Key questions to ask before you buy a home

PUBLISHED 5 NOV 2020   

The current residential property market and low interest rate environment may offer the ideal conditions for prospective home buyers, with young property investors coming to the fore. 

As with any investment, knowing exactly what you’re buying is the first step in making a wise buying decision -  and you can find out everything you need to by asking the right questions.

To help you negotiate the ideal price for the new home we’ve put together a list of questions that will help you discover some important information about the Cape Town home you’re interested in purchasing. 

Knowledge is power during a property negotiation

The following questions can help you discover important information about the property that may influence your decision to put in an offer to purchase. 

  • Why is this home on the market? The seller may be immigrating, downsizing due to the current economy or moving to another location. An urgent sale could mean that they will be willing to entertain a more competitive offer - as long as you have financing in place. 

  • How long has the seller owned the property? This seemingly routine question may raise a red flag if the home is back on the market very soon after having been bought. However, given the current economic situation in the wake of COVID -19 it may be wise not to read too much into a quick sale.

  • How long has the house been on the market? A residential property that hasn’t sold as fast as the owner would like may be a great buying opportunity. However, you’ll need to visit the home and ensure that it isn’t staying on the market due to structural damage or other issues.

  • Can you tell me more about the area? Short term changes to an area like new (or closing) public transport hubs and road projects, and existing features like schools, parks, and entertainment facilities can all affect the value of your future home. Make sure there are no plans for new roads that could result in traffic noise. If you are looking for a quiet neighbourhood find out if there are a lot of pets in the area and possibly even screaming children? 

  • What date do the current owners need to move out? If you are looking to move into a home fairly soon after purchase and transfer, you will need to find out if the current owners are happy to move immediately or if you will need alternative accommodation as an interim solution?

Let us help you make the best property decision 

If you’re currently in the market to buy a home, the Cape Realty team would love to guide you through this important financial decision with our decades of collective experience. Contact us today.

Image Credit: https://pixabay.com/photos/purchase-house-house-purchase-3347053/