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Things To Know Before You Buy Real-Estate In South Africa

 

Buying your first real estate is indeed a satisfying endeavour. Those are the owners of many properties who will tell you the same thing: no matter how many houses they have purchased, the one they bought at first is way more significant than the others.

Becoming a homeowner is a massive milestone for everyone. It implies having the freedom to turn a home into a real house, just the way you always dreamed it to be. It also represents a vital step in developing a safe and financial future.

Whether you are looking for an apartment in the city or a family home in the suburbs of South Africa, the procedure for both is very straightforward, as long as you have a massive downpayment. In this blog, we will take a look at the things you should know before you buy Real Estate in South Africa.

Understand what you can afford

Now, it is understandable that there are many online courses South Africa which teach you about better finances. Speaking of which, understanding and taking the time to make sure you know which apartments you can afford should be your top priority. Getting pre-qualified for an apartment is the first step you can take. Therefore, steer clear of any apartments and listings that you do not believe are qualified for.

Good credit score

It is a must that you maintain a good credit score before you plan on making the big purchase unless you have saved a huge sum of money someplace and can pay the house in cash. Your credit score plays a vital role in determining whether or not you are given a home loan and the sum that needs to be approved.

This is why it is vital to keep your credit score in as good of a shape as possible. If you have more than one credit card on which you can make regular payments and never have defaulted on a payment, your credit score will look good.

In case you are unsure of your credit score, you can always check for it. Every year, you are eligible for one free credit report. You can make use of it before you go on to purchase your first real estate.

An estate agent

It is a common misconception that an estate agent only works with the sellers. Along with property studies UCT, you also need to have an estate agent by your side as they can help you with the best buy possible. You need to be on the lookout for an estate agent who is eager to build a strong bond and listen to your needs to understand which is the best option for you.

Pre-approved home loan

If you wish to strengthen your bargaining power, a pre-approved loan is the way to go. However, it is advised that you converse with the estate agent you are hiring for better clarity.

Wrapping Up

While buying your first house is always thrilling, there are things that can make this a poor decision. However, since you are reading this far, you now know what you should be on the lookout for when you are looking to purchase real estate.

 


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