PURCHASING YOUR DREAM HOME.
WHAT YOU SHOULD KNOW WHEN PREPARING TO BUY A PROPERTY.
“All of our dreams can come true, if we have the courage to pursue them.” Walter E Disney.
Walking into a property after searching on the web and having been taken out to view your choice of selected properties with your estate agent, you experience a sudden emotion that you have fallen in love. You just KNOW that this is the property where you want to put down your roots and the place where you want to create that special and happy memories for yourself and all your loved ones……….
That was the easy part of purchasing your new property.
TEN THINGS TO CONSIDER WHEN MAKING AN OFFER TO PURCHASE:
1. “Understanding the market as it is at present should play an important role when determining the value of the offer that will be presented to the seller. Establishing whether it is a buyer’s or seller’s market is key,” says Ridchard Gray, CEO of Harcourts Real Estate South Africa. In a buyer’s market sellers will be more open to offers as there are fewer buyers, less competition and properties may stay on the market for longer periods of time. During a seller’s market the buyer may not be able to get away with lower offers as the seller will be in the position to select the most attractive and lucrative offer from more buyers.
2. Find out the reason why the seller wants to sell. Should the reasons to sell be as a result of negative qualities or aspects of the property, you should take that into consideration when making that offer. This information may not be easy to find as the seller and listing agent may not want to disclose such reasons behind the sale. Make wider enquiries and talk to more people living in the area.
3. Find out about the history of the property. How long has it been on the market? Has the listing expired and was the property then re-listed? In that case the seller may be more open to an offer.
4. How long has the current owner owned the property? If the property has been in ownership for a long period the initial price the owner paid for it is of little significance, but if the property has recently been purchased, the original price paid would be very significant when making that offer. The seller may not be open to negotiating a lower price.
5. Has the property been remodelled and improved? Find out if such improvements have been made according to approved standards and municipal regulations. It may be a very good idea to ask for a professional inspector to ‘check out’ the property before you make your offer.
6. Ask your agent for a current trend report and compare prices of similar homes on the market and similar properties recently sold. This will give you a good indication of what the property’s worth should be.
7. Take your time. Read the contract and make sure that you understand every clause. Your agent should be able to assist you in clarifying all questions you may have. All the agents of Harcourts Dolphin Coast have been trained to assist you with this important aspect of making an offer to purchase.
8. When buying a sectional title property ask to view the financials of the Body Corporate as well as the rules and regulations. Once you have bought the property you will be obliged to abide by their rules. Find out what your monthly levies, rates and other costs will be and if it will fall into your budget. It is also important to know that good financial management is in place.
9. Find out what additional cost will be required other than the purchase price, such as transfer duty and legal costs. You do not want any unpleasant surprises afterwards.
10. Take a deep breath after you have checked out all of the above, and “ Just Do It “ – alla Richard Branson. You may regret not making that offer later on.
Team Harcourts Dolphin Coast wishes you a Blessed and Happy Christmas and a wonderful festive season with your family and loved ones.
May God give you more and more mercy, peace, and love. Jude 2 NLT
Visit us at 11 Jack Powell Road, Ballito ( Behind the Boulevard Centre near the main beach in Ballito.)
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