Things I wish I knew before buying
In this article:
We asked for your best property-buying tips on social media and got some fantastic stuff! We've grouped it into four sections to make it easy to find what interests you. You are, of course, welcome to add your own - simply use the links at the bottom of the page! #TimeToBond
Home finance
- Bond origination is the secret sauce of home-buying. You wouldn't buy a car without shopping around so why buy a house with just one home loan offer?
- Make sure you budget and plan for all the costs of homebuying, including legal fees and moving house.
- Getting pre-approved for a home loan before you start looking for a place will speed up your bond application once you find something you want to buy.
- Don't apply only to your own bank for a home loan. Use a bond originator to negotiate with different banks and get the best interest rate on your home loan.
- Even a small reduction in interest rate could make a huge difference to the amount you pay over your bond term (usually 20 years).
- Put any extra cash you have into your bond. Even the smallest bit extra - as little as R100 p/m - means savings and paying it off sooner.
Physical home
- When viewing, don't be afraid to ask questions.
- If you like a place, view it more than once, and at different times of day, and think about what it will be like to live there at different times of year.
- Don't be shy to turn lights on and off, open doors and windows, check that taps are working, flush toilets, look inside cupboards, etc.
- Before you fall in love with a place, find out what you can afford. Get pre-approved for a home loan before you start your search.
Moving house
- Finish packing at least a day in advance.
- Wear comfortable clothes and shoes.
- Make sure children and pets spend moving day somewhere else.
- Keep a first-aid kit handy and have enough food and drink to sustain all the pairs of helping hands!
- Moving house always takes longer and costs more than you think.
Homeownership
- First-time homebuyers, listen up! Rather buy a small place in a good area than a big home in a less-great location.
- Owning a home comes with more costs than renting, but it can all be budgeted for.
- Doing your own home repairs and maintenance can be super rewarding... but they don't take care of themselves, so be prepared to put in the hard yards.
- Renovations can add real value to your home, but make sure you have the proper plans and permissions in place, otherwise you could face serious problems in future.
- Homeownership takes patience. It's a long game - not a get-rich-quick scheme.
- Nothing beats the privacy and peace of mind that come with owning the roof over your head.
What has being a homeowner been like for you? Share your experiences on any of our social media channels using #TimeToBond - we always love hearing from you:
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