Buying a house can be a daunting task, especially if you are a first-time home buyer.
When perusing the house-market, it is instrumental to ensure that the property you choose won’t cost you an arm and a leg in the long run. But, when acquiring a home, many people don’t know what to look out for. This often results in the buyer forking out extra cash.
So, what do you look out for?
Fathima Seedat, real estate agent of Maxsee Properties, claims the first thing to look for, is the home’s location. “Factors such as schools and the distance to commute to work should be looked at,” she claims. By doing this, transport costs can be accommodated on one’s budget.
What hidden structural problems are most prevalent in homes?
In her experience, Fatima says the most common structural problems include leaking roofs, cracks and dampness. “As a realtor acting on behalf of the seller, we must disclose all the problems that we are aware of. I then give the prospective buyer the option of bringing in an engineer or builder to ascertain the costs involved in repairing the property,” Seedat explains.
What structural problems are the previous owner’s responsibility?
Seedat claims that any issues the owner knew about, prior to selling, but failed to report, is their responsibility. This means it is instrumental that a seller reports issues as not to be held liable.
Purchasing a home, searching for structural problems and ensuring you are happy can be quite a challenge thus, using an estate agent does alleviate a lot of the obstacles faced by home-buyers. “As with any industry, there are professionals who deal with matters they are educated and experienced with,” claims Fatima.
While some avoid using estate agents in order to make more profit on the sale, Seedat says that statistically, agents achieve a far higher selling price than a homeowner would if they attempted to sell their home privately.
“In an attempt to avoid paying commission, sellers are sometimes leaving money on the table during negotiations. Studies show if homes are correctly price when listed, they will sell faster than those at over-inflated prices. Being a professional in the industry and in your area, a realtor can price your home correctly.”
As the digital world opens the doors to a whole new world of possibilities, Seedat says agents will advertise a seller’s home online. “As we all know, online shopping is the trend. However, this is only the beginning of the process. A lot of time is spent dealing with potential buyers, attorneys and valuators. It is an agent’s job to handle this, so the seller doesn’t have to.”
An agent can also screen potential buyers, while helping sellers to prepare for home inspections and ensuring the sales process is handled efficiently. Furthermore, making a mistake while selling a home can mean dealing with legal consequences. This includes not reporting structural problems prior to the sale.
“Selling a home is a complicated endeavour, which involves a lot of paperwork that needs to be filled out correctly. An agent will know the ins and outs of what is required and how it needs to be dressed. Therefore, I would advise using an agent adds value and can benefit sellers greatly,” Seedat emphasises.
This means that before buying or selling a house, be sure to seek the assistance of a professional to minimise potential legal consequences and shelling out more money.
