Questions to pop around property
Category Property market overview
It’s a familiar scenario (especially with first-time home buyers): You’re so delighted to have found a property in your budget range, in the area of your choice, and that you actually like that you forget about everything else. Signing the offer to purchase is the only concern (because what if somebody else beats you to it?!) that you don’t to ask the questions about the things that can cause hassles later. “When it comes to property problems, forewarned is forearmed,” says Belinda Sofianos, Principal at Leapfrog Property Johannesburg South/Alberton. A property is often an emotional purchase but it is crucial to ask a trusted property advisor, as well as the current owners, some pertinent questions about the condition of the property, the growth potential of the area, and even about the lifestyle of the neighbours, Swain adds.
Affordability
Yes, the bank or the financial institution granting you the mortgage bond to purchase the property will do a thorough assessment of your ability to meet the monthly repayments of the loan, but there are others costs to purchasing a property that should be carefully considered.
“Costs like municipal rates and taxes, or levies in the case of a property in an estate or complex is a monthly cost that should be budgeted for,” Sofianos explains.
Furthermore, the approximate cost of regular maintenance must also be taken into account. “A property with a big garden, large swimming pool and wooden window frames need far more upkeep than an apartment with a small balcony and aluminium door and window frames,” Sofianos cautions. “While it’s difficult to estimate exactly what the monthly maintenance costs would be, a trusted property advisor could certainly guide you in terms of a general amount that you can expect to have to put towards maintenance and upkeep,” she adds.
Renovations and refurbishments
Renovations and refurbishments are an extension of regular maintenance. “High-volume spaces like kitchens and bathrooms generally need to be spruced up and renovating every 15 years or so, just as a result of general wear and tear,” says Sofianos. “Find out from the seller when last such improvements have been done as this offers another clue as to how much money would need to be spent on the property in the foreseeable future,” she adds.
This extends to any structural improvements or updates to the finishes of the property. The better the property has been maintained, the less the buyer has to budget for renovations, refurbishments and general maintenance.
History of ownership
The respective periods of ownership offers useful clues about the appeal of a property. “A home that changes hands every two years likely does so for a reason and it would be useful to find out what that reason(s) is,” Sofianos advises. “It could be that the property is on a road that gets the school-run traffic that causes the driveway to be all but blocked in the mornings and afternoons, or there could be hidden structural issues that require extensive maintenance, or it could even be that the neighbours are simply awful!”
On the other hand, a property that have been in the hands of the same owners for decades could mean that they’re really enjoyed the area and the amenities, and that they have spend money upgrading and renovating the property to be very comfortable. “Enquire discreetly and with curiosity, rather than animosity, and the seller is likely to share the details with you,” Sofianos says, based on his experience in this regard.
Area appeal
When it comes to residential property the area and community in which a home is located is almost as significant as the property itself. “Do some research into the area before you set your heart on a property. Consider things like your lifestyle, the amenities and facilities in the area, the demographics and the proximity to major routes and highways,” suggests Sofianos.
Growth potential
Lastly, but very importantly, do some research about the growth potential of your property in the specific area. “Again, this is something a trusted property advisor can assist you with as they are
able to draw on a large body of research, as well as look at industry trends, to make some predictions around this,” Sofianos says. A property is a huge investment, one that you want to see growth with, so it’s important to do the homework to ensure you don’t buy in an area of decline, unrest or minimal appeal.
Like the (good) teachers used to say at school, there is no such thing as a silly question. The same is true when it comes to purchasing property. Rather ask the questions, trivial as they may seem, than pay a large price for it later.
Author: Leapfrog Property Group
