Questions Any Home Buyer Should Ask
Category Advice
Purchasing a home is one of the biggest financial decisions many of us will ever make; a decision that is not to be made lightly. Herewith are number of questions to help you make the best possible choice.
Questions to Ask Yourself
There are a few things to take into consideration when house hunting; location, price and need. Which area (s) would you like to live in based on the distance you’d have to travel to work, the amenities available and the atmosphere you most prefer?
Another important question is what you can afford to pay for a home. “Because purchasing a property is not a regular decision for most people you need to stretch yourself a bit,” says Jan le Roux, CEO of Leapfrog Property Group, “for example; if you buy a one bedroom because you can afford it easily you may need to move again too soon. Whereas if you buy a bigger property you can live there longer before you need to move”. The trick of course is to ensure that you can maintain bond payments in the event that the interest rate goes up; making it a bit of a balancing act.
Other, lesser, considerations also weigh in; based on your chosen location you might opt for a smaller property, in the right area. It’s also important to decide what you absolutely need in terms of the number of bedrooms, parking and safety.
Questions to Ask the Estate Agent
Regarding the Offering Price
A good tip is to ask the estate agent for a comparative market analysis of the property value. Le Roux explains that; “It’s of little use to measure a house’s value by the number of bricks used in its construction as this only works when determining what it will cost to build a house. An existing property’s value is determined solely by the market i.e. what other people were willing to pay for a similar property in the area.
Condition of the Property
Just as you won’t buy a second hand car without knowing what work has been done on the engine and whether the vehicle’s service history is up to date, so you need to find out as much as possible about a home’s maintenance and current condition.
“A good estate agent will have run through a checklist with the seller, which the seller then signs and validates as correct. A buyer can ask an agent to see this list”, says le Roux.
For example, as how old the roof is; if it’s over 15 years old it may need to be replaced soon. Is there insulation in the walls and roof? If not it could get very cold in winter, pushing up your heating bill. What condition is the plumbing in?
Location
Location-based questions may seem obvious like whether there are good schools, shopping centres and hospitals in the area. A question that may seem less obvious is whether there are nuisance factors like noisy restaurants or dense traffic in the street. Asking about the demographics in the area can also provide insight into whether it’s an attractive place to raise a family for example; a neighbourhood with lots of young families will likely be better adapted to cater to their needs.
“By ensuring that you’ve got as much as possible about a property before you purchase it you lessen the risk of buyer’s remorse later”, says le Roux, “it also helps you to make a more level headed decision as opposed to an impulsive one because you’ve ‘fallen in love’ with a property”.
Author: Leapfrog
