Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Community blog

Read our latest news and views and get to know us better

Tips for buying your first house
Standard Bank Team
Super Contributor


Owning property is a huge step, an empowering one. The idea of coming home to your own house where you don’t have a nosy landlord in your business asking you about this and that is a huge factor that drives people to buy their own property.

That and owning property as opposed to paying rent, which is paying towards someone else’s bond, is a huge driving factor.

Another advantage is you’re one step closer to independence; you are stable, responsible and accountable.

On the lighter side, you can paint your house any colour, you can have as many visitors as you want and you decide when you want to mow your lawn - or not.

Now, while you ponder your newfound residential freedom, we at Standard Bank have some tips on what to look out for when you shop for a home.

• Location: Consider the area you would like to live in. Does it have shopping malls, clinics and schools close by? Are there essential services, like a hospital and shops close by?
• Check the market: Chat to your local estate agent and find out if it’s a good time to buy or if you need to wait for a little.
• Don’t rush: Take your time and look around for a property that will really be suitable for you and your lifestyle.
• Check the value: You want a home that will increase in value as time goes by. For example, if you buy a property in an area zoned to include low-cost housing, your home’s value may fall. You may end up paying a bond that is far higher than the house’s actual value.
• Security: Is the neighbourhood you want to live in secure? Does it have boom gates and a neighbourhood watch system, or high walls? Will you be able to walk to the park or around the neighbourhood?
• Transport: Check if your potential home is accessible to public transport and if routes run close by. If you have a vehicle, check that there is a suitable parking space that is safe as well.
• Make sure that you are buying for you: Why are you buying a property? Is it because rent is costly, do you want it as an investment or are you planning to settle down once and for all?
• Check your finances: If you’re a first-time buyer, you may be offered a loan that covers deposits and other home-buying related costs. But if you have a deposit (after saving), this reduces your overall payments. Be certain that your budget allows for the monthly instalments you will be paying and for fluctuations in the interest rate, which affect your instalment.

So whether you find your dream property in an upmarket or a developing area, consider this checklist before signing on the dotted line.

27 Comments