If you’ve just decided to buy your first home, Just Property is the ideal resource for you and is ready to assist you through every step of this exciting venture! Purchasing a new house is one of the biggest financial investments you’ll ever make, and no doubt you’ll have many questions regarding the process. Here is the basic progression you can expect:
1) Find a home.
Make sure to take advantage of all the available options for finding homes on the market, including using your real estate agent, searching for listings online and driving around the neighborhoods that interest you in search of for-sale signs. Also put some feelers out there with your friends, family and business contacts. You never know where a good reference or lead on a home might come from.
2) Consider your financing options and secure financing.
First-time homebuyers have a wide variety of options to help them get into a home, including loans and loans for homebuyers who don't have the standard 20% minimum down payment. Your mortgage interest rate will also have a major impact on the total price you pay for your home, so shop around. It will really pay off.
3) Make an offer.
Your real estate agent will help you decide how much money you want to offer for the house along with any conditions you want to ask for. Your agent will then present the offer to the seller's agent; the seller will either accept your offer or issue a counter-offer. You can then accept, or continue to go back and forth until you either reach a deal or decide to call it quits.
4) Obtain a home inspection.
Even if the home you plan to purchase appears to be flawless, there's no substitute for having a trained professional inspect the property for the quality, safety and overall condition of your potential new home. If the home inspection reveals serious defects that the seller did not disclose, you'll generally be able to rescind your offer and get your deposit back. Negotiating to have the seller make the repairs or discount the selling price are other options if you find yourself in this situation.
5) Close or move on.
If you're able to work out a deal with the seller, or better yet, if the inspection didn't reveal any significant problems, you should be ready to close. Closing basically involves signing a ton of paperwork in a very short time period, while praying that nothing falls through at the last minute.
Things you'll be dealing with and paying for in the final stages of your purchase may include having the home appraised (mortgage companies require this to protect their interest in the house), doing a title search to make sure that no one other than the seller has a claim to the property, obtaining private mortgage insurance or a piggyback loan if your down payment is less than 20%, and completing mortgage paperwork.
Just Property understands that nothing is more central to your happiness than the spaces in which you live, work and play. By combining their knowledge, talent and passion for property, they aim to become the largest property service organization in Southern Africa.
JUST PROPERTY Let’s open doors
10 May 2016