Do Your Homework Before Buying a Home

While buying a home must surely be one of the most exciting things you can do, especially as first-time home buyer, it is important that you don't get too caught up in the 'excitement' or 'anticipation' of your purchase to notice the potential pitfalls.

Buying a home or property can be a large, timeous, stressful and often complicated undertaking that should always be done with as much knowledge and information about the property as possible to avoid possible regret and disappointment down the line.

For instance, when viewing a house, cluster or flat that you like, expect to have an over-eager estate agent telling you how great everything is and what a magnificent home and investment it will be. It is their job to sell homes so they will only focus on the positive.

However, this is where you and your finely trained eye comes in. It is your job and responsibility as a home buyer to learn to recognise the potential pitfalls, to ask key questions about the property and, most importantly perhaps, to picture yourself in the property in years to come.

First, don't be fooled by a new coat of paint or a recently replaced fixture. Ask yourself what could possibly lie beneath, in terms of mould, water stains, bad electrical wiring, wood rot, old and unreliable plumbing etc.

The onus is on you to ask the seller to provide you with recent electrical compliance certificates or proof that the plumbing has been checked and deemed safe.

Second, don't be afraid to ask to check the roof of a house for sale. Re-tiling and re-waterproofing a roof can cost an absolute fortune. Make sure you are satisfied that the tiles are in good condition from the outside and that there are no 'tell-tale' signs of water leakage and/or stains on the ceilings from inside the house.

And third, do some research on the neighbourhood in which the property is located. Find out if it is a high-crime area by speaking to neighbours or the local police. Also see if it close to shops, schools, highways, places of worship etc. How convenient is it to get to work during rush hour etc?

Also, it is always a good idea to ask the estate agent or seller directly the reason why they are moving. It may be related to the area and thus influence your buying decision.

If looking to buy a flat or a cluster, speak to someone in the body corporate to find out if any refurbishments, maintenance or special projects are on the horizon. These can result in additional or 'special levies' that you were not budgeting for.

Remember, don't lose the excitement of buying a home but make sure you don't lose your shirt either!

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* Home Loans and Being Self-Employed
* Why Home Loans Are a Good Debt
* Using a Home Loan Originator
* Home Loans Basics
* Home Loan Transfer Duties
* Home Loan Options

3/7/2008 4:04:51 PM