Private Property chats to Lephoi Mokgatle, Executive Head of Home Loans Digital Nedbank, who shares 3 important tips for first time home buyers.
Marc:
So I'm here with Lephoi, who's the Executive Head of Nedbank Home Loans Digital. And she's given a great talk at the show, and I'd like to find out what kind of advice can you give people that are wanting to come to the show? What can they expect at the Property Buyer's Show in Cape Town?
Lephoi:
So I was amazed. I think I told you guys earlier that I came here this afternoon thinking that I would be the graveyard shift and I'm going to be speaking to five people. There is a lot of interest and a lot of thirst for knowledge and as far as what people need to consider when buying a home for the first time. So I think there's a lot of activity in the Exhibition Hall, and there's lots of people who can give really insightful feedback around some of the things to consider. And I think from a bank's point of view, this is the perfect opportunity for any bank to be involved in this kind of initiative because now we actually can answer the real questions that people are asking. So when you come here, ask lots of questions. Make sure that you are interrogating all those speakers. So give us a hard time. And really kind of immerse yourself in the wealth of information that is available around us so that you have a better way of making informed decisions when buying your home.
Marc:
Awesome, very good! So, what are your top 3 tips for someone looking to buy a home right now?
Lephoi:
So I would say first off, do your research. And use the available online tools that are available on various bank sites, as well as on mortgage originator sites and the state agency sites. Things like calculators, pre-approval, bond indicators, estimators. Those really are going to give you the insights that you need to check how much you qualify for when it comes to a bond.
The second thing I would focus on is knowing what the costs are, all the costs. Up-front costs, like the bank's fee, the attorney fees, everybody gets a cut out of this. Make sure you know what you are liable for.
And then lastly, make sure that you have enough money to cover for any incidental costs that occur after you move in. So when you move in, you're going to find the mistakes. You're going to need the money to make sure that you can fix them. And then, you're also going to need ongoing income to support things like rates and taxes that you might not have paid for before.
