Buying your first home is both thrilling and terrifying

Ballito property offers some of the best real estate options on the KwaZulu Natal coastline. The Simbithi Eco estate offers a wide variety of Ballito properties aimed at all walks and stations in life.

Buying your first home is both thrilling and terrifying. It is one of the biggest decisions you will have to make in your life time. Saying that the process of buying a home takes planning, research and careful budgeting. Below are some tips to help you get started.

What can you afford

A good way to find out how much you can afford to spend on a property is to review your household budget. If you don't already have one use a budget planner (available on various internet sites) to:

Take what you've saved as a deposit, add in first home buyer assistance (if applicable), then work out how much you can afford to borrow

Work out how much you can comfortably afford to repay on a home loan each month, then add a bit more to act as a safeguard in case of interest rate rises or any emergency repairs

Include all the costs that come with home ownership: up-front costs like legal fees, monthly costs like municipal rates, water and electricity costs, house and contents insurances and ongoing repairs and maintenance costs.

One of the bigger upfront costs you may have to pay is the transfer duty on your property. Find out how much you will need to pay using calculators on various websites. If you are a first-home buyer check with the loan institutes if there will be any assistance from them.

Finding the right property

There's no point looking for a mansion if you can only afford the gatehouse. Once you have decided on your price range, identify the suburbs that have properties in that range - it will save you a lot of legwork.

Then comes the fun part - finding the home you want. Take your time and consider things like proximity to schools, transport and amenities. Once again there are many websites or local papers or magazines that will help to answer most of the questions you may have about the area. Always question your real estate agent thoroughly about what plans maybe in the pipeline for the area you are interested in.

Before you buy, arrange for building and pest inspections, and have the contract checked by a conveyancer or solicitor before you sign. Make sure the person inspecting your future home is qualified to do so, such as a licensed builder, architect or surveyor. Look at your proposed home with an eagle eye. Check for damp patches, look at the roof, downpipes and gutters. Check inside cupboards - don't be afraid to poke into every nook and cranny.