Deciding on a property for sale: The most common mistakes to avoid
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Any large financial investment is going to come with risks and the potential for mistakes, and finding a property for sale is no different. Because the process of browsing through listings and making grand plans can cause prospective buyers to get caught up in the moment, there is much room for blunders both small and large. This is no surprise – there is a lot one must keep track of. With professional guidance, however, you will have an easier time navigating the property industry and avoiding common mistakes that so often see buyers lose money.
Ignoring the future
Purchasing something that fulfils you right now is tempting. Such deals are often driven by impulse and are based on aesthetics and one’s immediate lifestyle needs. A proper investment, however, is always future-oriented. While some seek properties for sale to flip and resell them, those seeking a home in which to live must consider their lives in ten years and beyond. Factors such as a growing family, proximity to schools and hospitals, and how much space you will need in the future are imperative to consider. Even if you don’t mind reselling the property at a later stage, you will still need to ensure you buy a home that will increase in value over time.
Neglecting to budget properly
When shopping for a property for sale, there might be a particular listing that stands out. Once a buyer has their heart set on such a listing, it can be difficult to consider anything else – especially finances. Before you start viewing listings on your buyer’s journey, first calculate what you can afford. Consider factors such as home loan repayments, municipal rates and taxes, potential maintenance and repairs on the property for sale, and moving costs too. Once you have a clearer picture of the financial commitment you can make, you can start browsing for homes within a set price range to avoid disappointment.
Poor research on the neighbourhood
If you are considering buying a property for sale in a specific neighbourhood, then it is crucial that you research it thoroughly. Visiting the location more than once will give you a better idea of factors such as traffic, noise pollution, and how busy the area is. The same street may be very different on a Sunday afternoon when compared to a Friday night or Monday morning. If the home is in a more remote location, you may want to take a few days to visit the area and get a better feel of where you will be staying. Look into crime statistics in the area too, as well as community projects and the social atmosphere of the neighbourhood.
Turning a blind eye to flaws
There is no problem with investing in an affordable fixer-upper that you can take your time upgrading. If you have the time, vision, and commitment, this is sometimes a fantastic idea. Many prospective buyers, however, overlook glaring issues because they do not feel it will be a big deal in the long run. This is when a deal relies more on emotion and idealism than it does on practical facts. Take a realistic look at the time and finances you are willing to pour into a home and use a professional, independent home inspector to find latent defects that may cost a fortune later.
A professional real estate agency is helpful when it comes to avoiding mistakes and outright scams. During the sale, we at Fine & Country South Africa will assist you with getting it all in writing and working through the fine print. Our exclusive, luxury listings all over the country will ensure you find a home of distinction that caters to both your budget and living needs. For more information, fill out our online contact form today.