New Home Buyers
WHAT NEW HOME BUYERS SHOULD KNOW
The process of buying your first home can be very exciting, but it can also be stressful. Here are a few things you need to keep in mind:
- Take a good look at the numbers:
Make sure that you budget for all the costs involved in purchasing a home. These costs can include: bond registration costs, transfer fees, Home Owners Association/Body Corporate levies, Municipal rates & taxes, insurance, utilities, etc. Contact our office for a quotation on transfer fees and/or bond registration fees.
- Make sure you get the right financial advice:
Bond originators and banks are a good resource to use. Did you know that you can get a pre-qualification for a bond? This will ensure that you know what your monthly bond repayment will be, and it will also help with your budget.
- Make sure you really know what you want in a new home:
Before you spend hours searching for a home, make sure you have a basic plan of action to begin your search. Decide on a location, make a list describing your dream home and know what you can afford.
- You have technology at your disposal:
Google Maps is a great resource to scout the surroundings in your chosen locations and to do some research on the neighborhood. Most property websites, like Private Property, have a great function which will allow you to save the properties that you might like on a wish list.
- Take a notepad with you when viewing properties:
Make sure to take notes and to have a good look at your home. Draw up a list of question to ask your estate agent and the conveyancer about the process. Agents know their areas and they will be able to give you excellent advice.
- Read through your Offer to Purchase very carefully:
Remember that this is a binding contract and that the offer you make on the property should be an offer you can afford. Contact our office to help you in this regard.
- Building plans:
Request a copy of the approved building plans from the seller. Also consider appointing a building inspector to point out the latent and patent defects of the home. Patent defects are those faults that the buyer could easily have identified upon inspection of the property, while latent defects are those that are less obvious and hidden from view.
The Building Inspector will also be able to confirm that the buildings plans are correct and that your new home has been enrolled with the NHBRC (National Homebuilders Registration Council).
“A house holds our stuff, a home holds our hearts” – Anonymous