{"id":12767,"date":"2025-03-12T21:03:15","date_gmt":"2025-03-12T22:03:15","guid":{"rendered":"https:\/\/www.premium-partners.net\/?p=12767"},"modified":"2025-03-16T12:36:53","modified_gmt":"2025-03-16T12:36:53","slug":"5-tips-for-buying-your-first-home-successfully","status":"publish","type":"post","link":"https:\/\/www.premium-partners.net\/fr\/builder\/5-tips-for-buying-your-first-home-successfully\/","title":{"rendered":"5 tips for buying your first home successfully"},"content":{"rendered":"

This post<\/a> was originally published on this site<\/a><\/p>

<\/p>\n

 <\/p>\n

Investing in your own home, whether a flat, townhouse, or a house, is one of the best life decisions you can make. According to the Seeff Property Group, it is an investment in your future and creates a foundation on which to build a life.<\/span><\/p>\n

It means that instead of paying off a rental property for someone else, you are investing in your property<\/span> and growing your <\/span>wealth. You can finance your property purchase and pay for it <\/span>over a long-term period<\/span>. At the end of that period, you will have an asset that is fully paid for, and which would have appreciated further in value over the years.<\/span><\/p>\n

Further, if you <\/span>are not able to<\/span> afford the property entirely on your own, you can buy it with a spouse, partner, or even a family member or friend. You will, however, need to think carefully about who you purchase with as a property investment <\/span>is<\/span> a long-term asset, and you cannot dispose of it quickly if the relationship sours.<\/span><\/p>\n

Five important things that buyers need before buying their first home:<\/span><\/p>\n

#1 – Stable job and a stable income. <\/span><\/strong>You will generally need a track record of at least three months in a steady job and will be required to provide payslips to apply for a home loan. If you are self-employed, such as a freelancer or influencer, it might be a little <\/span>harder<\/span>, depending on the bank requirements. You will need to provide proof of your income, a bank record of regular, verifiable payments, and a statement of income and expenses, depending on the needs of the bank\/s. Your bank records must reflect your income.<\/span><\/p>\n

 <\/p>\n

#2<\/span> – <\/span>Good credit record and affordability check. <\/span><\/strong>Your income after deductions and living expenses must show that you can afford the required home loan repayments. <\/span>You<\/span> will need a good credit record with a credit score upwards of 610<\/span>, according to mortgage originators, <\/span>ooba<\/span>.<\/span> Building a credit score is <\/span>an important<\/span> prerequisite. This can be achieved through short-term credit, such as a store account, with regular payments for a few months to establish a good credit history.<\/span><\/p>\n

 <\/p>\n

#3 – Mortgage loan approval. <\/span><\/strong>It is best to do an affordability check and a home loan prequalification before you even start looking for a property <\/span>to buy<\/span>. You can either do it online, as the banks and mortgage originators all have online calculators for an initial affordability assessment to find out how much you can buy. Once you know how much you can afford, you can start looking around at properties online and contact an agent such as Seeff who can then assist you further with the necessary offer on a suitable property, and the home finance application.<\/span><\/p>\n

 <\/p>\n

#4 – Funds for a deposit and costs. <\/span><\/strong>While first-time homebuyers are still able to secure 100% home loans, there are usually still transaction costs on top of this, which the buyer must fund. <\/span>There<\/span> might also be <\/span>a deposit<\/span> required by the bank.<\/span> These funds must be available upfront. It includes a transfer duty of over R1.1 million, along with transfer and bond registration costs. For example, on a R1 million property, the costs (with no transfer duty payable) would be around R33,000 for the transfer, and R38,000 for the bond registration, and this must be available upfront.<\/span><\/p>\n

 <\/p>\n

#5 – Long-term commitment. <\/span><\/strong>Purchasing your first home is not just a financial investment, but requires a lifelong commitment due to the significant financial investment and long-term mortgage obligations. Aside from <\/span>financial<\/span> stability, the<\/span> <\/span>property also requires maintenance to ensure it keeps its value and grows further in value. Buyers should also be mindful that it usually takes a few years <\/span>before they will<\/span> see some equity in the property unless they pay a <\/span>big<\/span> deposit. Since property is not an asset that can quickly be sold, a long-term commitment is <\/span>therefore<\/span> vital.<\/span><\/p>\n

