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Buying a House
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wetkit
Expert Member
Stuff that can cost you money....
1. Roof in poor condition.
2. Plumbing
3. Damp walls - Check for water blisters on the other side of shower walls.
4. Mould - Floors or ceiling
5. Window frames
Just a few....
1. Roof in poor condition.
2. Plumbing
3. Damp walls - Check for water blisters on the other side of shower walls.
4. Mould - Floors or ceiling
5. Window frames
Just a few....
Polly101
Expert Member
If you are serious, put a clause on the offer to purchase: "subject to favourable inspection by licensed building inspector"
Costs about R3k depending on the size of the house, they will check all the stuff wetkit mentioned as well. Well worth it....
Costs about R3k depending on the size of the house, they will check all the stuff wetkit mentioned as well. Well worth it....
Goobie
Expert Member
take a flashlight with you to the house. place it flat on the wall shining the light in different directions. Recently covered cracks will show up as little "speedhumps" Pull the curtains away and look for cracks running from the corner of the window upwards. Runaway from houses with wallpaper, they are hiding cracks.
Heisenborg
Honorary Master
- Joined
- Dec 15, 2006
- Messages
- 21,379
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- 14,125
Yeah make it conditional on a snag list that may be drawn up after inspection
First of all congrats on your decision to buy a house.
My only advise is to take all the advise you can. And then some.
Step 1) Get a building inspector such as inspectahome, there
are several out there which offer their services. I got one, but unfortunately only after I moved in. Dont
make that mistake. Their services will save you plenty in almost every case.
Keep in mind the golden rule, every individual and business is out to maximise their profit. If they can sell their problems to you, they will. And they will get away with it if you arent careful.
Do not buy a house from Sellers who are intending to move/have moved over seas. Ever, unless you are willing to accept the problems you may find in due time. Trying to sue someone overseas is very costly and a long winded process.
Do not fall for the estate agents tricks, "There are other buyers who have put in offers". If you loose the house, so be it, the market is flooded at the moment! Rather be patient and cautious than get taken for a ride.
Get the inspector to pull house plans and to verify EVERYTHING is there.
Step 2) Take the offer to purchase to your Lawyer to revise if you dont understand it completely. These agreements are meant to protect the Seller and Estate Agents. Get clauses to protect you, such as putting a clause saying you can exit the agreement based on an unfavourable inspection report.
Step 3) Spend at least 2-3 hours going through the whole house, room by room, noting EVERYTHING. It is very easy to cover things up with paint. The building inspectors in Step 1 generally look for structural problems, you need to look for other problems. Take all the noted problems from Step 1 and this step, and NEGOTIATE with the Seller. If they want R1000 000, Dont be scared to offer R700 000 if you pick up problems. You have the evidence to back it up.
Check things like Pools, Roofs, Ceilings, Paving, Retaining Walls carefully for cracks or defects. Dont forget that flashlight
Dont be scared to Negotiate with the estate agent, i.e. knocking their rate from 9% to 7.5% can help the Seller and then the Seller will be open to knocking the price down.
Step 4) Once you have a signed OTP, go to a bond originator, they can get you good rates. Going to the banks is a colossal waste of time, and the service is pretty shoddy at most. Also I hope you have a deposit handy.
Step 5) READ EVERYTHING YOU SIGN. TWICE. Do your own maths on ALL the calculations. It can save you. Dont forget that golden rule.
Step 6) RESEARCH: Speak to friends who have bought recently, and get all the advise you can. Things really do cost money to fix.
Step 7) Get a good transfer and conveyancing attorney, try go through the same company for both, as you can get discounts. Dont be scared to shop around.
There may be some duplicate steps, but the more info the merrier!
My only urge to any home buyer, is to be patient and to be cautious as many including I have been burned. Do as much reading as you can about the matter. Dont forget it is a big industry that is profit driven.
Property is only an investment if it makes you money, long term or short. When viewing property look for room for expansion etc, and on that note see if you would be permitted to do so.
My only advise is to take all the advise you can. And then some.
Step 1) Get a building inspector such as inspectahome, there
are several out there which offer their services. I got one, but unfortunately only after I moved in. Dont
make that mistake. Their services will save you plenty in almost every case.
Keep in mind the golden rule, every individual and business is out to maximise their profit. If they can sell their problems to you, they will. And they will get away with it if you arent careful.
Do not buy a house from Sellers who are intending to move/have moved over seas. Ever, unless you are willing to accept the problems you may find in due time. Trying to sue someone overseas is very costly and a long winded process.
Do not fall for the estate agents tricks, "There are other buyers who have put in offers". If you loose the house, so be it, the market is flooded at the moment! Rather be patient and cautious than get taken for a ride.
Get the inspector to pull house plans and to verify EVERYTHING is there.
