Buying a home is an exciting prospect but it can be difficult to navigate this process if you don’t have the necessary knowledge of the industry. It is natural to have some questions about purchasing property, and the easiest way to get answers is to enlist a reputable estate agent and agency who can best advise you on what to do.
So what are the home buying questions you want answered?
Hermanus Property Sales’ Sandbaai Office Principal, Nerina Heyns offers some insight and answers to some of your most burning home buying questions:
Q: What is the first step of the home buying process?
A: Unless you have the cash funds, the first step in the home buying process is finding out what you can afford. You can achieve this by contacting your bank or mortgage originator. In doing so you will have the ability to establish what price bracket is right for you. Buying property is very exciting and is probably the biggest investment you will make in your lifetime, so choose wisely. But remember that this is only an indication and that you will have to jump through all the hoops, once you have found the property you like, to get your bond approved.
Q: Apart from the deposit, what other costs are involved?
A: Excluding the deposit, the buyer is also responsible for paying the transfer costs, i.e. transfer duty, as well as the legal/attorney fees to register the property in their name. If you are making use of a bond to finance your property, there are also bond registration costs involved. Your estate agent can assist you in determining these costs.
Q: How does my credit score influence my home loan?
A: Your credit score is very important and has great influence on your home loan. Affordability is key and you have to prove to the bank/financial institution that you will be able to service the bond monthly.
Q: Should I sell my current home before buying a new one?
A: Once you have sold your property it is easier to look for a new home and you will also have the bargaining ability of being a cash buyer.
Q: How many properties should I view?
A: Whether you have viewed two or ten homes, it is said that you would find a home that meets 80% of your wants and needs, this is the one you should buy. Nowadays most people search online and only view properties that they feel tick their boxes. If you work with a good estate agent, they will listen to what you want and don’t want and endeavour to find the perfect fit - saving you time and effort. Browsing the internet can only help so much, a personal touch is what you need to find the most suitable home.
Q: How much should I offer?
A: Don’t shy away from making a lower offer. People are often embarrassed to make an offer, less than the asking price but if you really like the property there isn't any harm in asking if the owners would accept a lesser price. Your estate agent will guide you to what the best option would be.
Q: What happens if my offer is rejected?
A: If your offer is too low, more often than not the owner will counter your offer with a price that is acceptable to them. If you are unable to afford this, you will need to accept this or move on to your second choice.
Q: What is the agent’s role in the buying process?
A: The estate agent is the facilitator between the seller and buyer. The seller will brief the agent on all they need to know about the property and the agent will then relay the information to the buyer, in order to help them make an informed decision. If there is a counteroffer, the agent will also act as a go-between, with the aim of facilitating a win-win situation for all concerned.
Q: What is your best advice for first-time homebuyers?
A: The best advice we, at Hermanus Property Sales, can give you, is to find an estate agent you trust and who has been in the area for a long time. That way you know when you want to sell somewhere in the future, the same agent will be around to guide you to the best way forward and invest in your future.
For more helpful information on the homebuying process or to find your dream home in Hermanus - contact the specialised team of property professionals at Hermanus Property Sales today.
Author:Hermanus Property Sales.
