Property Checklist For First-Time Buyers
Getting onto the property ladder is an exciting prospect for anyone, but it can also be daunting which is why it is essential to approach the process with an open mind.
14/10/2024
Buying a property is always a significant investment and naturally more so for first-time buyers. “Getting onto the property ladder is an exciting prospect for anyone, but it can also be daunting which is why it is essential to approach the process with an open mind,” says Silvana Dos Reis Marques, Principal of Leapfrog Pretoria East.
She believes that asking the right questions throughout the process is the best way to ensure a smooth and pleasant process. Her advice in this regard is to work closely with a trusted property advisor to help and guide you through the transaction to ensure you get the best deal.
First things first
Some of the most important questions around
purchasing property as the ones you need to ask
yourself at the outset.
Start by
considering your budget - look at how much you
can realistically afford to pay towards a bond
every month. Also consider ongoing related
expenses like property taxes, levies, insurance
and maintenance. Financing options are crucial
too. Consider getting pre-approval for a bond
from your bank so that you have a ballpark
figure to work with.
Next consider your
ideal location, but also have a second and
perhaps even a third option that you’re willing
to consider. This helps to narrow the search
(and very few people actually want to live in
their fourth location of choice!), which
streamlines the process. Also be clear on your
choice of property type. “Here you want to be
quite specific. If three bedrooms and a double
garage are essential for you, then communicate
that with your property agent and make sure
you’re only viewing properties that match your
criteria,” Silvana advises.
Property prospects
The fun starts when you start
viewing properties that match your criteria and
that fall within your budget and your location
of choice. But this is also when some very
important questions need to be asked.
Do
not take the condition of the property at face
value. Ask about structural issues - things like
condition of the roof and plumbing - and about
when repairs were last done and for what issues.
“A scrupulous seller - and property agent - will
be transparent about issues so make sure to ask.
Knowing what some of the potential issues are
will help you plan for the maintenance and
repairs that the property may require further
down the line,” say Silvana.
Make sure
to also ask about the neighbourhood - and the
neighbours. Often the best way to gain insight
into a neighbourhood is from the locals so ask
about the schools in the area, the safety and
whatever matters are important to you.
Potential buyers should also ask about the cost
of utilities for the property (water,
electricity etc), property taxes and, if
applicable, rules and fees of the Homeowners
Association.
Savvy negotiation
Once you’ve chosen the one (congrats!), the questions don’t stop. “Once you’re ready to sign on the dotted line, work closely with your trusted advisor and make sure to understand the terms and conditions attached to the transaction, including the ins and outs of the purchase price and related contingencies,” Silvana concludes.