The buying process can be rather complicated and lengthy but here are some general guidelines to assist you every step of the way. issues t… How to buy property without a home loan It is important that there is more than one way to go about purchasing a property in South Africa, you even have options when it comes to the deposit. Start with their Bond Calculator, then use the ooba Home Loans Bond Indicator to determine what you can afford. The seller will also receive a copy of the report, and it’s up to you whether to request that necessary repairs be made. If they’re unavailable for some reason, the estate agent may be able to assist you with that information. You’re likely receiving this property as a result of a loved one’s death, and the financial decisions that come with inheriting property can be stressful and confusing. Of course, the first step is having a clear idea of what exactly those requirements are before embarking on a house hunt. We are pleased to offer a range of property in South Africa. If you want to buy a house, you’ll need a credit score of at least 650 so you can get a loan with a decent interest rate. Understanding the transfer of property process in South Africa It’s important to have a full understanding of what the agreement entails before signing it. Another way to gain prequalification is to get yourself verified by an expert. Check your credit score. Finally, when you’re ready, you can apply for a home loan. Their knowledge of the housing market, and their ability to handle paperwork and deal with sellers on your behalf, will make for a much smoother process. Talk about it. These are classed as non-resident loans and are subject to foreign exchange approval from the South African Reserve Bank. Before a person begins the process of buying a house he or she will need to know what they can afford. This is because pre-contract is the best time for you and your solicitor to review the purchase, including: 1. DIY with our online prequalification tool, or speak to an expert. There’s no harm in getting a second opinion if you’re not happy with the inspection report. a financial adviser). You won’t inherit someone else's worn-out carpeting or have to look at some kid's initials scrawled into once-wet cement. Checking your credit score will help you determine your financing options; … Is there air traffic overhead? This will also help prepare you to ask questions about things that might affect your decision. Please note that this increase will retroactively effect VAT-inclusive calculations in articles contained in our website. You can apply to your bank for a home loan directly, or acquire the services of a home loan comparison service like ooba home loans. Once you’ve found a property, to buy a house in South Africa you’ll need to provide a 10% deposit straight away. Step 3 – Find a real estate agent. This is one of the reasons we recommend waiting at least a year after getting married to buy a house. Make an Offer to Purchase. “Rough estimates of what you think you can afford just aren’t good enough in these days of stricter lending policies from financial institutions,” says Rhys Dyer, CEO of ooba home loans, South Africa’s leading home loan comparison service. For example, if an inspector says a foundation is cracked but it’s nothing to worry about, start worrying – and get a second opinion. Once the home loan has been approved, the conveyancing attorney prepares the documentation for signature by all parties. Make sure you have a good chance of getting bond approval before putting in an offer on a new house. If you have identified your ideal neighbourhood and found a house or apartment that appeals, you’ve already done a lot of the legwork. Furthermore, their services are free, as their commission is paid by the seller. The latter is especially useful, because the home loan comparison service (or bond originator, as they’re sometimes called) will send your application to multiple banks in order to secure you the best deal. With such an assorted wealth of resources in one sunny land, finding the right spot to buy property can be a daunting task. For too long now, the process of buying and selling South African property and real estate has favoured one party: the seller. In South Africa, the Western Cape province continues to outperform all other areas, with Cape Town remaining the most lucrative city in the country. “It’s true that anyone can look for a home, and even get a peek inside, without the help of an estate agent but, unless you have the time to make house shopping a full-time job, chances are an agent will be able to match you with your perfect property considerably faster,” says Rhys Dyer. New house generally enjoy most about the home-buying experience as … make an offer on new! 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