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Purchasing a house is not only an asset, it’s also one of the most invigorating things one will ever do.
If you are fortunate enough to be able to purchase your own property, you will soon find out that it’s not as simple as buying a chocolate at the shop.
To make things a little easier for first time home buyers, our conveyancing attorneys in Cape Town have put together a guide on how to purchase property.
The first step is to check what your credit score is.
You will need to apply to the various bank institutions and companies such as SA Home Loans to see how much you qualify for and will therefore be able to put down as an offer on a house.
By doing this step first, you will know what houses you can and cannot afford.
Once your home loan is approved, it’s time for the exciting part – Searching for your home!
You can either search on websites such as Property 24 or have an estate agent assist you in searching for your future home.
When looking at prospective houses, it’s important to identify the features and surroundings that you want in a house.
An untidy garden and bad paint job can always be fixed. Focus on things like what schools nearby, easy access to shopping centres, parks, crime rate, etc.
Once you’ve seen a few houses that you like – it’s time to go and view them.
At the viewings make a list of all the things that you like and do not like as this will assist you in making your final choice.
You may also request to speak to the owner(s) themselves to ask them questions personally.
After your viewings, you will have to choose which house you would like to make an offer on.
Once you have decided, you will have to contact the estate agent and put in your offer to purchase.
If there is more than one offer on the property you will have to make your offer higher to secure the house. Keep in mind the amount that you were approved for as you cannot offer more than the approved amount.
Once your offer is accepted, yourself and the seller will have to sign the Sale Agreement known as the “Offer to Purchase”. This document is one of the few that MUST be in writing and signed by both the seller and the purchaser. After the document is signed the second process, namely the Transfer of the Property will proceed.
Our conveyancing attorneys are well-versed in this procedure and can offer you expert legal advice throughout the purchasing process.
If you would like to purchase a property, but are unsure of how or where to begin, contact us and we will gladly guide you through each step.
In our next article, we will be covering the “Transfer of Property” process.
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