select
|

Avoid Property Buyer's Remorse

The process of purchasing a property can be an anxiety-ridden one for buyers. But there are times when the usual concerns of such a big commitment can turn to genuine buyer’s remorse. Buyers should do their research upfront to avoid this unfortunate outcome.

“Buying a property is probably the biggest financial commitment that any person will get into in their lifetime,” says ooba elite club consultant Ute Kock. The ooba elite club recognises top performing sales consultants at ooba and, based on her wealth of experience, Kock is emphatic about the importance of being confident about one’s decision before making an offer to purchase.

Because buying a new home is a process involving research and compromise, it’s often not as simple as just identifying an area, and finding a home that matches your needs. “With all the variables involved, people can end up settling for a property or talking themselves into one that isn’t right. Because of the extent of the commitment, it’s important to be as sure as possible before you make an offer,” Kock says.

She suggests taking the following steps to make sure you’ve found the home that’s right for you:

Get prequalified

The biggest question around what property you will buy is usually what property you can afford. If you approach ooba for a prequalification certificate, your finances will be assessed and your credit record will be checked. You will then be told what value of property you can afford, and the likelihood of the banks approving your home loan.

“It’s also a good idea to save up for a deposit and start putting aside an amount of money equivalent to what your future bond repayments might be, so that you are in the habit of making those repayments before you’ve even started,” Kock says.

Research your areas

You might have a few suburbs in mind in which you’d like to house hunt, but you may realise that you can’t afford a suitable property in that area.

“As soon as you start looking in a more affordable area, it’s vital that you do your research properly,” says Kock. “Travel the traffic routes in rush hour, visit the local shopping areas and restaurants, consider how far you will end up living from friends, family, schools and your workplace, and make sure that none of that is too great a compromise.”

Consider your lifestyle

Make sure that your new home meets the basic requirements of your lifestyle. If you can’t imagine living without a pet, buy into a pet-friendly complex or free-standing house. Conversely, if you travel a lot, then don’t buy a house with a garden and a pool that require a lot of upkeep.

“At the same time, it’s important to acknowledge that a house is a long-term commitment, so you should also take into account what your needs might be five years from now: Will you have children? Where will they be at school? Will you have moved jobs?” suggests Kock.

Listen to the little voice in the back of your mind

Home buyers can sometimes so desperately want a property to be right for them that they will convince themselves that it is. If you have any nagging doubts, explore them and have an answer that satisfies you.

“It is very important to be realistic about the kind of person that you are,” says Kock. “If you buy a fixer-upper, but you’re never going to have the time or the money to put in the work, then rather look for a smaller, better-maintained home. And if something just doesn’t feel right, listen to your gut.”

Get the experts in

When you do find a home that you like, call in a builder, electrician and plumber to inspect it so that you can be confident of the integrity of the structure and services before you offer. Although a seller shouldn’t conceal any existing faults – for instance by covering up rising damp – the offer to purchase states that the house is taken as it stands, so the onus is on the buyer to make sure it’s ship-shape.

“If any of your specialists uncover any problems, this doesn’t mean that you shouldn’t buy the property,” says Kock. “It simply puts you in a more powerful position to negotiate. Knowledge is power.”

She concludes: “Your goal shouldn’t be to get yourself settled in any property. It should be to find the perfect property for you, your lifestyle and your future. These tips should help you to be confident that you’ve found the one.” 


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Nov 2017
      As the holiday season approaches, most of us are counting the days until that year-end bonus hits our account. There’s nothing quite like a little bank balance booster to get us in the holiday spirit.
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 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
        
    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