锘? ?Buy when everyone else is selling Mario Edwards Jr Jersey ,? may have become a little clich?d, but it speaks a fundamental truth. When the supply is up and the demand is down, you are more likely to find good value in whatever asset it is that you want to buy. With the South African property market not too far away from the bottom of its current downward cycle, now is a good time to bite the bullet and to stake your claim on a pad of your own. There are many things that can help you if you are confused about what ot buy and what not to. When to buy and many other such questions can be answered if tyou take a close look at the first time buyer guide. Phase 1: Planning and Investigation Obtain your Credit Report You are entitled to a free credit report from both Experian and Transunion ITC once a year. Your credit report will play a very important role in your ability to secure a mortgage and influence the interest rate your mortgage will be subject to should you be approved. Request yours early on during the process. When you review your reports, check for discrepancies. If there are any Marcus Allen Jersey , you will be required to submit a written request, together with supporting documentation, to the relevant credit bureau, stipulating that a discrepancy exists and that the discrepancy should be removed from your report. Identify a Mortgage Originator The mortgage originator is not only supposed to guide you through the process, that person is also involved in dealing with the various buyers and sellers so that the deals are made. The reason why you need to appoint a mortgage originator during the planning and investigation phase already Marcel Reece Jersey , is that your mortgage originator will also be able to explain to you exactly how a mortgage application is evaluated, the type of documentation the banks will require and how your particular circumstances stack up against the minimum requirements of the lenders in terms of extending finance. They can offer you guidance around the size of the mortgage you would potentially qualify for, how big a deposit you may need, and what the various taxes, duties and fees associated with purchasing a home within that price range Malcolm Smith Jersey , would tally up to. You need to be very honest and open with the mortgage originator. If you are not likely to qualify for any form of home loan, it is better to know this sooner rather than later. The originator will be able to advise you on the actions you could possibly take to remedy the situation. Know what you want You must be clear about what you are looking for. The reason for this is that hunting for a home becomes considerably easier if you know what to look for. Make a list of what you consider to be essential (i.e. two bedrooms), preferred (i.e. room for pets), optional (i.e. electric gate) and undesirable (i.e. next to a railway station). Now is also a good time to decide which area and, if you want to be more precise Lyle Alzado Jersey , which neighbourhood within that area you would like to live in. Know the Neighbourhood Getting to know the neighbourhood involves finding answers to questions like: ? What is the price of a home similar to the one I am seeking? How many homes such as these have entered the market in the last six months? How many homes such as these have been sold in the past three months? How long did it take for these homes to be sold? ? What are the crime statistics? Is there a neighbourhood watch? ? What are the rates and taxes levied on properties in the neighbourhood? If you don?t like what you have found out, it may be a good idea to opt for a different location. Double Check your Budget Be sure about your budget before making choices. Owning a home is different from renting a home where budgeting is concerned. You will have to consider ? in addition to your mortgage repayment ? expenses normally not incurred when you rent. This would include rates & taxes, maintenance, security services, assurance and insurance. Identify an Estate Agent It is important to select a reputable estate agent who is dedicated to your chosen neighbourhood Lester Hayes Jersey , early on. The agent?s role will be multi-faceted: They are a valuable source of neighbourhood specific information, effective in identifying properties that would suit your requirements and in a position to help you through the mass of legal paperwork associated with the purchase of a property. Once you have gone through these steps, you will be ready to proceed to the second phase. Phase 2: House Hunting If you had the wisdom to solicit the help of a professional estate agent, you should only end up on the doorsteps of homes that meet your specifications and fall within the ambit of what you can afford. This is the easy part of house hunting. The tough part is remembering the details of the homes you viewed and being objective enough to spot problems that may be lurking behind the veneer of fine furnishings and behind the inspiring fragrance of a Yesterday-Today-and-Tomorrow shrub in the garden. To overcome these two obstacles, you may want to take notes and you may want to jot down the critical things you need to pay attention to while walking through the house. These include: ? Structure: Are there cracks Lee Smith Jersey , rising damp and plumbing that wails when you turn on a tap? ? Garden: Are there cracks in the boundary walls? What type of soil is in the garden? Are there trees that may cause structural damage over time? After visiting a house, ask the agent what type of foundation was used, what the latent defects are of the house (such as a leaking roof or other structural electrical or plumbing problems), and whether the house has a misery history. 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