select
|

Breaking through ‘buyer’s block’

Finding that “dream home” within your budget is always a challenge and, because it is one of the most important financial decisions most consumers will ever make, it is worth putting lots of time and effort into the search.
 
But searching too long could lead to “buyer’s block”, says Shaun Rademeyer, CEO of BetterLife Home Loans, SA’s biggest mortgage originator. “This refers to a homebuyer – especially a first-time buyer - who simply cannot decide on any property they view because they have been overwhelmed at the thought of such a large purchase or such a long-term payment commitment.
 
“And the state of indecision and confusion these potential buyers face is generally not helped by any amount of advice from friends, relatives or colleagues, no matter how well-meant it is. They need to un-freeze themselves.”
 
Indeed, the best solution for those who find themselves with buyer’s block, he says, is to “go back to basics”, starting with a really honest look at what they can comfortably afford, and how much they are willing to pay.
 
“Then they should make a list of the features they regard as absolute must-haves in a home (as opposed to nice-to-haves) and do some research to identify a few areas in which they would prefer to live.
 
“Then finally it is very important that they put a time-limit on their mission to go out and find the right home.”
 
Once they have done this, Rademeyer says, they many want to go back over the details of the homes they have already seen and compare them to the budgets and wish lists they have made. One or two may actually be very good matches.
 
“But if that isn’t the case, they should just restart their search, armed with their lists and the help of reputable estate agents in the areas that interest them.
 
“They should only consider homes that are within their price range and have all their essential requirements, see as many of these as they can within the time-frame they have set themselves, and then pick one that they like and that they think provides good value for money.”
 
He says those new to the property market should know that purchasing a home that they can afford, in the best area they can find, will prove to be a good investment over time. “Home price increases vary from year-to-year but in the long-term they move steadily upwards. 
 
“So buyers new to the market also need to hold on to the idea of buying their own property and starting to build their own wealth as soon as possible, and avoid an overly-lengthy search for a “bargain” or a “perfect” home while they carry on paying rent to someone else.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 25 May 2018
      Reliable public transport systems moving a mass of commuters to and from work, keep a city’s economy moving. Not only do they have a positive impact on economic growth, successful rail links also influence property values.
    • 25 May 2018
      The live, play and visit environment that Centurion Residential Estate & Country Club offers continues to attract buyers looking for a very specific lifestyle and ambiance.
    • 25 May 2018
      As expected, the Monetary Policy Committee kept the repo rate stable, with analysts and market commentators ahead of yesterday's announcement (24 May 2018) pointing to a more hawkish stance amid a weaker rand, somewhat less stable global environment, and an eye on the inflation outlook – coupled with the increase in VAT and sizeable hike in the price of fue
    • 24 May 2018
      Most real estate professionals agree that 2017 was one the toughest years to date; an eminently challenging 12 months that subdued even the strongest markets - including the country’s economic powerhouse of Sandton.
    • 24 May 2018
      These are uncertain and challenging times for the real estate industry, but the non-profit organisation Rebosa is fighting for their interests and finding pragmatic solutions to industry issues such as the urgent need to fast-track transformation says Richard Gray, Rebosa chairman.
    • 24 May 2018
      The decision to invest in property isn’t one that’s taken lightly, or dealt with flippantly. The same should ring true when deciding on an estate agent partner to handle the letting out of your property.
    • 23 May 2018
      Homeowners who are thinking of selling and “trading up” to a bigger or a better home had better be quick now if they want to get the best deal.
    • 23 May 2018
      The new Loftus Park development in Arcadia is really going to boost the demand for homes and rental accommodation close by and the neighbouring suburb of Sunnyside, says Gerhard Kotzé, MD of estate agency group RealNet Holdings.
        
    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