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What to consider when applying for a home loan

type of home to consider
What to consider when applying for a home loan

There are a number of factors to consider when you are thinking of buying your first home.

These factors include:

Type of home

This is probably one of the first decisions you will need to make. What type of house would you like to buy? Consider immediate and medium-term needs. Although a mansion might not be possible for your first time buy, you need to ensure that your first home does meet your requirements.

You might also decide that you would prefer to buy land and have your home built. This allows you to build a home exactly to your requirements and preference. What you decide on, will determine the course of action that would need to be taken.

Housing needs

You need to decide what the housing needs are for you and your family – or in fact, future family. Location is something that is an important factor as ideally, you would like to be situated centrally as not to complicate you everyday life. At the very least, your home of choice should be as close as possible to shops, schools and your work, for example. The area or neighbourhood is also important as it will affect the value of your home. The idea is to be able to have your investment grow and not to buy a stagnant property in terms of growth.

Start looking

Once you have established some of the above factors, you will be able to start house hunting; you are now able to look within specific areas and more specific property types.

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