Steps every home hunter should take
Category Weekly Advice
If you are thinking of buying a home, there is no better first step than to consult Transunion, the credit check service to ascertain whether your credit record is unblemished. This service allows every South African citizen one free check with every credit bureau per annum.
“If you leave checking until you are well on your way to looking for a home you may well find that your chances of getting a bond are virtually nil because some unfortunate lapse in credit payment, possibly forgotten by you and made many years ago, has ruled out any possibility of your getting a bond,” says Rowan Alexander, Director of Alexander Swart Properties.
“Until this default has been put right you will be in limbo and it has to be said that it can take a great deal of time to rectify even minor arrears-- but there is no other option open to you.”
The next step the potential home buyer should take, says Alexander, is to consult a bond originator to evaluate just what size bond-if any-he is likely to be given by banks.
“The originator will need every bit of information you can give him about your financial position, your earnings, your commitments and your debts. Having got this, he will if he is experienced give you a fairly accurate estimate of what size bond you are likely to get.”
The third step to be taken, says Alexander should be to scroll through the online residential property portfolios such as Property24 and Private Property as well as the websites of the estate agencies serving the areas in which you are most interested.
“These online services provide the quickest and easiest way to prioritise the areas you most favour and can afford to buy into. From such services you will gain a clear picture of the type of house for sale in the area and the prices currently being achieved.”
Then, said Alexander, the potential buyer should consult and build up relationships with estate agents in the areas he favours.
“Building relationships with estate agents is always a very good step to take because once they realise that you are enthusiastic and have the means to buy, they will often contact you about a new property before it is advertised in print and online. In this way many buyers have achieved good buys quickly- ahead of the rush.”
Author: Independent Author
