If you do not own a home, this is the year to purchase your first house! With interest rates at historic lows and slowed house price appreciation, there has never been a more appealing time for first-time buyers to enter the market than right now. Buyers who enter the market now will be somewhat comparable to those who purchased during the 2008 market crash; the biggest difference is that the market is recovering much quicker than it was back in 2008.
To achieve a new year’s resolution of becoming a homeowner in 2021, we recommend that buyers develop a strict financial plan for the new year. Becoming a homeowner depends, in part, on one’s ability to create a plan with a realistic timeframe and having the ability to stick to it. Buyers need to analyse their current income as well as their investments and set up additional savings schemes that will ensure the procurement of the funds needed to obtain their goal within the desired timeframe. Meeting with a financial advisor can be helpful in this regard.
The next step would be to get in touch with a bond originator. A bond originator will determine the amount for which a buyer qualifies. This will prove helpful when setting up a budget for the house-hunting process.
Once buyers are ready to begin the house-hunting process, we recommend that you reach out to a Digimag estate agent that can guide you in the right direction in terms of where to look for homes that are within their budget. We know of the available stock on the market and can therefore advise on the likelihood of finding a home that meets your criteria.
With all the information gained, you will then need the determination to stick to the plan.