When entering the property market, buyers need to be mindful of their lifestyles before making the purchase. There are a plethora of considerations that one needs to take into account before committing to such a life changing decision.
Steven Barker, Head of Home Loans at Standard Bank says, “Buying a home needs careful planning and a checklist to ensure that it meets all of the buyers’ needs. The last thing a buyer wants is to over burden themselves with unconsidered financial commitments.”
Consider the next five years when purchasing a home because buying and then re-selling within a short period of time will incur additional cost and will only be recouped in the long run. Mr Barker says that if a property is sold within a year of it being purchased, the chances of the buyer getting more for it than originally paid are slim. Expenses such as agent fees, transfer fees for another property purchased, moving and utility bills will be incurred.
A bad property decision can have a significant financial impact on the pocket unnecessarily. Most people cannot afford to move again after a short space of time so they often live with their mistake. One must also understand what is important to you and your family and use this as a criteria, Mr Barker offers the following vital factors to consider when choosing a home.
1) Schools
Seek a property that is close to a school district- firstly because by being close to school, the buyer won’t have to travel far to get the children to school.
Proximity to universities and colleges is also an important consideration for those who have older children.
2) Work
Before making a purchase, do your homework on travel costs. Living close to work will not only save time in terms of traffic, but also fuel and car maintenance.
3) Amenities
Living in a property or in a development that is a significant distance away from amenities needs careful consideration.
4) Accessibility
Traffic may be a common problem, but choosing wisely will save you hours in traffic. Check the traffic flow in an area, as some areas have significantly more congestion than others.
5) Security
Security is of the utmost concern and one must carefully consider the safety and security aspect that satisfies ones requirements.
Mr Barker says, “There are many factors to consider when purchasing a home, and this all depends on your personal circumstances. Draw up a list and brainstorm every eventuality. The effort will go a long way towards ensuring that your home is the right one for you,” he concludes.
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