4 Things you should do before buying a house

Article summary

• Knowing the property market will make it easier to secure a home that meets your requirements.
• An estate agent can advise you on the ins and outs of the property market.
• Acquiring the services of a home loan comparison service will help you secure the best deal on your home loan.

South African property is currently in a buyer’s market, meaning that the supply is outstripping demand. This means lower interest rates and reduced property prices, especially in high-end areas.

This knowledge is an example of how beneficial it can be to know the property market when looking to purchase a home. With that in mind, here are the things you should do when hitting the property market.

1. Know your requirements

Before embarking on a house hunt, you should formulate a solid idea of what your requirements are. Is home security a priority? Do you want a home in a quiet neighbourhood? Do you want a home equipped with green technology?

Narrow down your requirements so that you don’t discover down the line that the property you purchased doesn’t really suit your lifestyle.

2. Hire an estate agent

It helps to know the market, but you can’t be expected to have in-depth knowledge. That’s why you need to hire a professional. An estate agent will be able to advise you on the ins and outs of the market, including property availability, prices, and the pros and cons of the neighbourhood where the property is located.

The agent’s commission is paid by the seller, so it doesn’t take anything out of your pocket. From navigating a labyrinth of legalese, to scaling a mountain of paperwork, a qualified estate agent will help you navigate the process of buying a home.

3. Get prequalified

Getting prequalified will show the home seller and the estate agent that you are serious about the purchase, and that you have the resources to afford it. You can get prequalified by contacting ooba Home Loans or using their free, online tool, the Bond Indicator. This will issue you with a prequalification certificate which you can then present to the estate agent.

4. Use a home loan comparison service

Acquiring the services of a home loan comparison service, such as ooba Home Loans, is invaluable in securing a home loan at the best possible price and interest rate. ooba Home Loans will take your home loan application to multiple banks, so you can compare deals and secure the one with the best deal.

In addition to providing this service, ooba Home Loans offers a range of tools that can make the home buying process easier. Start with their Bond Calculator, then use the ooba Home Loans Bond Indicator to determine what you can afford. Finally, when you’re ready, you can apply for a home loan.