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
    • 22 Feb 2018
      An excellent credit score is one of the most priceless assets a potential home buyer can have. This tool has the power to secure favorable mortgage and refinancing rate, influencing everything from the size of the loan repayment to the interest rate on the home loan.
    • 22 Feb 2018
      What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria?
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
    • 21 Feb 2018
      These days most buyers are using online property portals like Private Property when house hunting due to the convenience, up to date information and variety on offer. “The property portals have revolutionised the way buyers shop, but they do need to be cautious – viewing photos online is no replacement for viewing the property in person,” says Bruce Swain, CEO of Leapfrog Property Group.
    • 20 Feb 2018
      Owning a home is a milestone that most South Africans aspire to. Becoming a homeowner is a step towards growing personal wealth and owning an asset that appreciates in value over time, provided of course that the correct principles are applied during the buying stage of the process, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Feb 2018
      The suburb of Greenstone in Johannesburg east came to be over the last two decades. “In the beginning, it was literally just a hill with not so much as a shopping centre,” says Michael Levy, Property Consultant at Jawitz Properties Bedfordview. Today it has plenty shopping facilities and is fully built, boasting high-density, upmarket housing and residential estates, though still has a few pockets poised for commercial development.
        
    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