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Questions You Need To Ask When Buying Property

Questions You Need To Ask When Buying Property

Date: 2013-03-14
While property has been one of the best performing long term investments in recent years, despite the economic downturn and price decreases, a property investment will only be as sound as the knowledge buyers have about it.

A bad property investment can severely affect the buyer's return on investment or in the worst case, result in them continuously losing money over the long term. "However," says Adrian Goslett, CEO of RE/MAX of Southern Africa, "knowing what to look for and what questions to ask when viewing a property will help the buyer distinguish between a good investment and a bad one."

Goslett gives the following tips for buyers to take heed of before deciding to buy a property:

  1. Will the property be a long term investment?
  2. It is important that buyers view property as a long term investment and as such plan accordingly.
  3. Is the home in good repair?
  4. Although buying a home in need of some attention might seem more cost effective at the outset, homes with a great number of problems can end up costing a lot of money to repair.
  5. Does the home have a sound structure?
  6. While building standards in South Africa are generally high, buyers should never assume that a building is structural sound.
  7. Does the property correspond with the description on the title deed?

Check that all buildings on the property correspond to the description on the title deed, making sure of the legality of the buildings.

Goslett says that once a buyer has contemplated these questions and completed the necessary research, they will have the required information to make a positive investment decision. "A wise investment choice today will allow the buyer to reap the financial benefits in future," he concludes.