Purchase your first home like a Pro! A guide to buying your first home.

Purchase your first home like a Pro! A guide to buying your first home.

6 easy and understandable steps to help you with your process of becoming a proud homeowner. Here is everything that you need to do to prepare yourself for taking on the financial commitment of a mortgage.

Build up your credit score

Check your status by getting a free credit report from one of the credit bureaus. Your credit score is an indication to the bank if you are a reliable candidate to approve a home loan. In order to have a clear credit score, pay all your bills on time, every time and pay as much of your debt before applying for a home loan.

The importance of saving for a deposit

A deposit means your bond repayments will be lower. As a general rule, your monthly bond repayment should not exceed 30% of your gross monthly income. You’re in a better position to negotiate an interest rate since there is a lower risk for the bank.

Assess Your Affordability

Before you start looking for a property you need to have an idea of what you will be able to afford. Be aware of additional costs There are several additional costs that are incurred when you are buying and taking ownership of a house.

Important facts to keep in mind when house hunting:

• Your budget
• Your needs
• Your lifestyle needs
• Property type
• Security
• Proximity – to healthcare, schools, work and shops.
• Maintenance – do you have the time to maintain the garden and pool?
• Cost of renovating/redecorating – how much work does the property need? Can this be achieved without breaking the bank?

Property buying made simple! Multi Properties simplifies the process of purchasing a house.
For more information, visit Private Property