Ten things to consider when buying a new home

One would have expected the pandemic to squash the property market, but a year down the line, it’s done the opposite! Working from home has created a demand for extra space and a desire for a greater quality of life. That, coupled with favourable lending rates, means home purchases are up. But experts warn it won’t stay a buyer’s market for long, so if you’re keen to get on the property ladder, now might be the time.

Grant Smee, managing director of Only Realty, shares his top 10 checklist for first-time home buyers.

1. Location: Choose an easily accessible area that’s established or upcoming.
2. Accessibility: In a complex, a ground floor unit will have a garden that needs to be maintained, while a balcony will offer views. Each will attract different buyers if you sell.
3. Security: Be mindful about the safety and security on offer – it’s important for resale value and your personal experience in the home.
4. Amenities: Things like a deck or pool are nice to have but won’t necessarily improve future resale value. If you want to add them, do it for yourself.
5. Exterior: Pay a valuator prior to purchase to check that all plumbing and electricals are working and that the roof, exterior walls and foundation are still intact.
6. Interior: Look for suitably sized bedrooms and easily accessible and functional kitchen and bathroom areas. Natural light is important, so north-facing homes are ideal.
7. Parking: Make sure that there is ample parking for you and guests.
8. Renewable energy and signal: For some buyers, solar heating and generators are key purchasing factors. Check cell signal strength and fibre connections too, where possible.
9. Storage space: This is especially important for apartment living, so make sure there’s enough or room for more cupboards and drawers!
10. Kitchen: Check that all appliances are functional and accessible and that there is sufficient space for your needs.  

Smee also suggests that buyers budget carefully and get audited financials and previous rates and levy statements before signing an offer to purchase.

For more information, visit www.onlyrealty.co.za