×

4 Things Every Millennial Should Know Before Buying Their First Home

Make those money moves, sis.

So you’ve saved the money, made good financial decisions and you’re ready to buy your first home. Yaaas! Other than buying a car, purchasing a house is a huge financial commitment and we want you to have all the info. By now you’ve probably researched everything from house hunting to applying for a bond and how to transfer a house into your name. But before you dive right in, here are 4 things you need to be aware of.

via GIPHY

1. How Much Can You Actually Afford to Spend?

Before deciding on the perfect home, you need to figure out how much you can afford to spend on the bond, as well as the monthly maintenance costs. Gutters don’t clean themselves, sadly. There’s no use looking for a home within a specific price range and finding out later that you don’t qualify for the required loan amount, or later realising that your house costs thousands of additional rands to maintain every month.

When you know how much you can afford, it will give you a better idea of which areas to look at, as well as the price range to look out for.

And remember to add a bit more cash for those unexpected expenses that you’ll find out about only once you move in – like that emergency visit from a plumber to unblock your drains, or a locksmith to upgrade your security gates.

from Cash GIFs via Gfycat

2. Location is Everything, Boo

Well, at least it should be everything to you. Research the area you’re interested in before making a final decision. Check whether there are schools in the vicinity and if public transport is easily accessible.

TOP TIP: Before buying a house, visit the property at night to see what noises and traffic you will be living with. A street that may seem serene on a Sunday could be jam-packed with traffic come Monday morning.

via Gfycat

3. Now Protect Your Assets

Protecting your valuables is so important. Yes, the area you choose may be considered relatively safe and the house may be secure, but protecting your assets goes far beyond just preventing house burglaries. Have you considered insurance to protect your valuables against an unexpected fire, flood or any kind of natural disaster? For peace of mind, home and contents insurance is a must. Apply for an insurance quote to compare prices.

4. Any New Developments

Think bigger than your current situation. Is there a possibility of any new developments in the area? These developments will definitely increase the value of your home and make the resale value much higher than what you had initially paid for it.

via GIPHY

But new developments can come with a downside. Living next door to a construction site while the development is being built can be a nightmare. You need to consider whether you’re prepared to live with the noise, the heavy-duty vehicles damaging the roads and the traffic jams.

House hunting requires so much admin and research. But giving yourself time to look around and search for homes within your budget is the best thing to do!

This article was sponsored by MiWay.

Read more: Money

More From

Hustle

Hustle 20 Sep 2019 SHARE
This Is The Most Annoying Phrase You Can Use In A Work Email, Apparently
Hustle 13 Sep 2019 SHARE
5 Tips to Help You Get That Promotion You’ve Beeeen Waiting for
Hustle 16 Sep 2019 SHARE
How to Beat Exam Stress in 5 Easy Ways