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.

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
These are just two of the tips I want to share with you. Subscribe to our email newsletter for regular local property tips, news and advice that will empower all First Time Home Buyers.
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Best Advice for First Time Home Buyers

Date Posted: Mar 16, 2010
In Categories: Home Loan Tips
Related Tags: first time home buyer, property

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5 Comments For This Post

LESEGO Says:
April 28th, 2010 at 3:39 pm

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

Jerrold Wallet Says:
May 12th, 2010 at 11:10 am

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!

Ms . MHA Says:
May 31st, 2010 at 5:38 pm

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

randy Says:
June 28th, 2010 at 12:25 pm

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.

Zahira Says:
August 12th, 2010 at 1:14 pm

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.

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LESEGO Says:
April 28th, 2010 at 3:39 pm
I have signed an Offer To Purchase to but a property but I’ve since decided otherwise, can I cancel?
Jerrold Wallet Says:
May 12th, 2010 at 11:10 am
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!
Ms . MHA Says:
May 31st, 2010 at 5:38 pm
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
randy Says:
June 28th, 2010 at 12:25 pm
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.
Zahira Says:
August 12th, 2010 at 1:14 pm
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.

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