Questions to consider in the process of buying and selling a property
Deciding to purchase property is life-changing. As such, this decision should be made after careful consideration, research and trusted advice from your estate agent.
CEO of Greeff Christie's International Real Estate Mike Greeff says, "As a buyer or seller, it is vital to take everything in to consideration and view the sale of the property from the perspective of the buyer and seller. This important moment should be dealt with in the utmost clarity of mind and not clouded by unnecessary detail."
If you are in the process of making an offer on a property, consider the following questions:
1. Is the property within my budget?
Before you decide on a property you'd like to purchase, let alone make an offer on, be sure the property is within your budget and that you are able to afford it without placing yourself in a difficult financial situation. Keep in mind the additional costs involved with the purchase of the property and consider your affordability above all.
2. Does the property have everything I require?
People choose to purchase properties in various stages of their lives, as such, when making the decision. Be sure the property you select expressly suits your needs at the time. At a later stage in your life, you may be interested in other properties at which point you are able to make the decision to sell and purchase again.
3. Will the property require renovation in the near future and is this within my budget?
If the property you choose to purchase is not brand new, there may be a requirement or necessity to renovate all or parts of the property in the future. Consider if the property will require renovation and if this renovation is suited to your budget. If not, you may want to reconsider your property selection.
If you are in the process of accepting offers on your property, consider the following questions:
1. Am I pricing my property realistically, taking all things into consideration?
The pricing of any property is reliant on a number of factors. As a seller, you want to do your best to maximise the capital gained from the sale of your property but being aware of the influencing factors of the sale remain key. Consider current market conditions and whether your listing price will be taken to kindly by prospective buyers and also if you are likely to receive many or any offers at all. Your agent will also advise you on the best course of action in this regard.
2. Are all things clear in the offer to purchase?
The offer to purchase may sometimes be a tricky document to make complete sense of if you are not aware of what the professional language means. Be sure to have your estate agent take you through the document step by step and voice your concerns if you are unclear about anything.
3. Am I prepared to reduce the price of my property if it languishes on the market?
A harsh reality for current market conditions is facing the truth that homes are now on the market for much longer than before. If your property, like most, languishes on the market for a select period of time, it may be best to start thinking about reducing the price. Before choosing to sell, consider if you would be willing to reduce the price of the property in future if required.
Whether you are a buyer or seller, asking yourself the right questions will be a key factor in striking a happy balance during the sale of the property.
25 Jan 2019
Author Greeff
