Connect with us

Buying your first property (Part 5) – Finding the property that you want to buy

My Investments

Buying your first property (Part 5) – Finding the property that you want to buy

Reading Time: 2 minutes

Previous: Buying your first property (Part 4) – Pre-qualification certificates

You don’t just want to buy any property

How do you find that property that’s just right for you? 

Well, the first question, naturally is – did you google it?

There are many websites like private property and property24 that can help you find properties. 

What it doesn’t help with is knowing where to start.

What are you looking for?

When starting, you need to get a list together of things on which you will not be willing to compromise on. For example, if you have 0.5 children, you might need a 1.5 bedroom flat. 

If you are buying for investment purposes, you might want to have a narrative like this: “I am looking for a 1.5 bedroom house, as I want to avoid sub-letting. I want a family with one child to rent from me who works during the day and come home to sleep only. They should not need a pool, as the child is only 2 years old”. 

Having a list is vital in narrowing down your search.

Frugal tips on how to narrow down your list

Here are some thoughts on what to consider when getting a list together: 

  • Will you be willing to fix up the property? 
  • Is the property in the area that you are looking for? Location is everything.
  • Do you want a sectional title or a freehold property?
  • How many bedrooms do you want? Why?
  • Do you need a garden or a pool? Why?
  • Should pets be allowed?
  • Do I want the property to be close to public or private schools?
  • Why would anyone want to live there?

What to do with your list

Once you have this list together, you have a few options.

You can send it off to a couple of real estate agents who will be able to give you feedback. They will be able to give you a better idea about how realistic your expectations are and if those properties will be found in that area.

You could also check out property websites online and filter with your list to make sure you only see things that interest you.

Remember, you might need to make small tweaks on your list at times, as things do change. 

Be clear that they should not waste your time.

You need your property meet your requirements –  as on the list  – within your price range. 

What if you want to offer lower than the asking price?

In my opinion, it’s ALWAYS REQUIRED to make an offer lower than the asking price.

In the South African context, cars and property should always be negotiated. 

Conclusion

If you know what you’re looking for and know what price range you are much closer to getting the property that you deserve and that you want. 

Never buy a property at a market-related price. That is a bad deal. You need to go and find a property that is under market-related value. 

Remember you make a profit when you buy not when you sell. 

Being an expert in property, you can go and buy a bargain.

Go now and happy investing.

Next: Buying your first property (Part 6) – Top tips when viewing a property

Related:

Article reposted with permission from Frugal Local. Original post here.



PLUS, we'll send you our Zonotho Personal Finance Starter pack to help you take your financial prowess to the next level!


_______________

Comments

Carl Barnard

Hey, I am frugal... I love talking about property and money. Some interesting facts about me: I drink too much coffee. I have walked the Camino de Santiago twice. I have the most awesome wife. I am a software developer by day.

More in My Investments

Facebook

Advertisement

Trending

Topics

Top contributors

Advertisement
To Top