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What to Know when You are Ready to Buy Your Dream Home

  • Find out how much you have on hand and how much you will be able to pay every month for the privilege of owning your own home.
  • Contact an originator to pre-qualify you by checking your credit score. Based on your affordability, the bank will be able to approve a mortgage bond.
  • Do not over-commit yourself. Do your homework correctly on what you can afford and make sure you understand the total sum of the hidden costs.
  • Beware of being over-confident as to how far you can stretch your budget. It will cost you dearly, and it is essential to be realistic when you work out your new monthly costs.
  • There are many hidden costs in owning a home. Make sure you know them all, i.e:
  • Your bond repayment: Your big monthly expense is likely to be your monthly bond instalments, so start off by using one of the many online calculators to establish how much you will be able to borrow on a home loan without breaking your budget when it comes to the repayments. Think carefully about how happy you will be with the lifestyle you can afford after paying your bond every month.

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