Things to consider when planning to purchase a home

FINANCING YOUR HOME

This is the most important decision of all; you have to be able to afford it. How much of a deposit would you have to pay? How much can you afford to borrow? You can explore various loan options, based on interest rates being offered and the tenures available for the repayment of the loan.

It is ideal to implement investment plans to help you in achieving your goal of home ownership. That way, you would have given yourself a head start where financing your home is concerned.

Besides financing, there are many things to consider when you decide to buy a house. You then must decide which part of town you would like to live? Think about the distance between home and school (if you have kids), or home and work. Do you want to live in a central area, or out of the town? Maybe you'll prefer to be close to stores and public transport, or even medical and social facilities.

You will also need to decide if it suits you better to purchase an existing house, or purchase land to build one. Naturally, this largely depends on what you can afford and the time that you have to dedicate to either process.

Seek reputable financial institutions to discuss your loan options to determine which one you're most comfortable with. Do this as early as possible, before you start the ball rolling on buying your home.

As always, there are many investment options available at various financial institutions, so feel free to liaise with your investment adviser to discuss the options that would best suit your goals and your needs.

Published: Sunday Gleaner | November 6, 2005