Best Advice For Any First Time Home Buyer

Home Loan Tips: Best Advice for First Time Home Buyers

The term first time home buyer refers to anyone who is buying their first property. This group is usually dominated by younger people who have little or no experience of owning and maintain a property. As a result they are often unable to make a complete and balanced decision about this long term commitment.

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The tips provided below are designed to assist your decision making. Consider these points carefully and you will advance into a life of financial freedom, by using the full investment potential available in your new property.

Move quickly, but don’t rush
You have no doubt heard people telling each other to buy property as soon as possible. Property prices are constantly increasing over the long term. So the sooner you enter the market the less you’ll pay for your next home.

While keeping that in mind, know this, you live in the world of increasing opportunity. Although, it is to your benefit to move into the property market as soon as possible, don’t ever feel rushed to make an offer on a property.

The term increasing opportunity refers both to size and number. You may have missed one bargain but, another – a much better bargain – will come your way.

Buy the best (or buy the cheapest and wait)
If you have an image of your dream house in your mind, and are able to purchase that home now – do it. The financial sacrifice your make now with payoff multiple times over in the future.

If you are not able to get your dream home yet, buy an entry-level home that is most affordable and practical for you right now.

Don’t settle for the next-best thing to the actual property your want. You can save a lot more money each month on your entry-level home, than you would if you were paying a big mortgage toward that next-best house.

And, before long you’ll be in a much better position to buy the property you actually want.

Want more..?
Read: Home Loans For First time Buyers
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Thank-you for sharing your time, if this has helped you and you’ve learnt some thing from this article, please share it with someone you know.

Best Advice for First Time Home Buyers

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16 Comments For This Post

  1. LESEGO Says:

    I have signed an Offer To Purchase to but a property but I’ve since decided otherwise, can I cancel?

  2. Jerrold Wallet Says:

    Thank you for the best financial article. It has given me a lot to think about. I will have to tell my family and friends about this. Thanks once again!

  3. Ms . MHA Says:

    Hi there – for the past few months I have been looking at apartment prices and would really like to get into the property market. I have not been to any banks yet nor have I investigated the option of Mortgage brokers – who apparently can get one the best deals. My question is this : If one has an income of about 15K pm AND have other debt, can one actually take out a home loan and have all ones’ other debt consolidated into the homeloan?? And if one needs to have renovations/enhancements done to the property ( Eg : paint / get kitchen & floors upgraded )would one be able to do so within taking out a slightly bigger bond than what the property is actually valued at ? I am looking at apartments in the region of R550K to max of R690/700K. My monthly expenses comes to about R12K per month – with this I might as well be paying off a bond! PLEASE PLEASE ADVISE on some good advice. Thanking You kindly . Ms MHA

  4. randy Says:

    Would like to know for how much me and my boyfriend qualify our joint salary is R10300 and can we consolidate our debt if there is money still left or how does it work.

  5. Zahira Says:

    My husband and I qualify for a 90% home loan with Standard Bank & Nedbank and for a 85$ home loan with Absa. The reason wa because there were debit order rejections on my husbands bank account during last year, so now they say we are a risk. The reason for the rejected debit orders was because he was retrenched last year, but is employed since January 2010, and our records are squeaky clean since then. What can we do to receive a 100% bond? As we cannot afford the 10 or 15% deposit plus transfer fees the banks are requesting.

  6. Tamsyn Says:

    Hi my fiance and I want to buy a house next year. How much would we qualify for if we have a joined salary of R13500. Also im still under administration and busy paying of my accounts, would we still qualify for a home loan if I had a bad credit recored, I only own R5000 altogether on my three accounts that I am busy paying off still.

  7. Michelle Says:

    i need to buy a house, but i feel i will not be able to make repayments because after payment of my expenses i am not left with much to even pay a house. I heard that i can consolidate my debts into my home loan and pay one amount?? what does this mean and how does this work? please advise, because for all i know i am missing out on things due to lack of knowledge. regards

  8. krishni Says:

    Hi my fiance and I want to buy a house. How much would we qualify for if we have a joined salary of R18000. I would like to know if I will get a 100% bond. how much will be my re-payments.

  9. Viege Says:

    I have been staying in a town house for 1year 3months & have been paying R3000.00 Monthly & never been on Arears. i was told to look for a House worth R150 000.00 by the other Bank, i found one worth R300 000.00 but given to me for R150 000.00. i get R4 665.00 + R11 500.00 Comm. i have all my necessary documents signed but when submitting, they Declined it due to affordability. Is it because i get paid on Commision & Basic as well because i’m on Car Sales? Can you please advise as this house is not just a bargain for me but my dream come true. i’m 25years of age. Thanks!

  10. Jaco Says:

    My wife and I are both under administratotion due to the fact that I lost my high income work and we just could not cope. I work now for my self and our joint income are R13000pm. Can we still qualify for a home loan of R400 000? Thanks

  11. samchi Says:

    Hi,since my father died have been maintaining 2 homes mine(rent) and my mom’s monthly expenses, I wish to purchase my mom’s house and consolidate my debt, but problem is within this year I was sickly and never worked for 6 months, so I had medical bills and accounts( the debt I would like to consolidate) which fel behind, would I be able to get a home loan if I apply, I really urgently want to purchase the property. For personal and to limit rental payments that I could be making on my own place.due to recession my salary has been redused to R9500

  12. eunice Says:

    hi
    buying a house cash what interest do one pay. i tell why i ask this , my daugher is planning to buy a rep house which is R450000.00
    and we have no idea what will the transfer fees and what other charges are going to be added to this .please advise .

  13. zokwana Says:

    hi,i would like to build an apartment to rent people but lack of sufficient fund is holding my dream,im earning R8090 and only have one clothing account which i pay R250 monthly.I would like to be informed if ever i qualify for home loan and if possible how much.

  14. ricky reddy Says:

    i am under adminstration can i buy a house my income is 15000pm.

  15. Lerato Says:

    I recently applied for a bond and it was approved.I have just taken an overdraft as I needed the cash.Can this jeopradise my credit score and make the bank to withdraw the offer?

  16. joseph Says:

    I NEED HOME LOAN.

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