Buy­ing new home: Don’t mis­step

Lesotho Times - - Property -

IF you list your prop­erty for sale and it sells more quickly than you thought it would, it is gen­er­ally a cause for cel­e­bra­­ever, it also means that you will need to guard against mak­ing an un­suit­able or too ex­pen­sive pur­chase now that you are a buyer in a hurry to find a new home, says Berry Everitt, CEO of the Chas Everitt In­ter­na­tional prop­erty group.

“Your first step should be to an­a­lyse your needs and list the es­sen­tial fea­tures the new home must have, then pri­ori­tise the other de­sir­able fea­tures in or­der of im­por­tance, as it is un­likely that you will find a home that meets all of your re­quire­ments at short no­tice,” he says.

“This ex­er­cise will also en­able you to gauge a prob­a­ble price range for your new home and take the next step, which is to line up the fi­nance for your pur­chase.”

Everitt says you will need to make sure your credit record is clear, and then ap­proach a bank or mort­gage orig­i­na­tor as soon as pos­si­ble with your salary and em­ploy­ment de­tails, as well as the de­tails of your own sale and the pro­ceeds you ex­pect to re­ceive.

“Within a short time you should hope­fully ob­tain loan pre-ap­proval, or at least a clear in­di­ca­tion of the size of loan for which you would most likely qual­ify, and then you can be­gin your hunt for a new home in earnest,” he says.

The best place to start is ob­vi­ously on­line, as this will en­able you to se­lect only those homes that most closely match your list of re­quire­ments and avoid wast­ing time by go­ing to see those that don’t.

“As a prospec­tive buyer, you can also mul­ti­ply your search re­sources by con­tact­ing es­tab­lished es­tate agents op­er­at­ing in the ar­eas that you like and ask­ing them to re­view their list­ings for any homes that might suit you,” says Everitt.

“You can also ask these agents to re­view their ex­pired man­dates. Some of these homes may have been taken off the mar­ket al­to­gether, but some­times sell­ers have just de­cided to take a break, es­pe­cially over a hol­i­day sea­son or dur­ing the win­ter months, and would be just as happy as you to con­clude a sale.

He says agents may also be pre­pared to let you view suit­able new list­ings be­fore they go on show. And while some sell­ers will be re­luc­tant to ac­cept an of­fer be­fore they have tested the mar­ket with a show day or two, oth­ers will be de­lighted to do a deal right away.

Then fi­nally — to re­as­sure your­self that you are not over­pay­ing in your haste to get set­tled — Everitt says you should al­ways ask the seller’s es­tate agent for the Com­par­a­tive Mar­ket Anal­y­sis (CMA) that was used to de­cide a par­tic­u­lar prop­erty’s ask­ing price, as this will give you a clear in­di­ca­tion of the cur­rent av­er­age price for sim­i­lar homes in the same neigh­bour­hood. — Prop­erty24

Newspapers in English

Newspapers from Lesotho

© PressReader. All rights reserved.