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Moving from renting to buying

Moving from renting to buying

Author: Pranil Maharaj
Date: 2017-08-17

If you've been renting for a while and are ready to take the next step to buying your own home, you need to do your homework and know exactly what you are getting yourself into.

Many first time buyers usually get blinded by the excitement of owning their own home and overlook the importance of research, which ends up costing them more in the long-term.

Apart from the home loan application and registration process, there are a number of other important factors that one needs to consider when owning a home:

Future needs - Avoid basing the decision of buying your house only on your current needs, rather take a long-term view and consider if the house will still cater for your family's needs in the future.

Amenities - While you may get a bargain when buying a spacious house outside of town, you need to consider factors such as your work premises, medical centres and schools for your children etc.

Free-standing or Sectional Title - When renting, you don't often put as much time and money on maintaining the property, depending on the agreement with your landlord.

Buying an old house - Buying an old house for a reasonable amount in a good neighbourhood may not be such a bad idea; however what many buyers often underestimate, is the cost of fixing up the house.

Neighbourhood safety - While no area is immune from crime, it is essential for first time owners to research crime statistics in the area before buying.