Buying a home is an exciting time as you are purchasing the place in which you and your family will spend the foreseeable future but it’s important to ensure that it’s also a sound investment and the best way to make an informed decision, is to ask the right questions when viewing a potential property.
READ: Tips for selling in a buyer’s market
“It’s not uncommon for emotions to run high when looking for the perfect property to call home, so it's vital to approach the process with a clear and level-headed mindset and to balance enthusiasm with a pragmatic approach,” says Arnold Maritz, Co-Principal of Lew Geffen Sotheby’s International realty in Cape Town’s Southern Suburbs.
“Decisions based largely on emotion often lead to regret and financial strain down the line so asking pertinent questions during a home viewing is not just a formality; it's a strategic approach to home buying.
“The information you gather empowers you to make decisions aligned not only with your preferences, but also your budget, and long-term goals.”
Maritz says that by asking the following questions, buyers will be better able to make an informed decision and a sound investment:
What is the Property's History?
Ask about previous owners, renovations, and any significant events that might have occurred. This insight will provide a better understanding of the property's condition and potential future maintenance needs.
How Long Has the Property Been on the Market?
The duration a property has been on the market can reveal a lot about its desirability and potential issues. If a property has been listed for an extended period, it's worth investigating why. It could be due to pricing, condition, or other factors that might affect your decision.
What Comparable Properties Have Sold Recently in the Area?
Knowing the prices of recently sold properties in the same neighbourhood helps you gauge the property's market value and active price bands in the area. This comparative analysis ensures that you're making a competitive and informed offer based on the current market conditions.
READ: Buy or wait? Why you should buy property in a buyer’s market
Are There Any Planned Developments in the Area?
Inquiring about future developments in the vicinity is vital. Ask about any upcoming projects, infrastructure changes, or zoning plans that might impact the property's value and your living experience.
What's the Neighbourhood Like?
Understanding the neighbourhood is as important as knowing about the property itself. Inquire about the local amenities, schools, safety, and community atmosphere. A home is not just a physical space; it's also about the lifestyle the surrounding area offers.
How is the Property Priced Compared to Similar Listings?
Comparative pricing is crucial. Your estate agent should be able to provide insights into how the property's price compares to similar listings in the area. This information helps you determine whether the asking price is reasonable or if there's room for negotiation.
What's Included in the Sale?
Don't assume that everything you see during the viewing will come with the property. Ask the estate agent for a detailed list of what is included in the sale so that you have a clear understanding of what you'll be getting when you purchase the property and avoid surprises later on. This could range from appliances to custom fixtures.
What's the Reason for Selling?
Understanding the seller's motivation can be valuable information. If the owner is relocating for work or downsizing, it may indicate a quicker and more straightforward transaction. Conversely, a rushed or distress sale might raise red flags.
What are the Running Costs of the Property?
Beyond the purchase price, inquire about ongoing costs such as property taxes, utility expenses, and any home-owners association fees. Understanding the full financial picture helps you make a well-informed decision.
“A thorough understanding of the property and its surroundings ensures that your dream home is not just a fantasy but a well-informed and practical investment for your future,” saysMaritz.
“And arming yourself with the right questions is crucial for making an informed decision and making your home buying journey a rewarding and memorable experience.”
READ: Are you having trouble selling your house? Try this…
Here is a look back at the role of a real estate agent and what you need to know
According to the Seeff Property Group, (The role of a real estate agent : What you need to know) agents do not only sell or rent property on behalf of their clients, but also have their ear to the ground in terms of what current property values are, how much properties might sell for, and what is happening in the property market.
With so many newcomers to the market, often making lofty promises of high prices and quick sales, it is easy for sellers to get caught up in the hype. A property which simply sits on the market with no or low offers can be very frustrating for buyers.
The role of a good agent in getting your property sold as fast as possible, and for the best possible price cannot be overstated, says Samuel Seeff, chairman of Seeff. A bad agent could leave you with a lengthy and frustrating sale process.
Regardless of when you are selling, but especially in the current market, it is important to ensure you choose the right agent for your property and market. If you are not aware of who the best agents in your area are, ask around for recommendations from neighbours or friends.
Always meet the agents in person before appointing them:
This will give you a chance to ask questions and assess the agents. Check how long they have operated in the area. Each area is different and local expertise is a vital point of advantage for any seller.
Look for a successful sales track record:
Ask for a list of their recent sales in the area, how long it took to sell, and the prices achieved. A strong sales record is an important indicator of the likelihood of success and that the agent could find the right buyer for the property.
A strong brand and network is another advantage:
An established brand will have a strong online presence for maximum exposure of your property backed by the latest technology and marketing and sales methodologies. They will use best practice to market and sell your property.
Look for someone who will assist every step of the way:
Selling a property is a complex process with many legalities to be taken care of. A good agent will explain the process and guide the seller to ensure they have all the necessary documents and maintenance done for an efficient selling process.
Choosing the right agent to sell your home cannot be over-emphasised, especially if you are selling right now as you will not want to waste time, says Seeff. Choose the right agent and ensure you follow their advice.
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