select
|

Before you Buy - have the property checked

Buying a home is a big decision and sometimes you may be buying more than you bargained for if there are defects on the property that you’re not aware of.

While the Consumer Protection Act can protect buyers when purchasing a home, it’s still a grey area with very little case law behind it. “When you find a property you want to buy, your best course of action is to have it inspected by professionals,” says Francois Venter, Director of Jawitz Properties. “This way, you can find out if there are any problems beforehand and perhaps protect yourself against costly repairs down the line.”

To avoid nasty surprises after you move in, have independent inspections done before you put in an offer. “You need to go to qualified professionals for these inspections. As an example, for a structural inspection, consult a structural engineer. For an electrical inspection, only go to a compliant electrician who is registered with a formal body, such as the City of Cape Town.”

Venter advises buyers to be aware of companies that offer all of these services under one roof. “These are very specialised services and must be governed correctly. If you don’t consult an expert, the report that they give you will be worth less than the paper it’s written on.”

If you have found a property where the owner lives overseas and is unable to do a thorough inspection and therefore can’t disclose if there are any defects because he has not seen the property, it will really fall on you to be smart and have the property thoroughly checked. “If necessary, you can amend your offer on the property accordingly.”

As a seller, you too can make use of professional inspections.

Before you put your home on the market, have professionals come in to have a look if there are any defects you’re unaware of. It may mean fewer complications down the road, such as if a buyer comes in and discovers defects you weren’t aware of, which could mean losing the sale.

“You may think that admitting to defects on the property could mean putting off a prospective buyer, or that you’ll have to spend a lot of money to fix the problem before a buyer is prepared to make an offer, but some buyers may be open to negotiating, although it may mean having to accept a lower offer for your property,” concludes Venter.


  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