Buying a House in 2008

Experts say that 2008 is the year to buy a house in South Africa. With the market shifting to favour buyers, amazing bargains can be found! With some easy-to-follow tips on buying a house in this new climate, first-time buyers, investors and everyone else can look forward to a simple and prosperous property experience.

Tips on Buying a House

Before even considering buying a house, you need to get your finances in order. Consolidate your expenses and decide how much you can afford to spend on a bond for your home. Property24, one of South Africa’s leading online property websites offers a bond calculator that helps you work out for what size bond you should qualify. Once your home loan is secured, ensure that you have a buffer fund - that is enough money set aside to cover any unexpected interest rate hikes.

Know your Stuff before you Buy

The next step is to ensure that you know all there is to know about the areas in which you are house hunting. Knowing what other houses are generally selling for and what the seller originally paid for the house puts you in a much stronger negotiating position. You can obtain a sold price index report (PropertySPI) online from Property24, which will give you an idea on what houses have sold for recently in the area you are interested in, as well as a list of all nearby amenities.

While investigating these areas, have a good look around. Nearby restaurants and night life may seem appealing at first, but they may also keep you awake at night with excessive amounts of noise and traffic.

If you are using a real estate agent to find your property, the key in this buyer’s market is to utilise the best realtor possible. Only then will you be assured of the best deals. Property24’s comprehensive estate agency listings can assist you in choosing the right agent for the task.

Before signing an Offer to Purchase on a new home, ensure that all inspections are up to date and have been done by reputable professionals. If you are buying into a sectional title complex, another good home buying tip is to always double check on levies and other hidden costs that could crop up. For instance, the building could be scheduled to be painted in the near future, and you would be expected to contribute towards this.

Property24’s best tip on buying a house in 2008 is to negotiate, negotiate, negotiate. The current buyers market means that sellers have to compromise in order to successfully complete a sale and any buyer that fails to capitalise on this is going to miss out on a serious bargain.

Property24 for Tips on Buying a House

Property24 is a leader in real estate online and offers residential and commercial property listings. Property24’s tips on buying a house and many other helpful features are guaranteed to make to make your South African property experience a pleasant one.