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Choosing the right property for you

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Choosing the right property for you

09 Feb 2015

When entering the property market, buyers need to be mindful of their lifestyles before making the purchase. There are a plethora of considerations that buyers need to take into account before committing to such a life changing decision.

Barker says there are many factors to consider when buying a home, and this all depends on your personal circumstances. Draw up a list and brainstorm every eventuality.

This is according to Steven Barker, head of Home Loans at Standard Bank, who 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 overburden themselves with unconsidered financial commitments.

When purchasing a home, consider the next five years, because buying and then re-selling within a short period of time will incur additional costs that will only be recouped in the long run, says Barker.

He says 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 a buyer’s pocket, often unnecessarily. Most people cannot afford to move again after a short space of time, so they often live with their mistake.

Barker offers the following five vital factors to consider when choosing a home.

1. Schools

Seek a property that is close to a school district. One of the many benefits to buying close to school is that 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 money on fuel and car maintenance.

3. Amenities

Living in a property or development that is a significant distance away from amenities needs careful consideration. This is not only because you will have to travel further to reach these, but because it might lessen the appeal of your home for future buyers. 

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 buyers must carefully consider the safety and security aspects that satisfy their requirements.

Barker says there are many factors to consider when buying 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.

Author: Steven Barker, Head of Std Home Loans

Submitted 12 Feb 15 / Views 2365