The dream of buying a home often feels unattainable because of all the costs involved. Renting forever is not a financially savvy move either. The only solution is to get clever with your money and make the move. With the help of these clever tips and tricks from digital life insurer Sanlam Indie, you will be on track to turn your dream into a reality:
Understand what type of property you’re going for
Get to know the property market by keeping an eye on property websites to find out what type of properties are available in which areas and how much they are selling for. Set alerts for the properties that suit your budget and needs. Remember to opt for the worst property in the best area rather than the best property in the worst suburb. Location is key!
Fatten up your piggy bank
If you haven’t already started saving for that deposit, those pesky transfer and bond registration fees and any other unexpected costs bound to creep up on you when buying a property – start now. Find out how to make your savings and investment accounts will earn you higher returns. Think about downgrading your car or cutting a few luxuries to reduce your monthly expenses. Also check your credit score and find out how to improve it, as this will also help when it comes to applying for a bond.
Team up with a property partner
Why struggle on your own if you could buy your first property with a partner? Double the income means double the chance of qualifying for a bond, and double the income for home loan repayments. Be it a good friend or a partner, buying property together is sure to make things easier financially. Just make sure to set up a solid contract to protect you both in case of an argument, sale or death.
