The 4 Most Crucial Factors to Keep in Mind When Buying a New Home.
Category Buying
Buying a home is a significant financial investment, and it's crucial to consider all the factors involved before making an offer. From understanding the technical details in the offer to evaluating the location for flaws, here are the key points that every first-time home buyer should know.
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Understanding the Technical Details
An OTP (Offer to Purchase) is a legal contract one must sign when buying a new home. Like all legal documents, they can be hard to understand, using complicated wording to throw off potential buyers. Excited buyers are especially at risk. The want to sign immediately can be overwhelming, but it must be delayed until the contract is understood.
If buying a particular property is what you want, hold off until you're ready. Make sure you're in a financially stable position, and the chosen property is within your established budget. Read through the terms of the OTP carefully, and always seek advice from a real estate professional.
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Evaluating the Location
The area in which you find yourself has undoubtedly been at the forefront of choosing your future accommodations. It is more than the place you'll be eating and sleeping at, it's the place you'll be living in. The surrounding area, where you'll be working, hanging out, or maybe even taking your children to school, considering it all is undeniably essential for any first-time home buyer. Convenience is what we want to invest in, so how do we know if we've found it?
Drive around the area at different hours of the day to see how easy it is to get around. Figure out which shops you'd like to visit, where your offices are, places of leisure you'd want to unwind at. See if the area is safe, and once you've covered all the bases, ask yourself this; are you sold on the location?
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Assessing Major Faults
Dishonesty is not such a foreign concept when it comes to house hunting. Houses belong to sellers for extended periods, and with that comes all kinds of wear and tear.
Some sellers may not be entirely honest with you if they try to rid themselves of a burdensome property. Who can blame them? Nobody wants to deal with a property rife with basic mishaps that would cost heaps in maintenance contracts and soul-draining repairs. That being said, neither do we.
Don't just sweep through a showing, be thorough and ask questions. Test the taps, try the lights, and look closely for damage to the property itself. It isn't rude to do so, it's just being safe and meticulous. For a more comprehensive list of things to look out for, read here.
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Pricing and Budget
There is one final piece of the property puzzle that will ultimately make or break your desire to purchase your new home: the budget.
It's essential to ensure the house you're looking at has the right price for what it has to offer. Don't pay more than you should just because you like something. Chances are there's a house out there that would impress you just as much but at a fraction of the cost. Look twice at all we've mentioned so far, and ensure that at the end of the day, you're the one moving in happy.
Good Luck Out There
With these points in mind, we hope you'll know what to do when finding your future home. Remember, to own a home is to make one of the most significant investments of your life. Don't be overcome by excitement, and remain steadfast in your approach. It will help you make the right choices to celebrate later in a home you can call your own.
Contact Ikonic Real Estate today.
For Real Estate professionals you can trust and rely on for industry-related expertise, contact us below for more information.
If you are looking to live in Silver Lakes Golf and Lifestyle Estate, Silver Stream Estate, Lombardy Estate & Health Spa, The Ridge Estate, Six Fountains Estate, or Willow Acres Estate and surrounding areas, then Ikonic Real Estate is your preferred property practitioner to assist you in all aspects of the selling and buying process.
Office Number: 083 452 5599
Cell Number: 083 452 5599
Email: martin@ikonic.co.za
Ikonic Real Estate holds a Fidelity Fund Certificate issued by the Property Practitioners Regulatory Authority.
Author: Brandon Rix