When buying a home for the first time there are a number of things to consider before going house hunting.

First, you need to decide how much you can afford, and this includes your monthly repayment as well as monthly costs incurred as a home owner, such as rates and insurance, or a monthly home owner’s levy if the property is in a residential development or estate, says Annien Borg, MD for Pam Golding Properties Boland and Overberg regions.

Then there is the cost involved in transferring the property into your name. Do you have cash saved for a deposit, transfer fees, bond costs, legal fees and the cost of moving?

She says it is advisable to consult a reputable agent in the area in which you are looking – someone who knows the area well and has a good reputation and track record. Such an agent will be able to assist you with information about the costs involved in the transfer, and mortgage originators can assist you in determining what home loan you will possibly qualify for. They can do a pre-qualification based on your net income stated, but bear in mind this is not granted until all your information is verified by the lender. If you do go house hunting before you are pre-qualified and find the perfect home, you can make an offer subject to obtaining bond approval.

“A mortgage originator can assist you in obtaining all the documentation needed to apply for a home loan. To be considered a good financial risk by a lender, you need to ensure you have a good credit record and that all your accounts are paid timeously. If your credit record is not perfect, but you have managed to save 10-20 per cent for a deposit, a lender could still see you as a good credit risk. However, you should ensure that whatever your monthly payment is, it is well within your comfort zone,” says Borg.

“When you start looking for a home to buy, in addition to whether you can afford it, give thought to your individual needs or those of your family so that you buy a property that suits your lifestyle. Do your homework on your selected area taking into account security and crime, distance from schools and workplace and access to shopping and medical facilities. Ask the agent about recent sales of property in the area, the average selling price and growth in property values over the past few years. Also find out if there is any future development planned for the area which could influence the price of the property negatively or positively. If you can, speak to people who already live in the area.

“Buying a home is one of the biggest investments you may make in your lifetime, it is well worthwhile to research the area and market before you look for a property, and ensure it is within your price range,” she says.