Buying property will be the greatest financial transaction that any person can enter into and as is such entering the property market has to be done with the necessary caution and consideration. The agent should at all times try to offer purchasers the necessary assistance in order to make a fully informed decision when purchasing property.
There are a few factors that buyers can keep in mind when purchasing property that will make the process of investing in property easier and a more enjoyable process for the purchaser. In this article Seeff Strand briefly explains the top tips when purchasing property in the Strand.
Get prequalified firsts
Everyone dreams of the kind of property they would like to live in but what the client wants to purchase and what they can afford is not always the same thing. It is therefore important to have oneself pre-qualified. The prospective purchaser can use their own bank to be prequalified. A client's bank will often have a clear idea of their credit record, income and expenditures based account activity making the process more direct.
A prospective purchaser could also find benefit in using a bond originator who would engage various banks on behalf of the client in order to procure the best chance of bond approval. Bond originators also know the banks criteria which means they are well equipped at guiding the client through the process.
Working with an agent
There are various benefits for the purchaser to working through an agent rather than engaging the market through the private sale process, which can be daunting to say the least. Choosing the right agent to navigate one through the sales process can also eliminate many factors that might otherwise have caused unnecessary complications.
When working with an agency it is important that a purchaser works with an established brand within an area. The agent will have good sales experience and also have a better working knowledge of the area than would otherwise have been the case.
Seeff Strand not only has a recognizable foot-print in our area but is held to higher standards by our internal policies and also our affiliation with the Seeff Group that ensures compliance with good practice within the industry.
See a few properties before deciding
A purchaser can gauge the state of the market and the quality of the listings therein by asking to view various properties before deciding on which property to purchase, if at all. This, in addition will allow the prospective purchaser the benefit of making an informed decision as to price, area and other aspects material to the property they might be purchasing.
Ask about cost to the buyer
It is important for the purchaser to understand that their sole cost as it relates to purchasing a property is not limited to the price the seller will accept upon offer. There are certain costs involved which the purchaser will have to pay during the course of the transfer process that the purchaser needs to be aware of. These costs should be explained to the purchaser to avoid unpleasant surprises during the course of the transfer process.
Purpose of purchase and forward planning
The purchaser upon entering the transfer process should already have a clear idea of the purpose of which they would be investing in the property. They might be buying the property with the desire in mind to live in it or rent out their investment in order to generate an income.
Whatever the case might be, it is important that the buyer does the appropriate planning with respect to the transaction following through to conclusion. If a person is moving into the property to live in it, it would be important finish packing and arrange competent furniture removal specialists ahead of time.
This would require the purchaser to stay abreast where in the registration process the transaction is. At Seeff Strand our agents provide up to-date feedback.
In the case of a buyer purchasing for the sake of renting the property out afterwards, it might be convenient to arrange a rental agent to assist in this regard ahead of time. The purchaser will have to know whether they would be considering a managed or unmanaged lease and to which extent they would need an Estate Agency be involved in the letting out of their investment.
It very important that the purchaser understands their rights as it relates to the Real Estate Industry. Agents foremost have a general duty to protect public interest in all the do in pursuit of their work. If a client ever feels that their interest in terms of the service that was provided to them was not fully safeguarded, it would be important to remember that the Estate Agency Affairs Board offers recourse to clients who feel treated unfairly or unethically.
It is also worth noting however, that any case brought to the EAAB constitutes a serious matter and has to be coupled with the necessary consideration. At Seeff Strand our agents and staff fully adhere to the Estate Agency Affairs Act 112 of 1976 and the EAAB Code of Conduct which regulates the basic standard of our practice with clients.
Contact one of our property experts at Seeff Strand on (021) 854 5777 or find us on social media on Facebook, Twitter, Instagram or LinkedIn.
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