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 Find perfect neighbourhood before buying a house, bank advises

Find perfect neighbourhood before buying a house, bank advises

South Africa’s First National Bank (FNB) has urged home buyers to find the perfect neighbourhood first, before they even start looking for a house.

“It is pointless rushing into buying the perfect home within your affordability range if you find that the area is entirely unsuitable to your lifestyle,” Abel Mngadi, FNB Housing Finance head of New Business and Sales, said today in a statement.

This is one of the non-negotiable factors buyers should be strict with, the bank said, adding that people should ensure that the area fits all their needs.

“Buyers should look at access to the public transport system, be it bus or taxi. Another key consideration is safety in the area. Proximity to important local amenities, your work or your children’s schools as well as the potential for growth in the value of your home in the area are all important,” Mngadi explained.

FNB, a division of First Rand Bank Limited, also called on people to narrow their search to selected areas.

“It is pointless searching an entire city, as it will ultimately be frustrating and as waste of time, as there may be many houses that suit your affordability levels within a very wide range,” Mngadi pointed out.

“Decide on a few areas that you are comfortable with that meet most of your biggest needs. Then stick to those areas.”

Doing a lot of research also helps find the right place.

Safety is always an important aspect and it is worth a trip to the local police station to enquire about crime in that particular area.

“Residents associations are also a very good source of information,” says Mngadi.
“Many neighbourhoods have residents’ associations which will be able to tell you the latest crime incidents in the areas, and any planned building or developments.”

Photo: A luxury home in Cape Town, South Africa. Credit: Luxuryportfolio.com

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