The prospect of home buying is an exciting as well as overwhelming experience because of the huge financial responsibility it implies. As it represents probably one of the biggest purchases you will ever make in your lifetime, you simply cannot afford to make a mistake. Thus, one of the first questions that may cross your mind is what types of houses you could possibly consider for your first home. In this presentation, we will talk about some of the best choices you have so as to make your final decision that much easier.
A freehold type of property grants you full ownership, which also means you are 100% responsible for it. You can choose to rent or sell the house, as you can renovate or alter it in any way you like. In short, you are free to do whatever you want with it as long as it is within the constraints stated by your municipality.
This category includes free standing homes as well as properties within security villages. Owning a freehold property has its perks â€“ itâ€™s undeniable â€“ but one of the biggest drawbacks is its cost.
This type of home warrants you ownership of a unit or a portion of a common property that is shared with other unit owners. Sectional title properties include flats as well as units in cluster homes and complexes. In comparison, this option may be less costly than a freehold propertyâ€Ś but, since the building is of a common nature, changes to your own unit have to follow the standards as set by the entire body corporate.
This kind of property is owned and managed by a company. Shared block properties include small blocks of flats and apartment type of houses. When an individual makes a buy, he does not purchase the building itself but rather a share in the company that owns itâ€Ś which, in return, entitles him to an ownership of that property.
This type of property could not, technically speaking, be called a purchase as the asset will never entirely be yours. A 99 year lease property involves securing the housing only for a specific period of time. This kind of building is usually owned by the government and is typically situated in protected and/or historic areas.
When all is said and done, the type of home to purchase is not your only concern. There are actually plenty of criteria to factor in when buying your first home or buying a house in general. Here are some of them for the record:
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You have to ask yourself where exactly you want to live You must decide on the specific features you cannot live without You should assess your plans in 7 to 10 years’ time as your priorities and living requirements may change, such as the arrival of children Finally, you must consider just how much you can afford
A home purchase should involve thorough and long term planning. Assess your finances carefully and evaluate all available options you can take advantage of. If your first purchase is duly planned and your decision is well informed, you will be making the right choice. So, start today with the tips we just shared with you and get on your way to ownership.
Buying your first home can be a very important decision for most first-time homebuyers. Read this helpful web guide to get a better understa...