Step 2) Take the offer to purchase to your Lawyer to revise if you dont understand it completely. These agreements are meant to protect the Seller and Estate Agents. Get clauses to protect you, such as putting a clause saying you can exit the agreement based on an unfavourable inspection report.
Step 3) Spend at least 2-3 hours going through the whole house, room by room, noting EVERYTHING. It is very easy to cover things up with paint. The building inspectors in Step 1 generally look for structural problems, you need to look for other problems. Take all the noted problems from Step 1 and this step, and NEGOTIATE with the Seller. If they want R1000 000, Dont be scared to offer R700 000 if you pick up problems. You have the evidence to back it up.
Check things like Pools, Roofs, Ceilings, Paving, Retaining Walls carefully for cracks or defects. Dont forget that flashlight
Dont be scared to Negotiate with the estate agent, i.e. knocking their rate from 9% to 7.5% can help the Seller and then the Seller will be open to knocking the price down.Step 4) Once you have a signed OTP, go to a bond originator, they can get you good rates. Going to the banks is a colossal waste of time, and the service is pretty shoddy at most. Also I hope you have a deposit handy.
Step 5) READ EVERYTHING YOU SIGN. TWICE. Do your own maths on ALL the calculations. It can save you. Dont forget that golden rule.
Step 6) RESEARCH: Speak to friends who have bought recently, and get all the advise you can. Things really do cost money to fix.
Step 7) Get a good transfer and conveyancing attorney, try go through the same company for both, as you can get discounts. Dont be scared to shop around.
There may be some duplicate steps, but the more info the merrier!
My only urge to any home buyer, is to be patient and to be cautious as many including I have been burned. Do as much reading as you can about the matter. Dont forget it is a big industry that is profit driven.
Property is only an investment if it makes you money, long term or short. When viewing property look for room for expansion etc, and on that note see if you would be permitted to do so.
F
Former member 61586
Guest
remember to put in a clause that you (buyer) gets to choose attorneys. Also insist with the bank granting the loan to choose the attorneys. You shouldnt pay for something someone else chooses.
South African convention.
It's worth mentioning, this is a very intricate legal process, document everything, if it's not in writing don't expect it to happen or be binding.
Most of the big stuff has been said, I think the building inspection by a pro is a must. Better to have dropped a bit of cash to find out a place is a disaster and escape than saving a bit & spending thousands unexpectedly.
Make sure that both parties are very aware of what both of them consider a fitting. The old owners of my place wanted to replace a bunch of light fittings with el-cheapos, when I asked them to knock a couple thousand off the price they reconsidered. They also ran off with the dual LNB & stuck in a single one, which was ridiculous.
Also, if there are lots of frames & knicknaks hanging on the wall, be aware that they'll probably be gone and you could end up with a wall full of hooks, screws & mounting holes. You may want to stick a clause in the agreement stating that those will be filled.
If the place has wooden floors, check that they're secure, no nail heads sticking out. Make sure the place is professionally cleaned, not a quick scrub down by the maid. Made that mistake, table tops were clean, everything else was grimy. Might be worth getting it fumigated before you move in, there won't be a better time.
An electrical certificate is compulsory but owners can get away with passing an older one off. I'd insist on a fresh one regardless of whether there is a valid older one. I'd also ask to choose the electrician myself.
I think the final thing would be to be as aware as you can (a little paranoid even) but try not to burn bridges, you obviously need to have some pretty serious dealings with the sellers and an antagonistic relationship between the two of you isn't going to help either side.
Most of the big stuff has been said, I think the building inspection by a pro is a must. Better to have dropped a bit of cash to find out a place is a disaster and escape than saving a bit & spending thousands unexpectedly.
Make sure that both parties are very aware of what both of them consider a fitting. The old owners of my place wanted to replace a bunch of light fittings with el-cheapos, when I asked them to knock a couple thousand off the price they reconsidered. They also ran off with the dual LNB & stuck in a single one, which was ridiculous.
Also, if there are lots of frames & knicknaks hanging on the wall, be aware that they'll probably be gone and you could end up with a wall full of hooks, screws & mounting holes. You may want to stick a clause in the agreement stating that those will be filled.
If the place has wooden floors, check that they're secure, no nail heads sticking out. Make sure the place is professionally cleaned, not a quick scrub down by the maid. Made that mistake, table tops were clean, everything else was grimy. Might be worth getting it fumigated before you move in, there won't be a better time.
An electrical certificate is compulsory but owners can get away with passing an older one off. I'd insist on a fresh one regardless of whether there is a valid older one. I'd also ask to choose the electrician myself.
I think the final thing would be to be as aware as you can (a little paranoid even) but try not to burn bridges, you obviously need to have some pretty serious dealings with the sellers and an antagonistic relationship between the two of you isn't going to help either side.
satanboy
Psychonaut seven
bodies in the back yard
Be wary of new renovations & additions as well, sellers often do a few quick alterations hoping to up the price. They could either be hiding a problem or they could not be up to scratch (using cheap materials, labour) look at the finishing, ask for contact details of the contractor, check if any guarantees apply.
