TIPS & HINTS FOR BUYING PROPERTY

Mon 28, 09, 2009

Buying property is not only one of the biggest investments you'll make, but also one of the most exciting ones. However, seeing that the South African property market has seen its ups and downs of late, you would be wise to follow a few tips for buying property in South Africa just to make sure you are well prepared for your newly-acquired investment.

KNOW YOUR BUDGET

First and foremost, you need to have capital available to use as a deposit. After that you can consider scouting for that perfect home by establishing what your budget will be to avoid any disappointment. An easy and convenient way to determine what you can afford is by using an online calculator provided by bond originators and mortgage lenders on their websites. This way you can get an idea of exactly how much you could qualify for as a home loan. Alternatively, visit a home loan consultant or contact Legacy Estates and we will gladly assist.

Even if you are purchasing cash determine a budget and stick to it! For those lucky bunch of you who don't have a budget and money is not an issue, still too we advise look at what is available on the market and and set a budget.

REMEMBER TO INCLUDE TRANSFER COSTS AND CONVEYANCING FEES IN YOUR BUDGET

Conveyancing fees vary depending on the cost per transaction. Transfer fees depend on the purchase price of the property. This you'll obviously only be able to establish once you have chosen the property and know the purchase price of the property.

FINDING THE RIGHT HOME

When buying property in South Africa, or anywhere in the world for that matter, location plays a major role in the decision.

Decide which suburb or area would best suit your needs. What amenities, such as schools, shops and so forth are close by that add value to the property? <a href="http://www.legacyestates.co.za" target="_blank">Start searching</a> our database of properties available for sale.

Once you've found your ideal property, make your offer. Remember that the purchase price listed is not cast in stone, so don't be afraid to negotiate in order to get yourself the best deal possible.

PROPERTY INSPECTION

You are well within your rights to have the property inspected, so use it! Although by South African law you are not obliged to do so, it will set your mind at ease to know of any patent or latent defects the house may have.

Once you've signed the contract, should any defects occur, the rights of a buyer are minimal due to the Voetstoots Clause in deed of sale contracts. By having the property inspected first, should any major defects be found, you can still change your mind about the purchase.

FINALISING

Before finalising the contract, have insurance lined up. Also remember your mortgage originator or Legacy Estates can also assist with this.

When you finally sign the contract, don't be shy to ask any last minute questions.

Remember this is a big investment, so be 100 percent sure before making it final.

As soon as the contract is signed, enjoy the luxuries of your new home.

Legacy Estates are well set up to handle any of your queries, please give us a shout, it is always a pleasure to hear from you.