deal to one person will be a deal breaker for the next. You need to think about this carefully and stick to your list.
That being said, make sure you differentiate between essentials and things you’d just really like to have. If a house ticks your most important boxes, you should consider compromising on other factors. Remember that there is no such thing as a perfect house.
No matter how beautiful the house, if it’s in a bad neighbourhood or if the house next to you looks neglected, it will affect your property value and even your quality of life. You need to make sure you will feel safe and comfortable in your new home. It’s worth driving around the suburb at various times of day in order to get a good feel for the area.
What works for you now might not in 3 years. Remember that property is a long term investment so think carefully about the amount of space you may well need in the future. If at all possible, it is advisable to stay in a house for a minimum of 5 years, so take that into consideration when choosing your new home.
Rather aim for a bond that is slightly lower than your affordability rate in order to provide yourself with a buffer. If you buy at your maximum limit and interest rates go up or you have a large unforeseen expense, you may be in danger of losing your home.
While a massive house with rolling lawns and a sparkling pool may be very appealing, bear in mind the amount of time, effort and money that all takes to maintain. If you spend all weekend mowing the lawn and trying to keep the pool clean, you may start to resent the features you first loved.
There will inevitably be times when you have a moment of doubt about the house you have chosen to buy, but by making a carefully considered decision those doubts can be limited. While no house is perfect, you can find the home that is (at least almost!) perfect for you.
Writing blogs about the property market of South Africa.Content Team - Real Estate Agent