We have recently moved to the most gorgeous house in the small town of Kommetjie in the Western Cape.
The house is a huge upgrade from the tiny apartment we were renting and I have fallen in love with our new house.
With it’s huge yard and big spacious bedrooms, we fit very well into this home.
The next step in our relationship,obviously after 3 years of marriage and nearly 6 years together,we are now looking at buying a home.
In fact we are talking very seriously about buying this home.
Rental vs home owning
We have been renting for 5 years. We rented for many reasons and honestly were not too keen on buying a home.
Personally I now think it was because neither of us were ever really settled in Tableview and did not anticipate the changes in our relationship that would go from us both being single to married with a little red haired boy.
But there are many benefits to renting a home:
- Lower costs on rental
- No extras each month like taxes
- Home improvements or repairs are the owners responsibility
- A shorter commitment is required enabling you to move provinces or countries faster.
As there are also many benefits to owning a home:
- You have more privacy in your own home
- You are more stable
- Buying property is a good investment
- You can build strong community ties
- You can build onto the home to accommodate your family size or style
For us buying does seem like the right choice right now.
We are in the perfect area for Hamish to fall into the school of choice for his foundation years. We both love the town and lifestyle.
The home itself is one we both love and one that we could build onto to accommodate any future needs.
We are also not young parents, so the stability and investment of property right now would be a benefit to us both.
Naturally we would need to apply for a bank loan and bond to buy the house.
And so,we have been looking into how to apply for loans, the types of loans available and which is the best financial institution to approach with regards to home loans.
These companies are very willing to assist you with the requirements needed and information as to how to go about applying for a loan to purchase a house.
Many of the loan companies like Associate home loan also offer easy to use online applications making it easier for you to get the necessary information by filling in forms on their website.
You will be required to fill in an affordability form to first determine if your income and current expenses allow you to purchase a home and then to determine how much you can afford to pay back in each monthly payment, according to your salary.
It is also important to ask your financial adviser or loan company about the type of interest you could expect annually when purchasing your home, as these are sometimes forgotten topics in the goal to purchase your dream home.
So, here we are finally about to commit to the long term payments of a home that we will call our own.
Obviously there are many things to consider, some of which are if our negotiating offer is accepted by the current owner and if the finance is approved by the relevant banking institutions.
We are careful to check our affordability, so that we do not find unexpected financial demands and work in the costs of transfer, any legal documents needed and any alterations we may want to do.
We have currently invested in security for the property and I’ve mapped out what I hope is our long term vegetable garden.
9 weeks ago we decided to move from Tableview to Kommetjie.
8 weeks ago we signed our lease and gave notice on our flat.
3 weeks ago we moved to our house in Kommetjie and yesterday we made the concious decision to buy.
Some houses are just meant to be home.