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When buying a new home there are several considerations to make. This post will assist you in the process.
10 Important TIPS when buying property
- Be sure to check that you are satisfied with the condition of the property, before you sign an Offer to Purchase (OTP). Although the bank will do their own valuation on the property, they simply check that the property holds sufficient security to cover their risk.
- Once you sign an offer to purchase and the seller signs the offer in acceptance of your offer, it becomes a legal and binding contract and any repairs you wish the seller should attend to, should be noted in the offer to purchase, as a special condition, from the start. Agreements in writing always carry more weight.
- Once your offer to purchase is accepted by the seller, you will have limited time to secure a home loan and it is important that you contact us immediately, to advice you on the required documentation to secure a home loan.
- It can be very useful to allow us to assist you with a pre-qualification, before you make an offer. That way you will be able to make an informed decision, when viewing properties.
- You may feel bombarded with phone calls from estate agents, bond originators etc., but remember that you as the client has the right to choose the estate agent you wish to work with and also the bond originator that will secure your home loan.
- Remember quality, well priced properties always move faster and once you found a property that meets your needs and your budget, it is best not to procrastinate, but to move quickly to make your offer. This is once again an important reason to be pre-qualified and to have your documents ready, for us to start the bond application process as quick as possible after signing the offer to purchase.
- Time is valuable and in some cases the seller may insist on taking more than one offer, with the condition that the buyer presenting bond approval first, will secure the house. Ensure you deal with a bond originator that understands the urgency. We do! If you are self-employed, you should speak to your accountant as soon as possible, in order to prepare your latest 2 years financial statements as well as up to date management accounts. This can take time and it is best you are well prepared once you sign an offer to buy that dream home. For more information refer to https://www.paynelessbonds.co.za/self-employed/
- Remember you will be dealing with two sets of attorneys. The transferring attorneys will be responsible to transfer the property from the sellers name to the buyer’s name, while the bond registration attorneys will be responsible to register the bond. (Should you have a home loan, you will be responsible to pay the transfer and bond registration fees, to both sets of attorneys.)
*Note that FNB and Standard Bank can include a portion of the costs to the home loan, for first time buyers, buying in the lower price bracket.
**Terms and conditions apply. Absa and Nedbank does not offer costs inclusive loans at the moment. If you are cancelling your existing bond as well, there will be a third, bond cancellation attorney involved.
- If you can commit with a deposit, it will help us to negotiate a more competitive interest rate on your home loan.
- If you have a Degree, you should also send us a copy of your qualification, since we will be able to use this as part of the rate negotiations, with a bank like FNB.
For more information please feel welcome to call us on 0871514712 or 0837071684 or send us an email on firstname.lastname@example.org We offer a FREE SERVICE to you as the customer and will only receive our commission from the banks, once your bond registers. We are committed to secure the best home loan that meets your needs, until the very end. #PayneLessBonds #HomeloanSpecialists #SelfEmployedSpecialists#FREEService
Need more information? Call us on 087 151 4712.