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How Ready Are You to Buy a Home?
How Ready Are You to Buy a Home?
30 Mar 2021

If the thought of purchasing a place to call home has been playing on a loop in your mind, there are a few questions and checks to do before you go on the hunt. How much should you have saved? Are you financially prepared to own a house? Where do you start looking?

These are just some of the questions that need answers. Our house buying checklist can help you navigate your way to purchasing your first house without the stress or common financial mistakes that people tend to make.

 

How much house can you afford?

The good news is that first time house buyers in South Africa are becoming younger. According to data from the Deeds Office, younger buyers (below 35 years) account for 43% of residential sales. But this is just the tip of the iceberg on their financial journey. 

 

Knowing how much house you can own will not only get your foot on the ladder of the property market, but it can also ensure that you continue to own your property without it being repossessed. 

 

Speaking to a financial advisor can give you insight on how much house you can afford, making it easier to surf the property market for the right house. It will also buy you time to save up for your new home without taking on something that can become a financial burden later. 

 

Have the necessary paperwork ready

Not having the correct paperwork and background checks in line can be a costly mistake that can cause people to lose out on their dream home. Once you have established how much house you can afford, make sure to check the following: 

 

  • Your credit score is good 
  • You have 10 - 30% of the property value saved for a deposit
  • You have the necessary documents to be approved for a home loan

 

It is crucial to get this out of the way to make sure that when it is time to place an offer, all your ducks are in a row.

 

Are you insured?

From building insurance to having life insurance, these are the crucial things to consider when purchasing a home. Having a financial safety net that protects your new investment and your loved ones is vital. Did you know that having life insurance in place can boost your chances of being approved for a home loan? Knowing that you are covered from disasters that can happen to your house and your life can be the ultimate safety net and peace of mind that you can provide for yourself.

 


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Have you considered the hidden costs?

There are hidden costs that go beyond the purchase price that needs to be taken into consideration. Things such as bond registration, transfer duty costs, moving costs, utilities, rates, and levies are some of the costs that can easily drive up the cost of owning a home. Make sure to budget for these by asking about these expenses before placing an offer. Beware of anything that extends outside of your budget as this can be pricey to maintain.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06