{"id":1053,"date":"2020-11-16T03:39:26","date_gmt":"2020-11-16T01:39:26","guid":{"rendered":"http:\/\/www.thelife.digital\/tl\/?p=1053"},"modified":"2020-11-16T03:51:46","modified_gmt":"2020-11-16T01:51:46","slug":"tips-for-first-time-homeowners","status":"publish","type":"post","link":"https:\/\/www.thelife.digital\/tl\/articles\/tips-for-first-time-homeowners\/","title":{"rendered":"Tips for first-time Homeowners"},"content":{"rendered":"\n

What recommendations would you give to first time home buyers?<\/span><\/strong><\/p>\n\n\n\n

\u2022 You need to find a great agent that understands the whole family’s needs and wants. Someone that can find the best neighbourhood while taking the families budget into consideration.<\/p>\n\n\n\n

\u2022 A pre-qualification of the First Time Buyer based on \u201caffordability\u201d and a credit check will give the First Time Buyer a good understanding of what they can afford to buy in terms of a Purchase price.<\/p>\n\n\n\n

\u2022 The ooba Loans Consultant would be in the best position to guide First Time buyers on \u201cAffordability\u201d as well as the Home Loans process and Costs etc.    <\/p>\n\n\n\n

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What cost\/charges are the purchaser liable for?<\/span><\/em><\/strong><\/p>\n\n\n\n

 \u2022  The Purchaser is liable to pay the registration costs of both the Transfer Attorney and the Bond Attorney.<\/p>\n\n\n\n

 \u2022 The transfer and bond registration costs are prescribed by the Legal Practice Council and are calculated on a sliding scale according to the Purchase Price and\/or the Bond Amount.<\/p>\n\n\n\n

 \u2022 Included in the costs of Transfer, is Transfer Duty which is a tax payable to SARS on the purchase of a property. Currently a purchase price below R1 000,000-00 is exempted from Transfer Duty.  Banks generally do not advance costs to Buyers as part of the Home Loan. You will have to have these amounts available in cash before you can buy a property.<\/p>\n\n\n\n

  \u2022 If there is a levy payable on the property you are purchasing, you may be liable for pro-rata levies from the date of registration until the date the levy clearance figures were paid for by the Seller. This amount will then reflect as a credit on your first levy account received from the Body Corporate \/ Homeowners Association.<\/p>\n\n\n\n

 \u2022 The bank will charge an initiation fee that may be added to your Home Loan or which may be payable in cash up front. Consult your bank or Mortgage Originator in this respect when you accept the quotation issued by the bank.  <\/p>\n\n\n\n

What is more important \u2013 area or price?<\/span><\/em><\/strong><\/p>\n\n\n\n

\u2022 Being a First Time Buyer would necessitate a purchase of a Property at an \u201caffordable Price\u201d  in an area where the Buyer would get a return on their First Property Investment in the short to medium term (A good Estate Agent would be able to Guide a potential First Time Buyer on their options)  <\/p>\n\n\n\n

For a first-time buyer should you buy a townhouse \/ flat in a estate or a house in the suburbs?<\/span><\/em><\/strong><\/p>\n\n\n\n

\u2022This is subjective and would depend on the Buyer\u2019s needs. Generally, First Time Buyers would enter the Property market by Purchasing a property in a Sectional Title complex.<\/p>\n\n\n\n

Is your second home purchase more important than your first purchase<\/strong>.<\/span><\/em><\/p>\n\n\n\n

\u2022Not necessarily. Your First home Purchase is particularly important and should be a good experience and will play a huge role in the success of your second home purchase.<\/p>\n\n\n\n

Can you get a 100% home loan when you are a first-time home buyer, and do you get any special interest rates because you are a first-time buyer?<\/span><\/em><\/strong><\/p>\n\n\n\n

\u2022 The Banks are all different in their lending policies for First Time Buyers, but in general the Banks are generous in their offerings to First Time Buyers<\/p>\n\n\n\n

\u2022 Our ooba Loans Consultant would give First Time Buyers best advice on the Banks products and policies and guide them accordingly  <\/p>\n\n\n\n

KVV Tips for proactive purchasers<\/span><\/em><\/strong><\/p>\n\n\n\n

 \u2022 As soon as the Seller accepted your offer, start the process of applying for a Bond immediately. Time is of the essence – if you do not have a Bond Grant in the period stipulated in the contract you may lose the house. The Estate Agent or your Attorney can assist you in recommending a Mortgage Originator to help you with this process.<\/p>\n\n\n\n

\u2022 Provide your FICA and other supporting documents to your Estate Agent, Mortgage Originator and the Transfer and Bond Registration Attorneys as soon as possible.<\/p>\n\n\n\n

\u2022 Make sure your Income Taxes are paid up to date with SARS.<\/p>\n\n\n\n

\u2022 Ensure that you comply timeously with all conditions of your Offer to Purchase, such as payment of deposits and costs, as well as signing of documents at your attorneys.<\/p>\n\n\n\n

\u2022 Discuss any uncertainties or problems with your Transfer Attorney <\/p>\n\n\n\n

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by Donna Nass <\/strong>Seeff Hartbeespoort\u00a0<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

What recommendations would you give to first time home buyers? \u2022 You need to find<\/p>\n","protected":false},"author":1,"featured_media":1054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[16,36,25],"tags":[],"class_list":["post-1053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-featured","category-property"],"featured_image_urls":{"full":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-scaled.jpg",2560,1273,false],"thumbnail":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-150x150.jpg",150,150,true],"medium":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-300x149.jpg",300,149,true],"medium_large":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-768x382.jpg",640,318,true],"large":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-1024x509.jpg",640,318,true],"1536x1536":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-1536x764.jpg",1536,764,true],"2048x2048":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-2048x1018.jpg",2048,1018,true],"magazine-7-slider-full":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-1536x1020.jpg",1536,1020,true],"magazine-7-slider-center":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-936x897.jpg",936,897,true],"magazine-7-featured":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-1024x509.jpg",1024,509,true],"magazine-7-medium":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-720x380.jpg",720,380,true],"magazine-7-medium-square":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2020\/11\/pexels-bongkarn-thanyakij-3740794-675x450.jpg",675,450,true]},"author_info":{"info":["TheLife Team"]},"category_info":"Articles & Advertisers<\/a> Featured<\/a> Property<\/a>","tag_info":"Property","comment_count":"0","_links":{"self":[{"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/posts\/1053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/comments?post=1053"}],"version-history":[{"count":2,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/posts\/1053\/revisions"}],"predecessor-version":[{"id":1057,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/posts\/1053\/revisions\/1057"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/media\/1054"}],"wp:attachment":[{"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/media?parent=1053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/categories?post=1053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/tags?post=1053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}