Buying Your First Home? Here is A Guide

Buying your first home is not like buying a shoe or any accessory. It’s not a walk-in walk-out, over the counter style purchase without the pomp and ceremonious procedure it deserves. If anything, it is a huge step! While the aim is to own property, you have to pump in a lot of research to understand the pros and cons of buying versus renting. The interest rates, housing market, mobility and your future plans are some of the things that need to be considered.

Before reaching a conclusion, you have to put all factors on a weighing scale, push the numbers on an abacus and make a sound decision with all the metrics right. While the suspicion that real estate agents are making a living out of a gleamy con-man lifestyle in the field, potential buyers are always on the look out trying to find someone who knows enough. Using a savvy and trusted realtor can help protect your interests and also get you the right information with regard to buying a home.

Ngumi Gituro, 1st Level Product Support at Jumia Classifieds Africa and a home buyer, expresses that, “It is important to account for every expense that you make from rent, utilities, school fees, entertainment and groceries. This becomes an eye opener as you get to see how every single cent is spent.”

Buying a house is a big financial commitment meaning that you have to take your time. Once you know what you want and take the time to go through the processes that need to be followed, it becomes easier with the processes involved. Property websites and magazines can be of great help when finding a home based on your desired location, property type, size, budget and facilities as well as amenities in that locality.

Think about the future. Is the location convenient? Preferably close to amenities like shopping malls, hospitals, schools, community centres, water and power supplies. Is there anticipated growth in that area? The geographic location plays a huge impact on your lifestyle especially if it is a long term plan.

Is the neighbourhood considered to be safe? Security is considered to be a top consideration for most people.Talking to people who may become your neighbours could help you know what happens around that area. Ask what the best and worst aspects of the neighbourhood are in general, which will help you make an informed decision.

Plan to buy what you can afford.Do your research well on all the costs you will encounter when buying a house. Building a healthy savings account is important here in order to cushion any of the costs involved as well as secure a higher percentage of your down payment.

BY Joyce Mbaire-JUMIA HOUSE