 <\/p>\n

Navigating the <\/span>journey of homeownership<\/span> is both a strategic financial <\/span>endeavour<\/span> and a personal milestone. As prospective buyers delve into the intricacies of credit building, affordability assessments, and long-term financial planning, they must balance immediate costs with future gains. By approaching this process with foresight and diligence, individuals can secure a stable investment and contribute positively to their <\/span>personal<\/span> wealth accumulation and overall economic well-being.<\/span><\/p>\n

* Groenewald is a licensee for Seeff Goodwood.<\/em><\/p>\n

PERSONAL FINANCE<\/strong><\/p>","protected":false},"excerpt":{"rendered":"

\u00a0Investing in your own home, whether a flat, townhouse, or a house, is one of the best life decisions you can make. According to the Seeff Property Group, it is an investment in your future and creates a foundation on which to build a life.It means that instead of paying off a rental property for someone else, you are investing in your property\u00a0and growing your wealth. You can\u00a0finance\u00a0your property purchase and pay for it over a long-term period. At the end of that period, you will have an asset that is fully paid for, and which would have appreciated further in value over the years.Further, if you are not able to afford the property entirely on your own, you can buy it with a spouse, partner, or even a family member or friend. You will, however, need to think carefully about who you purchase with as a property investment is a long-term asset, and you cannot dispose of it quickly if the relationship sours.Five important things that buyers need before buying their first home:#1 – Stable job and a stable income.\u00a0You will generally need a track record of at least three months in a steady job and will be required to provide payslips to apply for a home loan. If you are self-employed, such as a freelancer or influencer, it might be a little harder, depending on the bank requirements. You will need to provide proof of your income, a bank record of regular, verifiable payments, and a statement of income and expenses, depending on the needs of the bank\/s. Your bank records must reflect your income.\u00a0#2 – Good credit record and affordability check.\u00a0Your income after deductions and living expenses must show that you can afford the required home loan repayments. You will need a good credit record with a credit score upwards of 610, according to mortgage originators, ooba. Building a credit score is an important prerequisite. This can be achieved through short-term credit, such as a store account, with regular payments for a few months to establish a good credit history.\u00a0#3 – Mortgage loan approval.\u00a0It is best to do an affordability check and a home loan prequalification before you even start looking for a property to buy. You can either do it online, as the banks and mortgage originators all have online calculators for an initial affordability assessment to find out how much you can buy. Once you know how much you can afford, you can start looking around at properties online and contact an agent such as Seeff who can then assist you further with the necessary offer on a suitable property, and the home finance application.\u00a0#4 – Funds for a deposit and costs.\u00a0While first-time homebuyers are still able to secure 100% home loans, there are usually still transaction costs on top of this, which the buyer must fund. There might also be a deposit required by the bank. These funds must be available upfront. It includes a transfer duty of over R1.1 million, along with transfer and bond registration costs. For example, on a R1 million property, the costs (with no transfer duty payable) would be around R33,000 for the transfer, and R38,000 for the bond registration, and this must be available upfront.\u00a0#5 – Long-term commitment.\u00a0Purchasing your first home is not just a\u00a0financial\u00a0investment, but requires a lifelong commitment due to the significant\u00a0financial\u00a0investment and long-term mortgage obligations. Aside from\u00a0financial\u00a0stability, the property also requires maintenance to ensure it keeps its value and grows further in value. Buyers should also be mindful that it usually takes a few years before they will see some equity in the property unless they pay a big deposit. Since property is not an asset that can quickly be sold, a long-term commitment is therefore vital.\u00a0Navigating the journey of homeownership is both a strategic\u00a0financial\u00a0endeavour and a\u00a0personal\u00a0milestone. As prospective buyers delve into the intricacies of credit building, affordability assessments, and long-term\u00a0financial\u00a0planning, they must balance immediate costs with future gains. By approaching this process with foresight and diligence, individuals can secure a stable investment and contribute positively to their\u00a0personal\u00a0wealth accumulation and overall economic well-being.* Groenewald is a licensee for Seeff Goodwood.PERSONAL FINANCE<\/p>","protected":false},"author":1,"featured_media":12769,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-builder"],"_links":{"self":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/12767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/comments?post=12767"}],"version-history":[{"count":1,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/12767\/revisions"}],"predecessor-version":[{"id":12768,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/12767\/revisions\/12768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/media\/12769"}],"wp:attachment":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/media?parent=12767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/categories?post=12767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/tags?post=12767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}