Apart from losing weight, getting fit, gaining better control of your finances, and getting that promotion you have been dreaming of, buying your first home this year is also a worthy 2023 goal.
New Year’s resolutions can change your life if you are determined enough to see them through. To succeed, you need specific goals, careful planning and realistic expectations. Buying your first house can be very daunting, filled with a lot of fear and a lack of information and understanding. Fear of committing to long-term debt; fear of market volatility, like interest rate hikes that can affect the ongoing affordability of a home loan.
There’s also the fear of maintenance costs, which fall on the owner’s shoulders and are something a tenant never has to contend with. There is also the fear of the loss in value of a property, driven by an economic market that is unpredictable.
The home-buying process is undoubtedly one of the most nerve-racking experiences one can have. Pre-approvals, home loans and credit scores will have you frazzled. Don’t forget about the post-sale expenses such as furniture, water and electricity, rates and taxes, security and all the other costs associated with home ownership.
Remember, forewarned is forearmed – having a clear plan in place and an understanding of the home buying process will ensure you avoid costly mistakes and successfully purchase your first home quickly.
Here are some actionable plans to get yourself ready to buy your first home:
- Clear up any high-interest debt you might have, such as personal loans, clothing store accounts etc.
- Start saving for costs such as transfer, bond, bank admin, etc.
- Ascertain your affordability; this can be done by applying for pre-approval from your bank/s of choice.
- Proceed to look around for your preferred locations. Factor in amenities that you require in proximity, such as schools, shopping centres, your work etc
- Once you know the above, you may commence your search. Look in newspapers, real estate agent accounts on different social media platforms and property websites such as www.chili.com.na.
- Don’t Give Up Easily- there is no question that these are challenging times for first-time buyers. After you have given your best effort and can’t find the right house at a price you can afford by the end of the year, pack it in until the following year. As you continue to save, improve your credit, and reduce your debt, you will be better positioned to buy the home of your dreams.
For enquiries Text, Call or email #yourhomegirl Justina Hamupembe
Cell: +264812726001
Email: justina@chili.com.na
