Three things to consider when buying a house
While this is a big moment in your life, you can't let the little things go unnoticed.
Buying a house is probably the biggest thing you can do in your life.
It comes with a lot of stresses, worrying, panicking, and freaking out, but that is all normal.
It also comes with A LOT of paper work - which is the worst, really!
The whole situation can become overwhelming, and you are forgiven for feeling like there is just too much to do and not enough time.
Don't fret, though. We are here to help, as we want this to be a special time in your life, not a nightmarish one.
Here are three things you must not overlook when you decide to buy a house.
- Do a careful inspection
There will be an inspection of the electrics and other important aspects before you take over the house, but why not make sure you scrutinise every aspect of the house yourself? Any issues that you pick up MUST be included in the offer to purchase, as it will be your responsibility to sort out after the transfer is complete if you did not include it in the paperwork. It is better to be safe than sorry.
- Extra costs
It costs a lot of money to buy a house. You have to pay for the registration of the bond and the transfer of the property. For a house costing R1-million, you are looking at around R50,000 worth of extra costs - and you can't add that to your bond, you need cash. There are other costs too. Remember that you need life insurance to cover the bond, home insurance, and property insurance. Make sure you can actually afford all these things, as you won't just be paying the bond installments every month.
- Renovations?
You may feel like you have found your dream home, but remember that you will want to make it your own once you move in. That costs money. Renovations are not cheap - even if you just want to paint the place. Before putting an offer to purchase in, make sure you know what sort of money you will need to do the place up. Renovations can be crippling if you do not plan properly, and coupled with the extra expenses involved in the actually purchasing of the property, you may find yourself in a bit of a hole if you don't prepare your pocket.
Do you have anything to add? Let us know in the comments section below.