For many buyers proximity, price and security have become the biggest factors when choosing a home to buy that they have missed some red flags that should make them think twice before signing on the dotted line.
Bad roads, bad rules, and bad vibes
In the hopes of finding a home that not only fits their wallet but also has security and is close to work and school has led to many buyers ignoring warning signs that could have a very negative effect on the value of their investment.
These include negative environmental factors, the local infrastructure that is not in great shape, and sometimes, rules made by a body corporate or home owners’ association (HOA) that won’t suit their personal lifestyle.
In order to avoid these problems, buyers need to look beyond the property and look at the surrounding neighbourhood, the maintenance of the homes in a sectional title complex, and read all the rules supplied by the HOA or body corporate - doing the research is vital
Driving around the neighbourhood take a look at the maintenance of the local infrastructure - are there more potholes than road, does the stormwater drains look like they are crumbling or is the grass along the roads unruly? These can all point to a lack of interest from the local government that could drive home prices down.
In addition, you want to avoid areas with unusually large amounts of air pollution from nearby factories or power plants, or close to landfill sites or dangerous installations like fuel and chemical storage dumps.
How noisy is the area you are considering? Visit at various times of the day and on different days of the week. In recent years, many reports of illegal churches popping up in suburban homes and causing noise and parking problems for their neighbours have been filed, and you also need to look out for local cafés and restaurants that can become noisy at night, as well as weekday traffic patterns.
And then of course there are the neighbours with the dogs that bark all day while they are at work, or a fondness for loud parties, leaf blowers and power tools. You will most likely only learn about these individuals when you visit the area unannounced.
If you are thinking of a sectional title block or an estate, you must also be sure to establish what the monthly levies are and what they cover and to read the conduct rules before you commit to a purchase.
The standard conduct rules set out in the Sectional Title Schemes Management Act are often altered in specific complexes to suit the existing residents’ views on pets, parking, swimming pool use, children’s play areas, and so on, but the rewritten provisions may not suit you and in that case, you would do well to look elsewhere.
Similarly, when considering an estate, you should read the rules compiled by the Home Owners’ Association, and make sure you are completely comfortable with any architectural guidelines and any restrictions with regard to rentals, home businesses, and additions like carports, toolsheds, fences, and even satellite dishes.
Found the right home?
There is nothing quite like finding the right home in the right area and we would love to help you turn your dream into a reality. Get the help you need from our team of home loan experts with a prequalification and home loan application!
