Before you fall in love with a house, there are certain questions you need to keep in mind. Buying a home is very much like finding a life partner, you fall in love, become blinded to all reason and then wake up later to find that the deal you've signed up for is not as rosy as you first thought. You heart can be broken by a failed purchase just as easily and devastatingly as by the love of your life.
Start by making a list of exactly what you are looking for in a property:
- Area
- Price range
- Borehole
- Swimming pool
- Number of bedrooms
- Number of living rooms or areas
- Security
- Lock up garage
- Domestic quarters
- Other special features particular to your needs
Once you have a list, decide which are non negotiables or "must haves". Estate agents can be very convincing when trying to get you to see a house that does not meet your criteria. Remember you have to spend a long time with this home and like a lover, you must be as picky as you like! (Or face the consequences of a broken heart, disappointment, etc, etc.)
Once you have a clear idea about your ideal home and possibly identified it, you need to ask your agent the following questions:
1. How long has the property been on the market?
2. How long has it been listed at this price?
3. How many offers have been received?
4. What were the reasons for the offers being rejected? (These 4 questions help you determine what price to offer when you make one.)
5. How long does the seller expect to remain in the property after the conclusion of the sale? (This can be a big one...you've found your dream home, but the owner wants to stay for 6 months while he finds another house to buy...we all know long distance relationships rarely work, so why agree to have a long distance relationship with the home of your dreams!)
6. Ask to see up to date utility bills to ensure that these are all paid. If they are not, it will delay transfer and could, in the worst case scenario, mean the property has been attached by the authorities for unpaid bills.
7. Ask to have a professional electrician and plumber check the wiring and plumbing. In Zimbabwe, you buy a house as is, and you don't want any nasty surprises for the latent defects you haven't seen.
8. Often the borehole is a make or break in the deal. You have every right to have the capacity of the borehole tested.
Unfortunately, these checks are done at your expense, and if you are unhappy with the findings you may be out of pocket. But better to lose a little cash on insuring your decision, than buy a white elephant! (You'll be seeing a lot of pink elephants while you drown your sorrows for a bad buy!!!)
Don't rush into anything until you have had it all checked out. If the agent or seller is reluctant to allow these checks, you have to ask your self: "What are they hiding?" Rather walk away and look for something else! Just as your mother used to tell you, "There are lots more fish in the sea," I'm here to tell you, "There are lots more houses to see!"
Nice topics & article posted on blog. I like these tips. I have always wanted to know where all the yummy Vegan places were and now i can easily eat out at these place or order in! thanks so much! George offers hands free investing opportunities and teaching Commercial to Residential Conversion.
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