How to pick the right house
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Don’t lose your home, because
home is where the heart is
4. Zoning: Local laws set lim8. Size: Square footage is imits on the number and size of
portant, but so are the relative
housing units that can be built
sizes of the various rooms and
on residential lots. That means
the use of space throughout the
some areas may be open to
house. A staircase, multiple hallmansion-sized homes or higher- ways or odd alcoves could make
Shopping for a home can be a
large house seem a shortfall
outstandingabalance if there issmaller than after
lotRepaying your bond – many the most
of fun, especially when one of density housing (e.g., duplexes
the sale,” warns Slabbert. “This means that not
important financial commitments apartment buildings) while
to make
or
its square footage. Check out
attractive homes are on the
only have the closets, too.
Your home is one of make an
the biggest assets you restrictions that you lost your asset and your home,
other may have
market. But before you
but you still owe the remaining balance to the
will ever own in your lifetime and one that can
offer on the one that’s captured prohibit such uses.
bank.”
create long-term wealth, if handled properly.
9. Floor Plan: Some houses have
your affections,your bond repayments will not only
consider these
There are a few ways to ensure that you protect
Not fulfilling
5. Lot: A house that’s next to
an efficient and pleasing arcriteria:
your biggest asset.
jeopardise this important asset, but can also
a shopping mall, school,“Budgetingrangement of rooms while othpark,
is imperative; your bond is one of
have an adverse affect on your entire financial
transit stop or other non-resi- payments that need to be made in the
ers have odd configurations that
1.life, including your credit record.
Price: Just because you can
the first
dential use way
not be
may seem maze-like or dictate
“Purchasing and owning
buy a more expensive housea home is a goodmay or maymonth,” says Slabbert. “One of the ways in
desirable, depending on your to make sure thattraffic patterns. A
inconvenient you are not tempted
which
to build wealth;necessarilyhome owners need
however,
doesn’t mean you
to corner two-story to use a salary deduction.
to makeso. The more money
every provision possible to repay A home on a miss a payment is house can offer more
preferences.
should do
their bonds, even when faced withmight be larger and Another way is a space for those who don’t
lot financial
more
living debit order as soon as your
you spend on mortgage paysalary comes in; the extra exertion every the
difficulties,” says Thomas Slabbert, Head of FNB
private than neighboring homes, mind this saves you time at
ments, property taxes, hombank,
Home Loans. Defaulting on your home loan cansubject to and by co