06 Aug Important questions to ask before purchasing a property
Buying a property is a step by step process and one that may require some time before all final decisions are made. As a means of ensuring that you as the buyer are adequately prepared, ask yourself some important questions which could be invaluable in your process.
CEO of Greeff Christie’s International Real Estate, Mike Greeff suggests considering the following questions before making an offer to purchase:
1. Am I financially able to purchase a property?
Before entering the property market, being financially secure is a must. Purchasing a property involves several costs aside from just the selling price of the home. These costs include transfer duty costs, conveyancing fees, bond initiation fees, bond registration costs and deeds office costs. It is a must therefore to be in a stable financial position before the purchase.
2. Am I working with a trusted and experienced professional?
Your estate agent of choice will be someone whose expertise and profession you rely on most during the search for a new home. Your estate agent will be aware of the type of home you are searching for and how much you are prepared to pay. They will then put their skills on display by presenting you with potential homes to view.
3. What’s included in the sale?
When purchasing a property, it pays to know what’s included in the sale. Be it any kind of furniture or removable fittings, you would need to ascertain from the start what stays in the home and what goes, thus avoiding any unwanted surprises.
4. What is the age of the property? Have there been any renovations?
If a property has been around for several years, it may be worthwhile looking into determining exact dates of erection and renovations. This will be useful in determining the age of several key features of the home such as the piping, water and electrical systems and wiring systems. Additionally, if there have been renovations, as the new owner you are likely to benefit for many years as the property will appreciate in time. In this case, it is necessary to enquire about whether there has been major work done and if so, there would need to be copies readily available for reference.
5. Which area will offer the best value for money in terms of my purchase?
Buying a property also means buying into a neighbourhood. Therefore, it is best to conduct a thorough check on what the neighbourhood is like in terms of safety, security and which amenities the neighbourhood has nearby. Are there any good schools in the area? What is the proximity from work to home? Are shopping centres, gyms and doctors all catered for? Answering those questions are a sure-fire way to getting one step closer to the purchase of your dream property.
6. Which area will have the best return on investment in the long term?
Finding an area that will offer good returns years down the line is always something that will be a great benefit to both you and your family in the long run. Select an area where property values are known to appreciate and where property always remains sought-after, even despite challenging economic periods.
Answering these questions will not only make your road to purchasing a property smoother but it will also be key in narrowing down the list of prospective properties ideally suited to you.