The current sluggish performance in South Africa’s residential property price increase offers potential home buyers with the optimum opportunity to get a foot on the property ladder.
Yet, in order to take benefit from this opportunity, consumers should empower themselves with info to guide them on how to make the best attainable investment decision.
As stated, as the economic situation recovers, property price ranges remain reasonable and the effect of reduced interest rates is felt, certainty will return to bricks and mortar investments. Although buying a home is essential to wealth creation, it is one of the primary purchases most people are likely to render and they should be knowledgeable when making this decision.
Provided the following useful tips to guide consumers navigate the property market efficiently:
- Location, location, location
It is frequently said that there are simply three things to consider when choosing property – location, location and also location. Property should be an investment that should continue to grow in value in the future. Always research an area in detail and consider the following when buying property:
– Always look at the surrounding areas – what kind of infrastructure exists, how good or bad is the security and safety of the area?
– Make certain you are comfortable with the commute to work in addition to the distance and time that you will spend on the road every day.
– Try to buy property in a good institution district. This advice can be applied even if you don’t have school-age kids. When it is time to sell, powerful school districts are usually a top priority for most home buyers, thus aiding to enhance property values.
– Always be on the lookout for facilities that may create unwanted noise or perhaps disturbances in the area.
If the desired area is too pricey, give consideration to buying in an adjoining area. Purchasing a home that requires some work is another choice as this can be achieved over time.
- Budget
Prior to starting to look at properties, calculate how much you can afford. Experienced originators may, free of charge, guide you through the mass of formalities and the requirements of the National Credit Act to decide what to budget for. In addition, the company may advise you on getting a pre-approved home loan, to be able to ascertain exactly what you really can afford before starting the hunt.
- Observe what’s available
Potential customers should start their search on the internet. Property websites that list nationwide properties on the market, will prove to be very beneficial. Information with regards to cost, the suburb, photos and variety of bedrooms and bathrooms is going to be available on these sites.
Additionally it is worth looking through the local newspapers for the hottest listings in your chosen area.
An excellent estate agent can gain access to invaluable market information before the public, understanding the homes just on the market also comparable prices. Working with a great agent will make the lookup process much easier.
- Deciding on a mortgage
Although banks have lately eased their lending considerations and will consider 100% home loans, a deposit boosts your chances of your home loan becoming approved at a favourable rate.
This is when originators are invaluable, as they can approach multiple lenders, ensuring a higher likelihood of approval, as well as securing competitive terms. Their mission is to shop your application around at all loan providers in order for the banks to contend for your business, thereby solidifying the best deal possible.
- Structural aspects of a house
Always think about the following structural aspects before buying a house:
– Patent Deficiencies: These are flaws that is going to be clearly visible on an inspection of a property. They contain wall cracks, sagging gutters, damaged windows, missing tiles and the like. It is usually a buyer’s duty to acquaint their selves with the general overall condition of the property.
– Cracks in the walls: Almost all homes do have a few light plaster cracks, which are not cause for issue. But, large cracks in the walls must be analysed as these could be structural cracks ( heavy cracks that appear on both sides of a wall ), which may impair the solidity of the wall structure and might be a sign of foundation problem or severe structural problems. Fixing these structural cracks could be expensive, so ensure that you recognize these upon purchase.
– Water pressure and also geyser condition: Upon inspection, you must also turn on the taps to examine the water pressure and try to ask the agent to find out how worn out the geyser is. If it is an old geyser, be certain that it is covered by an insurance policy. Whilst inspecting the house, also verify that all toilets flush properly and the base is free of any leaks.
– Authorized plans for all modifications: It is imperative that you seek advice from the local municipality on whether or not the whole buildings on the property you plan to invest in are authorized and fall within building lines. In case you establish post purchasing the property that guaranteed illegal alterations were carried out, you are going to be liable to rectify these changes. This will include the charges of applying to the municipality for authorization of the plans and if the structure no longer conform to municipal regulations, could possibly result in the illegal structure being demolished.
- Making a proposal
Ensure that you perform adequate research on the prices of newest sales in the area as well as current property market conditions prior to making an offer. Buyers may also gauge how fair an asking price is by inquiring an estate agent or by buying a property valuation report.
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