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Buying? 5 essential questions to ask before committing to a home

Category General News

It’s a familiar scenario, especially for first-time home buyers: you’re so delighted to have found a property in your budget range, in the area of your choice, and that you actually like, that you forget about everything else. Signing the offer to purchase is the only concern (because what if somebody else beats you to it?) that you don’t ask the questions about the things that can cause problems later on.

Buying a property is often emotional, but it is crucial to ask a trusted property advisor, as well as the current owners, some pertinent questions about the condition of the property, the growth potential of the area, and even about the lifestyle of the neighbours, says Sofianos.

“When it comes to property problems, forewarned is forearmed,” says Belinda Sofianos, Principal at Leapfrog Property Johannesburg South/Alberton.

Buying a property is often emotional, but it is crucial to ask a trusted property advisor, as well as the current owners, some pertinent questions about the condition of the property, the growth potential of the area, and even about the lifestyle of the neighbours, Sofianos adds.

1. Affordability

Yes, the bank or the financial institution granting you the home loan to buy the property will do a thorough assessment of your ability to meet the monthly repayments of the loan, but there are other costs to buying a property that should be carefully considered.

“Expenses like municipal rates and taxes, and levies in the case of a property in an estate or complex, are monthly costs that should be budgeted for,” Sofianos explains.

Furthermore, the approximate cost of regular maintenance must also be taken into account.

“A property with a big garden, large swimming pool and wooden window frames needs far more upkeep than an apartment with a small balcony and aluminium door and window frames,” Sofianos cautions.

“While it’s difficult to estimate exactly what the monthly maintenance costs would be, a trusted property advisor could certainly guide you in terms of a general amount that you can expect to have to put towards maintenance and upkeep.”

2. Renovations and refurbishments

Renovations and refurbishments are an extension of regular maintenance.

“High-volume spaces like kitchens and bathrooms generally need to be spruced up and renovated every 15 years or so, just as a result of general wear and tear,” says Sofianos.

“Find out from the seller when last such improvements have been done as this offers another clue as to how much money would need to be spent on the property in the foreseeable future.”

This extends to any structural improvements or updates to the finishes of the property. The better the property has been maintained, the less the buyer has to budget for renovations, refurbishments and general maintenance.

3. History of ownership

The respective periods of ownership offers useful clues about the appeal of a property.

“A home that changes hands every two years likely does so for a reason, and it would be useful to find out what that reason is,” Sofianos advises.

“It could be that the property is on a road that gets the school-run traffic that causes the driveway to be all but blocked in the mornings and afternoons, or there could be hidden structural issues that require extensive maintenance, or it could even be that the neighbours are simply awful.”

On the other hand, a property that has been in the hands of the same owners for decades could mean that they really enjoyed the area and the amenities, and that they have spent money upgrading and renovating the property to be very comfortable.

“Enquire discreetly and with curiosity, rather than animosity, and the seller is likely to share the details with you,” Sofianos advises, based on her experience in this regard.

4. Area appeal

When it comes to residential property, the area and community in which a home is located is almost as significant as the property itself.

“Do some research into the area before you set your heart on a property. Consider things like your lifestyle, the schools and facilities in the area, the demographics and the proximity to major routes and highways,” suggests Sofianos.

5. Growth potential

Do some research about the growth potential of your property in the specific area.

“Again, this is something a trusted property advisor can assist you with as they are able to draw on a large body of research, as well as look at industry trends, to make some predictions around this,” Sofianos says.

A property is a huge investment, one that you want to see growth with, so it’s important to do the homework to ensure you don’t buy in an area of decline, unrest or minimal appeal.

Lastly

Like the good teachers used to say at school, Sofianos says there is no such thing as a silly question. The same is true when it comes to buying property. Rather ask the questions, trivial as they may seem, than pay a large price for it later.

Author: Property24

Submitted 05 Oct 18 / Views 1274

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