If there's a chimney, get it checked out, if there's an installed fireplace, get it checked out, if anything strikes you as funny, get it checked out. If you're serious enough to do all this stuff, then you obviously like the place and thus, are a bit biased. You may let a few things slide that you really shouldn't. Get a couple of friends in (hopefully knowledgable ones) for a couple of your inspections.
Neighbourhood-wise, chat to the neighbours, people living in the area, the neighbourhood watch (if any), the armed response people, the nearest police for any crime stats. Check if there's a area facebook page or mailing list. Check if there's a residents association, get a copy of the rules (if any.) Get as much info as you can, it would be horrible to find out 3 weeks later that Jacqui the crazy cat lady down the road likes to play Celine Dion loud at 3am every day and leaves garbage strewn around (Friends true story).
If there's a chimney, get it checked out, if there's an installed fireplace, get it checked out, if anything strikes you as funny, get it checked out. If you're serious enough to do all this stuff, then you obviously like the place and thus, are a bit biased. You may let a few things slide that you really shouldn't. Get a couple of friends in (hopefully knowledgable ones) for a couple of your inspections.
Neighbourhood-wise, chat to the neighbours, people living in the area, the neighbourhood watch (if any), the armed response people, the nearest police for any crime stats. Check if there's a area facebook page or mailing list. Check if there's a residents association, get a copy of the rules (if any.) Get as much info as you can, it would be horrible to find out 3 weeks later that Jacqui the crazy cat lady down the road likes to play Celine Dion loud at 3am every day and leaves garbage strewn around (Friends true story).
+1 When we bought the seller chose a personal friend to do the transfer, we ended up waiting four months before she filed at the deeds office. The reason was that the seller was doing renovations on their new house and it was taking longer than expected so they kept on delaying. The lawyer only got her act together when we threatened to go to the law society.
i have "sold" my house. when i say sold, i mean this guy who owns the B & B next door wants my house and offered a good price for my house so we said yes. luckily we haven't signed any papers because since last November we have been looking for a house and i cannot believe what these sellers want for their houses. the house hasn't been looked after and is run down and the asking price is anything up of R1,8 million. this is the glenwood area durban.
then we get estate agents who tell us the house needs a little tlc and there is so much potential blah blah blah. yeah right if you have another R300 thousand or more to fix the bladdy house up to living standards sure you buy the house and sell it at the right market price and i'll buy it.
i am so fed up with looking at these run down houses that i have now decided i'm not selling my house to move into someone else's mess that i must fix so that i can actually live comfortably in it. dammit i just think it's a cheek of these people.
then we get estate agents who tell us the house needs a little tlc and there is so much potential blah blah blah. yeah right if you have another R300 thousand or more to fix the bladdy house up to living standards sure you buy the house and sell it at the right market price and i'll buy it.
i am so fed up with looking at these run down houses that i have now decided i'm not selling my house to move into someone else's mess that i must fix so that i can actually live comfortably in it. dammit i just think it's a cheek of these people.
It really depends, some people are retarded and offer the most ridiculous prices and 99% of the time the seller rejects.
But I would say in the region of 5 - 10% is normal.
Carol35
Expert Member
- Joined
- Feb 3, 2012
- Messages
- 1,742
- Reaction score
- 392
Hi everyone,
We are also actively in the buying market and seen a few places already, Ive been following this thread and the tips here have helped alot for future options.
Im also concerned as my husband seems to think the property market is in dire staits and everytime we look at a house, he proposes the most ridiculous offers. We havent submitted anything yet because I always feel bad about offering way below the asking price. I really dont want to do anyone in, especially home owners who are desperate but we are also desperate to find an affordable home. EG: We are looking tomorrow at a house that is advertised at R1.095k and husband is already saying if we like it, we start at 800k. Is that reasonable or are we going to piss off every estate agent we come across and no one will be willing to show us houses anymore? Im so worried about that too?
Any advise would be great!
We are also actively in the buying market and seen a few places already, Ive been following this thread and the tips here have helped alot for future options.
Im also concerned as my husband seems to think the property market is in dire staits and everytime we look at a house, he proposes the most ridiculous offers. We havent submitted anything yet because I always feel bad about offering way below the asking price. I really dont want to do anyone in, especially home owners who are desperate but we are also desperate to find an affordable home. EG: We are looking tomorrow at a house that is advertised at R1.095k and husband is already saying if we like it, we start at 800k. Is that reasonable or are we going to piss off every estate agent we come across and no one will be willing to show us houses anymore? Im so worried about that too?
Any advise would be great!
hi carol
it has been published for a while now that properties are way over priced. i am not sure if it is the estate agents putting unrealistic evaluations on the house or it is the seller demanding these prices. but if i were you i would read up more on this in the news. i have been looking for 4 months now and i can see that properties are way over priced.