Thirteen Pertinent Points for your “To Do”List When Buying Property after the 2012 SA Budget Speech
· First things first; create a needs analysis. Do you want a lock up and go scenario, or do you have a dog and cat or a family to consider? Write this at the top of your “to do” list when investing in property in 2012.
· Location, location, location is all-important. This will affect how much you will be able to borrow from the bank, and this will also affect how much you will pay on your monthly insurance premium. Buy the cheapest house in the best area, and you will never go wrong.
· Once you have heard what you are in store for in 2012 after hearing the 2012 budget speech, you might want to decide how to invest your money accordingly.
· Perhaps you would like to go ahead anyway; although it is important to know how our money is going to be spent according to Pravin Gordhan, it is also important to get into the housing market, and now seems to be as good a time as any, whether the budget bodes well or not.
· When you go house-hunting keep your “to do” property shopping list with you at all times so that you do not lose focus.
· When looking at location, it is also important to take into consideration where you work, and where you spend most of your social time.
· Fine-tune your list all the time; your ideas might change, and especially so after hearing what the SA budget has in store for us.
· If you are a first time home buyer then it might be a good idea to take someone older and wiser with you when looking for property, as wisdom comes with age and two heads are always better than one.
· Be on the lookout for any pitfalls; as a first time buyer you might not be aware of these.
· Shop around at different banking institutions and find out what the interests rates are. Even better wait for the SA budget and then make this decision based on those facts.
· The professionals will be able to assist and guide you in the right direction; bond originators are experienced and would be in a position to shop around on your behalf, taking the leg-work out of this exercise.
· Acquaintances and friends who have bought homes recently will have a good idea how to buy a home; why not ask their advice?
· Always look for estate agents who have got the most ”sold” boards in the area you are interested in; THESE are the ones who know the area best, which houses will be for sale. These agents will be the most professional and successful in the area.
Your best financial indicator for borrowing money to buy a home would be the 2012 budget speech, as this will be a good barometer on how our money is going to be spent in the next twelve month period. Hopefully Pravin Gordhan will make many positive changes in SA, so that everyone can benefit.