There are so many things to keep in mind when you are selling or buying a home, that it can be easy to overlook some important factors. To help you avoid some of the most common pitfalls we have compiled a guide of the top dos and don'ts for buyers and sellers.
DO ask as many questions as possible
As you are about to make one of the biggest financial decisions in your life, asking as many questions as possible is a big do. It doesn’t matter whether you are doing this for the first time or if you are seasoned, it is always better to ask than leave things unknown. Even if it seems obvious, ask your real estate agent about any concerns you may have - this not only rules out any potential problems in the future but also clears up any misunderstandings.
As a buyer, asking as many questions as you can about the condition of the home and the terms of sale is particularly important. Buyers should also ask questions about the area surrounding the property - are there any developments planned for the area, if there is vacant land nearby they should ask if anything is planned for the open space. Ask about the neighbourhood, amenities, schools, and lifestyle. All this will help you avoid buyer’s remorse later.
To help you make an informed decision we take a look at the 10 essential questions you have to ask before buying a property
DON’T forget about the practical concerns
When buying a home, do not overlook the practicalities such as:
- What are the key dimensions of the home? Do you need a large space for a SUV, or trailer? If so you will need to check if it will fit into the garage or if there is enough parking space for it.
- If you have a large family, it is also useful to find out how large the geyser is. Is it a solar, gas or electric geyser?
- For future budgeting purposes, find out how much the monthly utilities cost so that you can budget accordingly.
- If high-speed internet is important for you, be sure to check if the area is fibre ready or what the coverage of your current provider is like in the area.
When selling a home, consider the practicalities of the sale process such as:
- Is the home in optimal condition to go on the market and can you do anything to improve the overall appeal of the home?
- Will you sign a sole mandate? What commission rate are you prepared to pay your real estate agent?
- What price are you hoping to achieve and what is the lowest amount you would be happy to accept?
DO budget and plan carefully
There are various upfront costs involved in buying and selling property, such as transfer costs, bond registration fees, and so much more. These costs can easily add up to large sums of money, which is why it is important to have enough readily available cash saved up before any offers are made or accepted. To get a clear picture of what the costs will be, speak to your local real estate agent.
DON’T do it all on your own
It is very tempting to go about selling or buying a property without the help of a real estate agent, but since this is a financial decision that will not only impact your current financial situation but also your future financial fitness, it is vital to call in the experts.
A knowledgeable real estate professional can help you avoid making costly mistakes. Property transactions might seem pretty straightforward but can become quite complicated later on and when you don’t have enough expertise to navigate the process successfully, you might end up with huge bills and even legal trouble.
