Are You Really Ready To Own A Property – Take The Test
Are You Really Ready To Own A Property – Take The Test
Most would agree the getting into the property market early is best, but this is not always true and owning a property can become a huge burden if you rush into the decision.
In fact, figures show that the average age of new homeowners is growing.
In recent years the average age of first time home buyers in the U.S has risen from 27 to 33, while in the UK the average age has risen from 27 to 34.
The trend is similar in South Africa, where the average age of new home-buyers has risen from 28 to 35.
These figures seem to highlight the fact that many young buyers may be shying away from the responsibilities of homeownership during their early working years.
Factors such as affordability, freedom to travel, financial security and the likelihood of having to relocate have contributed to this trend.
To fully appreciate a new property purchase, and avoid it becoming a financial burden you need to ensure that you’ve consider each of the following questions carefully:
- Are you ready to the responsibility on owning your own property? Homeownership comes is the very serious responsibility of having to repayment a homeloan. A mortgage is often the biggest financial commitment most people will make in their lives.
- Can I afford the extra costs of homeownership, such as: Levies, Rates and Taxes, and Household insurance?
- Do I have a secure income (Job or Business) that will aid me to pay off my bond?
- Will I be happy to live in or hold the property for at least 5yrs – 10yrs? There are very few quick fixes in real estate. Be sure that the property you’re buying is going to cover your needs for the next few years.
- And finally, will I qualify for a homeloan? Banks now require you to have very good credit record before considering granting you a bond. Ensure that your bills are all paid on time and in full for at least 3 months before you decide to apply for a mortgage.
Category : Buying Property &Property News &Property Tips