The guide to purchasing property as a young professional
Category Home tips
As more young professionals get ready to enter the property market, they are often faced with scenarios that are completely unfamiliar to them when looking to buy their first home. We have put together a guide to property buying to help make the process easier.
Greeff Christie’s International Real Estate CEO, Mike Greeff offers advice to first-time buyers, “Investing in your first property is probably one of the biggest decisions that you would have had to make as a young adult. It is vitally important that you enlist the help of a qualified and reputable agent to assist you in your search and help walk you through the process.”
Be prepared to spend a fair amount
The one thing that property prices do without fail is grow. This is in response to an ever increasing demand for properties of all shapes and sizes. Any delay in buying will only result in you paying more later on. If you intend financing your home through a bank loan or mortgage process, be prepared to have at least 10% of the value available as a deposit as well the cost of transfer duties, bond registration costs and possibly levies.
Always maintain a good credit record and score
Having a good credit history and score will exponentially increase your chances of obtaining a home loan. Ensuring you pay all your bills on time and even repaying your home loan earlier makes a good impression on financial institutions thus having a positive effect on your credit rating. If possible, obtain a credit report prior to application in order to gain an understanding of what your financial position is and draw up a list of your monthly expenses to determine exactly how much you can afford to spend.
Do your research
Know what you are looking for and have a realistic idea of what you can afford. Find out average prices in the area, why people are selling or buying and the demographics of the area. If the average age in the area is over 60 years old, you may not find the trendiest amenities and recreational activities available.
Where will you be traveling to for work, shopping, family and recreation? Does the property in question have good access routes? What does peak traffic look like? Speak to the people in the area. Look at the distances to amenities and work online to give you a feel for what commuting will cost in terms of time and fuel.
Partner with a recognised brand
Make sure the agent you choose is qualified and represents a reputable agency. A good agent will do the legwork for you and keep your best interests in mind. More than anything, a great agent will keep the communication lines open every step of the way. From negotiating on your behalf, to giving you sound advice, a good agent will always listen to your needs and point you in the right direction.
Buying your first home can be less of a challenge than you imagine it to be. With the right support and all of your homework done, you could be on your way to owning your first home with confidence.