Women's Month: tips for women on the property hunt
Category General News
In real estate, it really is a case of sisters doing it for themselves. According to Lightstone's research, women continue to outnumber men when it comes to homeownership. Women from all walks of life - single, married, mothers, career professionals, and widows - are seeing the value of buying a home and gaining financial empowerment. After all, property is an appreciating asset; one you can easily add to your portfolio. This Women's Month, we've put together tips to help you take a confident step forward in the property market.
1. Improve your credit score
It's important to get financially fit by working on your credit score. If you plan on taking a home loan, you need to show you're a responsible candidate. A good credit score will also help you gain favourable interest rates on your loan. Pay bills on time, make credit purchases you can pay off, and evaluate your credit report.
2. Set a budget, build that deposit
Your home will be one of the biggest investments you will make. By eliminating takeaways, vacations, and other luxuries, you'll be able to quickly build a deposit. You can even find places where you can cut down; perhaps you can shop around for a cheaper car insurance or downgrade your Netflix subscription. This is a sacrifice but one you will appreciate with more cash towards reducing your bond repayments.
3. Get pre-approved for a home loan
By understanding what you can afford, you can ensure the property you buy is within your means. Plus, most sellers will only consider you if you have a pre-approval certificate from a bond originator. Besides giving you an edge in negotiations, it also speeds up your home loan application as you will have submitted many of the documents needed.
4. Be a sponge, ask all your questions
The home-buying process can be complicated. Don't be afraid to reach out to a friend who has been through it or, better yet, talk to a property expert. Whether it's covering the documents you need, financing, or finding the right areas for you, they can help you make a smart decision. Being prepared will also take away any anxieties you may have.
5. Work with someone you trust
Your property practitioner will be invaluable in navigating the process. From finding your ideal property, negotiating a good price, to getting through paperwork, they will be at your side. It's vital you have someone you're comfortable with. Do check their reviews and see if they have a history of helping women effortlessly reach their property goals.
6. Create a property checklist
Your home is your sanctuary, so make sure it has every feature you need to live a comfortable life. Make a list of your needs, especially keeping your long-term requirements in mind. Doing this will ensure you buy a property that fits your needs and stops you from giving in to temptation. For example, you might need an extra room if you're planning on starting a family but you can skip properties with pools if you know you'll never take a dip.
7. Research your ideal areas
You can change your house but not the location. Ensure you pick an area that fits your needs. Consider the local amenities such as schools, health care facilities, shops, public transport, parks, and restaurants. Also, evaluate the area's safety and growth of the neighbourhood so you make a good investment. If you decide to sell or let out your property, you won't have any issues.
8. Be aware of the hidden costs
If you're a first-time buyer, you may be surprised by the hidden costs that emerge during the sales process. These include bond registration and transfer fees, moving costs, general repairs and maintenance of the property, utility connection (in the case of freehold properties), rates and levies, and insurance. All these can add to your property's price.
9. Apply for extra funding
If you meet specific requirements, you may even qualify for the Finance Linked Individual Subsidy Programme (FLISP) or Help Me Buy A House programme. This government housing subsidy can pay your deposit, bond registration or conveyancing fees, or pay the sum into an existing home loan and reduce your monthly instalments. It may just be the difference between buying a two-bedroom or three-bedroom house.
10. Get a home inspection done
You have enough to worry about without having to deal with house repairs and upkeep. Bringing in a professional and having them inspect a property before you buy will save you effort, money, and heartache. If the property has a few issues that you can deal with sorting out, it may even help you negotiate a more favourable asking price.
Flex your property purchasing power
This Women's Month, be inspired to make your real estate dream a reality. Kellaprince Properties takes pride in helping women from all backgrounds gain independence and grow their portfolios through property. View our properties for sale, and contact our team to get started.
Author: Kellaprince Properties