select
|

Prepare before you purchase

It is important for first time buyers who are thinking of taking the initial steps towards purchasing a property to consider a few vital aspects and prepare themselves, before deciding whether they are ready to move forward with their homeownership aspirations, says Dieter Harck, Broker/Owner of RE/MAX One Hundred, which services the northern most Sandton and Randburg suburbs.
 
He notes that before making any decisions, it is always worthwhile speaking to a real estate agent and getting their advice regarding the factors that are currently influencing the property market. “Speaking to an agent does not cost anything and can help to steer buyers in the right direction. An informal chat with a reputable agency and agent will inform buyers and help them to understand how the property market works in a particular area,” says Harck.
 
Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, says first-time buyers should avoid making a rash decision without considering all the consequences, but rather make the best decision possible by obtaining all the information on the property and purchasing process that they can. “Due to the long-term nature of property investments, buyers will need to evaluate the decision in terms of their life plans, which include their financial situation both currently and in the years to come,” advises Goslett.
 
According to Harck one of the most common mistakes that potential buyers make is not knowing or understanding their financial capacity. “Once the buyer has spoken to an agent, it is a good idea for them to approach a bank or bond origination company such as Betterlife Home Loans, which can assist them in establishing their borrowing capacity and the price range of a home they can afford,” says Harck. “It is important that the buyer shares all of their relevant financial information with their real estate agent so that the agent can narrow down their search and find the right home that meets both the buyer’s needs and financial capacity.”
 
Harck points out that a buyer is not just choosing a home, but also the area in which they want to live. “Location is very important when looking to purchase a property as it affects the home’s appreciation potential. This is important  as the buyer will likely spend a long time in the area before they resell the property, so they must be sure that they like the area and that it is one in which they want to live. Buyers should research the suburbs where market prices reflect their borrowing capacity and which are closest to important infrastructural facilities such as crèches, schools, church, work, recreational and lifestyle amenities,” says Harck
 
He adds that to avoid confusion and assist in streamlining the property search process, a buyer should create a record of properties viewed and the pricing of developments over time for a better understanding of the market and pricing. “Keeping a record will help the buyer to determine whether they are looking at a home that is fairly priced or not. It may not be easy for a buyer to remember every property off the top of their head, so a record of some kind will ensure that they have an accurate idea of what they have seen,” explains Harck.
He concludes by saying that a buyer should only commit to an offer when the property ‘speaks’ to them. “Only commit to purchasing a home when it answers your basic must-have criteria and you love it.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    • 16 Jan 2018
      The start of the new year is symbolic of new beginnings. A good time to take stock of one’s possessions as well as how necessary they actually are. However, seeing as the process may appear daunting – a plan goes a long way.
    • 16 Jan 2018
      The Western Cape is still in the throes of a severe drought and many households have to adjust the way they use and save water. It is a little more complicated in sectional title schemes, however, as it is not that easy to implement grey water systems for multiple users and it is also difficult to monitor water usage accurately if there are no separate water meters
    • 15 Jan 2018
      In ideal rental situations, when a lease is signed the tenant will stay for the full duration of his lease without any complications and the landlord will uphold his obligations, creating a win-win situation for tenant and landlord.
    • 15 Jan 2018
      The Atlantic Seaboard’s housing market has stoically withstood the brunt of the growing economic and political instability, consistently achieving double digit growth way above the national average, however, in 2017 South Africa’s most resilient market finally began to yield to the pressure.
    • 15 Jan 2018
      Sectional title insurance can be a little confusing and, as a new owner, you may be tempted to just assume your body corporate has you covered. While this may be the case, understanding the extent of your coverage and your personal liability is the only guaranteed way to protect yourself against potentially costly oversights.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK