Buyer Tools and Tips

When buying a property there are a few things to consider. This page highlights the most important aspects, but because this is such an important decision we recommend enlisting the services of an estate agent. The topics covered on this page are:

• Buy an investment
• Calculate the costs
• Be well informed

Buy an Investment

Your house is probably one of the biggest investments you’ll ever make, therefore it is very important to be well informed as to what to invest in. The general rule of thumb when buying property is that there are only 3 things to consider: Location, location and location. The reasoning behind this philosophy is that you can change anything you dislike about your house except the location.

Calculate the costs

• There are several costs involved in buying a property which are often overlooked. These costs include:
• The loan repayment
• A typical bank will grant a maximum bond for which the repayment is no more than 25% of your gross monthly salary. 
• To find out how much you’ll be able to loan, please call one of our friendly consultants on 0861 697 663
  
• Solicitor’s Fees/Conveyancing costs,
• The buying price of your house will usually not include the conveyancing and transfer costs. (The exception to this rule occurs when you’re buying your property directly from a developer – because there is no previous owner there are no transfer fees.) These costs can roughly be estimated at an additional 8% on top of the purchase price of your house. You will need to budget for this amount. 
• Improvement and renovating,
• These can vary drastically depending on the kind of improvements you intend but all costs should be taken into account. Remember that while certain changes like for instance rezoning of a large erf may seem like a quick buck there are various costs associated with this for instance “services” and the devaluation of the original property which had a large erf
• Amount you will need to payoff your present loan(s).
• If you currently have a loan, find out from your bank if there are any penalty fees for settling your loan prematurely

Be well Informed

The purchase of a property is not something you should rush into, especially if you’re a first time buyer. After deciding on the location you prefer, use our websites property for sale Search facility to identify a few properties that are attractive to you. Be sure to set up email alerts to keep updated with new properties being listed on MyRoof meeting your search criteria. We suggest you also identify a property or two in the next and previous price bracket. Add properties you are interested in to your favourites and view them later in your “My Favorites” Page.
Click on the “My Favorites” button to view all the properties you’ve identified. Contact the respective property advertiser, be it the estate agent or property owner and make appointments to view their properties.  (You can record your appointment dates in the “My Favorites” page and we’ll even remind you of your appointments) Once viewed, return to the “My Favorites” page and add notes on what you liked and disliked in the spaces provided next to each home. You’ll now start to get a realistic idea of what to expect and how much you’re prepared to pay. At this point you are in a position to make a realistic offer on the property of your choice without regrets.

When you’re ready to make your offer you can use the “Make an Offer” functionality on the website or just contact your estate agent or the property owner and put in your offer. Your estate agent should have a standard template and will be able to give you advise around any questions you might have relating to your contract.