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Take next step to Invest on Property
By arlene | September 29, 2008
Once you have taken the decision to buy a home of your own, you should consider the following:
How much home can I afford?
You will have to work out your budget to determine how much money you will have available to repay your home loan every month.
How much home do I need?
There is a distinct difference between needs and wants. Our wants are often restricted by what we can afford. Think about and discuss with your spouse, or other family members, what you really need in a house. How many bedrooms, bathrooms, living rooms and garages do you need? Consider any other requirements (such as the size of your stand, pool, etc.) as well.
Establish some parameters beforehand and stick to them.
A need is something without which you cannot survive comfortably. A want is a luxury. It would be handy to draw up a complete list of your needs and wants, to keep it with you while you view show houses and to use it as a checklist. Take time to determine your wants and needs. Once you know what you need in a house, finding that house will be much easier.
Your neighbourhood of choice: Where would you want to live?
You should consider several factors when deciding on the neighbourhood you would want to live in. How important would proximity of schools be to you? What about medical facilities, shops, access routes and the like?
Furthermore, the selection of the right neighbourhood is relevant because it will have an impact on the value of your property.
An estate agent can help you!
Find yourself a good estate agent to assist you in your quest to find the right home.
How do I find the perfect property?
Once you have located the right property, you would have to set the legal process in motion. By law, all property transactions should be documented in writing. It is often said that a verbal offer is not worth the paper it’s written on.
If you want to buy a property, you need to submit a written offer to the seller. This is called an Offer to Purchase (also known as an Agreement of Sale).
Such an offer should be conditional to your securing a home loan. Once the seller accepts your offer, it becomes the Deed of Sale.
A home loan to pay for the purchase
You have now “bought” a property. How do you pay for the deal?
Fortunately South Africa is one of the easiest places in the world in which to obtain financing to buy a home.
All the major banks will be glad to assist you. They offer a wide array of packages. Many will offer to finance the full purchase price as well as the transfer and legal costs.
Your estate agent can help you in finding the best possible financing deal, fitting your specific needs, either through a home loan originator or directly with the bank.
Once your home loan has been approved, the process of transferring the property into your name can commence in all earnest.
Signing documentation with attorneys
South Africa has a thoroughly comprehensive property ownership system.
After you have signed an Offer to Purchase (after acceptance known as the Deed of Sale) and your home loan has been approved, you will be required to sign the final documentation with attorneys.
The attorneys will lodge their documents with the deeds office, where ownership of the property will be registered in your name.
Move into your own home
Depending on the conditions of your Offer to Purchase, you can either move into your new home on a specific date, or on the date of the property being registered in your name.
After the property is registered in your name, you are the rightful owner and you can proceed to turn your house into your home!
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Topics: Agent, Property, Sale, School, South Africa |
September 29th, 2008 at 2:48 pm
Reading the Lags of Bricks and Mortar by Gina Schoolman “What should I look for to gauge future values of houses "e; and “how do you find out where house prices are going "e; etc. … Buy a House
September 29th, 2008 at 3:06 pm
Read some examples of people who made 1, 000s through property investment "ing made 20, 000 profit in just 2 months.” London “Thanks to your site, I’ve received 2 offers for my off plan property” Derby "ing made 50, 000 in just 3 months."… … Tenants London