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Buying Your First Home

property24 Property 101 Find your perfect home You have decided to take the plunge and enter into the property market for the first time... but where do you start? Let's go through the property buying process from start to finish and give you a better understanding of how to buy a home for the first time. Homeowner homework Your first step before entering into the property market should be saving towards a deposit Check your credit profile; a good credit score improves your chances of your home loan application being approved Use Property24's affordability and bond calculators to help you figure out what you can afford A general rule: Spend no more than a third of your monthly income (after tax and deductions) towards your monthly bond repayments Get the ball rolling and apply for a pre-qualified home loan at your preferred Bank Create a monthly budget according to the above numbers Choose your dream home and location Narrow down your home search by identifying what you are looking for. V Location V Location V Location Create a 'yes, no, maybe' list of the areas you wish to live in Identify your dream home (free-standing, apartment, bachelor flat, 2 bedrooms, garden, swimming pool, car port?) e Start house hunting Find a property online via and make the most of all house viewings, by: Focussing on the house and not the décor Identifying any defects and determining the cost of fixing them Taking photos Revisiting and reviewing, and getting a second opinion Viewing the property in daylight and at night Taking your time, and taking notes as a reminder for later Make an Offer O I. Research the home's value Make an offer on the by downloading an online report from Property Values on home and negotiate a suitable price OND Submit your Offer to Purchase (OTP) form, via the Estate Agent, to the Seller for acceptance Once signed, the OTP constitutes the Deed of Sale Apply for a bond Use your preferred Bank or the services of a Mortgage Originator and submit the required documents, including: Proof of income Copy of your South African ID or passport Copy of signed Offer to Purchase DOCS Proof of current residential address ID Official salary slip or banking statement The home loan approval process starts when all documents have been received, and a property valuation has been performed The Bank will assess, approve and grant your loan in 3 -7 working days The transfer process begins TRANSFER DOCUMENTS The Estate Agent will facilitate the process between the Buyer, A Seller, Transfer Attorney, Cancellation Attorney and Bond Attorney The transfer documents are signed by the Buyer and Seller, and passed on to other relevant parties, then submitted at the Deeds Office (see our Transfer Process Infographic for more details) The Deeds Office then From here, your home loan will be paid out, and the home is officially transferred into your examines the documents and initiates registration name Taking ownership of your new home Congratulations, you are now officially a new homeowner! Remember, as a homeowner: Always pay bond repayments on time, and try pay in extra as Regularly check up on your home's maintenance needs often as you can For more information, visit: property24 Find your perfect home © All Rights Reserved. BUYING YOUR FIRST HOME

Buying Your First Home

shared by BitOfEverything on Feb 26
Buying your first home - Infographic: This infographic goes through the property buying process from start to finish and gives you a better understanding on how to buy your first home.



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