There are other things to think about such as whether or not you will want a big garden (lots of maintenance) or a small one a swimming pool or not.įinally, the direction the house faces often plays a role in the distribution of light and temperature. Will it be a primary residence, or are you looking to invest and rent it out? This determines whether you personalise the property or keep it quite classic and standard. Sectional title properties typically include costs such as levies, while both types require monthly rates and taxes to be paid.Īlso consider things such as security, proximity to work, school and amenities – is it convenient for you? Will it be a standalone house, a flat or a complex? Standalone houses are usually full title (the property belongs entirely to you), while complexes and flats are sectional title (the property is considered shared).
You need to think about what type of property you want. Will it be a bachelor residence, a “starter home”, or are you looking for a family home? Your life stage will give an indication of what size property you need, which will influence your price range.
Lastly, it’s good to review your life stage to see what kind of property you wish to invest in. The cost of initiating your loan, once you have moved and the ongoing costs to maintain your home, which include levies, rates and taxes. Thirdly, you will need to evaluate your savings because there will be some unforeseen, or additional costs involved. You will need to understand your affordability, not just initially but over the entire loan period. How have you managed your ability to make repayments on small things like your credit cards, clothing accounts, etc.? The better you are at managing debt, the more likely you are to receive a home loan. Understand your relationship with credit, as that is the first thing that banks will look at when reviewing your application. Before you start looking for your first house, you need to be sure you are ready.
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