The questions to ask when you're thinking of buying a property
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Buying a property is one of the biggest decisions you'll make in your lifetime, and it would be strange if you didn't have lots of questions. Before you sign on the dotted line, make sure you ask the real estate professional that you are working with to answer all those questions that have been on your mind. From the simple questions like "will this home still be big enough as my family grows?" to the more technical "what are the ramifications of the alterations that have been carried out?", there's lots to think about. Here are some of the key questions you should be asking:
Questions about affordability and finance
The first question to ask is whether or not you can afford the property that has caught your eye. By getting preapproved for a bond and trusting a bond originator to get you the best possible deal, you'll soon know what is in your price bracket. Another great thing to find out upfront is whether or not the seller is negotiable on the price. In some cases, if a seller has put a property on the market for R2 000 000, he or she will most likely look at lower offers, but in other cases, this negotiation will not be possible. It's also worth asking how long the property has been on the market - because the longer it has been on the market, the more likely it is that there will be some flexibility with regard to the price.
On the topic of finance, you'll need to do some online research about property values in the area. The real estate agent who you are working with should be able to answer questions about how property values in the area have performed in recent years. They will also be able to fill you in on how the asking price of the property you're interested in was determined.
Questions about the property
Even if the property looks like a dream come true, there are still questions to be asked about the history of the home and what it has to offer. A great question to start with is how long the current owners have had the property. If it has changed hands recently, you'll need to ask more questions to find out why it doesn't seem to have been a keeper. Other important questions to ask may include how old the property is and how many square metres the house and land occupy as well as what work has been carried out over the years. If any major work has been done, it's important to make sure that the municipal plans are in order.
Another imperative question to ask is whether a free-standing property or a sectional title unit suits your needs best. If you are considering buying a unit in a sectional title scheme, you should ask how many parking spaces the unit has, whether the body corporate is well run, and whether you can see a copy of the latest financial statements. It's also worth asking for a list of body corporate rules - or the rules of the homeowners' association if applicable. Lastly, you'll want to know what the rules about pets are.
Questions about the neighbourhood
While you should do your own independent research on the area that you are considering calling home, it's also worth asking the real estate agent you are working with about the neighbourhood. Pertinent things to find out include whether or not there is a neighbourhood watch or local WhatsApp group and whether or not it is a quiet neighbourhood. Many real estate professionals will be based in the area and may therefore be able to recommend the best local schools, shopping centres and restaurants - while also sharing some of the area's other best-kept secrets.
In any real estate transaction, the most important thing about questions is to not be afraid to ask them. Your Jawitz #RealPartner is a local area expert, and they will be only too pleased to share their knowledge of both the real estate industry and the specific property that you may soon be calling home. Contact us today for the answers to all your real estate questions.
Author: Jawitz Properties
