Avoid re­grets in home buy­ing

Lesotho Times - - Property -

THERE are only a few things in life as ex­cit­ing as be­ing handed the keys to your new home. That mo­ment is usu­ally the cul­mi­na­tion of years of sav­ing and months of search­ing for the right prop­erty.

But that feel­ing of ela­tion can some­times de­volve into feel­ings of re­gret. With a de­ci­sion as big as buy­ing a home, it’s no sur­prise that re­grets are com­mon. But the good news is that you don’t have to end up among that group. This is ac­cord­ing to a re­cent ar­ti­cle by Mar­shall Park, a real es­tate bro­ker at Redfin, which ap­peared in the Wash­ing­ton Post Most, in which he says that buy­ers’ re­morse stems from one of the fol­low­ing is­sues, so keep th­ese in mind as you view prop­er­ties:

Neigh­bour­hood and es­tate Home buy­ers are of­ten swayed by the ap­peal of the home it­self and fail to do enough re­search and in­ves­ti­ga­tion about the neigh­bour­hood or the gen­eral man­age­ment of the es­tate.

If you’re con­sid­er­ing a home, make sure you visit it both dur­ing the day and at night. Get out of your car, walk around the neigh­bour­hood and talk to some neigh­bours if you can.

Also be sure to check what the lo­cal se­cu­rity sit­u­a­tion is by read­ing the me­dia or ask­ing lo­cals. Some ar­eas are def­i­nitely more sus­cep­ti­ble to crime than oth­ers, and you need to know that you will have a good qual­ity of life.

If you de­sire to live in a trendy neigh­bour­hood, con­sider the noise level and your thresh­old for deal­ing with late-night revellers. Be­ing close to the ac­tion is fun, but some buy­ers learn quickly that it’s pos­si­ble to be too close.

Re­search the nearby ameni­ties. Where is the clos­est shop­ping cen­tre or mall, su­per­mar­ket, phar­macy, en­ter­tain­ment such as restau­rants, cof­fee shops, the­atres or sports clubs, all of th­ese depend­ing on your ac­tiv­i­ties?

For your school-go­ing chil­dren, you would need to con­sider cur­rent as well as fu­ture schools as they progress in their grades.

If you have an­i­mals, en­sure there are public spa­ces such as parks to walk them in and that the en­vi­ron­ment is pet friendly.

Park­ing and trans­port is­sues One should also bear in mind the dis­tance to your place of work, or to take kids to and from school and af­ter-school ac­tiv­i­ties. The al­lure of a charm­ing home may con­vince you that a longer com­mute isn’t so bad.

Whether you drive, bike or take public trans­port, try out the com­mute dur­ing rush hour both ways to get an ac­cu­rate sense of your new daily rou­tine.

Con­sider the park­ing fa­cil­i­ties for your­self at your new home, and also when your friends and fam­ily come to visit. With se­cu­rity con­cerns, peo­ple are re­luc­tant to park down a dark un­fa­mil­iar road.

Many sec­tional ti­tle com­plexes have limited park­ing bays for guests and only al­lo­cate one or two bays for own­ers, so this must be prop­erly in­ves­ti­gated.

Ren­o­va­tion am­bi­tions Buy­ers of­ten have grand plans: knock down a wall, build an ex­ten­sion, gut the kitchen, and add a pa­tio.

There is noth­ing wrong with hav­ing a longterm vi­sion of how you’d like to im­prove your home, but if you don’t have a clear idea of the cost, ex­per­tise and time needed to achieve that vi­sion, you may be on a path­way to re­gret. Buy­ers can get swept up in the dream and the plan­ning and be­come too am­bi­tious about what ren­o­va­tions and re­pairs they can take on them­selves.

If you are plan­ning to make se­ri­ous al­ter­ations to a home, it’s wise to get one or more con­trac­tors out to the prop­erty to give you a ball­park es­ti­mate be­fore you buy it and be­fore mak­ing an of­fer. Most con­trac­tors of­fer free es­ti­mates and can help you make sure you aren’t com­menc­ing a project that you can’t af­ford.

Price Wendy Wil­liams, a Direc­tor of En­gel & Völk­ers South­ern Africa, says it can­not be em­pha­sised enough to use a na­tional rep­utable real es­tate com­pany to as­sist you in pur­chas­ing a prop­erty.

Sales ad­vi­sors are there to as­sist you in each step of the buy­ing process. The price of the home will be determined from a for­mal val­u­a­tion re­port pro­duced from soft­ware linked to the Deeds Of­fice, to­gether with ex­ten­sive re­search of sim­i­lar sales in the lo­cal prop­erty mar­ket, tak­ing into ac­count the spe­cific fin­ishes and fea­tures of the prop­erty.

This de­ter­mines a fair and com­pa­ra­ble price to pro­vide both the buyer and seller re­as­sur­ance of the true value of the prop­erty.”

If you talk about and dis­cuss your needs and ex­pec­ta­tions with a prop­erty sales ad­vi­sor, you won’t feel like you’ve made a mis­take down the road. You prob­a­bly will never be con­tent with your home pur­chase if you set­tle on a place which does not ex­cite you. Be pa­tient, do re­search and wait for the right op- por­tu­nity.

Home own­er­ship can be stress­ful and no home is per­fect. Care­fully con­sid­er­ing all the fac­tors in­side and out­side the four walls of your home be­fore mak­ing an of­fer will give you greater peace of mind now and in the fu­ture. Think through th­ese is­sues ahead of time and avoid re­grets down the road.

— Prop­erty24.

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