select
|

The questions to ask when buying property

| Article by Joel Harris, Branch Manager, Jawitz Properties Bedfordview
 
When it comes to buying property, there are many questions purchasers have that come-up time and time again, as well as some questions that might not come up, but should. If you’re in the market to get in to the property market, you might consider the following questions that need to be asked and answered.  Answering these will make your decision easier and ultimately save you money in the long run – making a good investment from the get go.  

Before getting on the property ladder

• What is the market like?
• What are the growth prospects of the area I am interested in?
• What are the demographics of the area?
• What are the average sales prices in the area?
• What are the average rental prices in the area? (Should you be looking to buy an investment property)
• What does it cost to get assistance from an agent to find a property?
• Should I be pre-qualified before I start looking?
 
These questions are a great start, but won’t necessarily make your decision final. Depending on your objectives and personal circumstances, you should also consider the following;

• Do you work from home, or what would travel time be for you living in your desired area?
• If you have children, are you planning on sending them to the neighbouring schools?
• Do you want to be based closer to work or closer to where you want to spend your leisure time?
• Do you want to live in a gated community, a complex, or freestanding house?
• Are you looking for a fixer upper or a house that is ready to move in?
• What are your parking and storage requirements?
• What amenities are important to have close by?
 
Answers to these questions will narrow down your search.

Once you find the home you want to buy

• Is the seller open to price negotiation?
• What will the transfer and bond costs be?
• Do you have the required cash component available? (Costs for the purchaser include transfer duty, conveyancing fees, posts and petties, and registering a bond if applicable – as well as a bank admin and initiation fee if you get a bond)
• Are there any other costs involved?
• Has the seller signed a disclosure document stating any defects that the property may have?
• How long will it take until I can move in?
• Can I buy this home while I sell my current home?
• Can I inspect the property before I sign?
• Who is responsible for the agent’s commission?
 
These can of course be answered by your agent, who will also assist with negotiating on your behalf, arranging viewings and inspections, and liaising with the seller. Qualified agents are a specialised resource with expert knowledge on all aspects that go into property investment. They will know your area well and will be able to assist in addressing your needs efficiently and effectively.

There are also some other less common considerations that may be worth thinking about before you make the move;

• Are there any planned schools or developments in the area; what will be the impact?
• How do I know if this is actually a good deal?
• How many homes should I look at before I decide which one to buy?
• Can I move in early? (If the property is unoccupied, could I move in for free?)
• Are there renovation or improvement costs to consider down the line?
 


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
        
    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