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Neglect and poor service delivery, will have a “massive influence on the resale value of a property over the long term”, she says. While factors such as schools, amenities including hospitals and shopping centres, as well as easy access to highways, and an area’s safety, need to be taken into consideration, resale prospects should also weigh heavily says Karen Turner, property practitioner at Jawitz Properties North Coast. “Buyers want to avoid buying something now that will result in a problematic future sale.” Goslett adds estate agents are often privy to listings before they are uploaded to a property portal, so it is not unheard of to have a property sell before it even reaches the market. “Partnering with an estate agent allows you first pick of any suitable listing as soon as they enter the market,” he says. Where should I start looking for properties – online or at an estate agency? Mogodi says there are many more real estate companies listing their properties online than ever before. “A large percentage of properties are listed online and it should be a bit questionable if the seller or agent does not list properties online.” She says there are many websites that promote properties for sale, so you could send your details and receive alerts when properties similar to your requirements are listed. “Although there is an influx of properties, it may sometimes be confusing to know which company to go with, because you may have a relationship with one but want a property from another. I would strongly advise that when looking to buy, first check out what is online, in general. Then you approach a property practitioner to hold your hand on this journey. “The agent will show you what they have, and, if none of those properties appeal to you, they would start searching for properties to try source one that suits your needs. “When you have a great estate agent, it is wise to stick with them and they will then negotiate on your behalf among their colleagues and other networks.”
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URNER says it is advisable to approach a reputable agency in your chosen area – an agency with a strong area presence, a decent number of listings and a strong social media presence. “It is not in the buyer’s interest to have too many agencies on board as often the same property is listed with a number of agencies, leading to a search becoming complicated and unwieldy. A good agency, once understanding what the buyer requires, will be able to present a number of viable options and links.” Estate agents are a great asset to potential homeowners, agrees Mgudlwa. “It is important to find an estate agent you can develop a good working relationship with in the area you are interested in. “Their knowledge of the housing market, and their ability to assist you in finding a home that suits your needs, will make the process much smoother.” In addition to finding agents online, she says you can also ask friends and colleagues for referrals. “Look up the agents’ websites and online profiles. It’s important to read about their specialties and experience and check out customer reviews. Another, somewhat passive, way to find the best real estate agent is to identify which agents have the most listings in your area and make a list of those to contact.” You should get a feel for the property practitioners who are most active in the area you are considering, Craig says, adding you should make contact with them to discuss your requirements and get onto their mailing lists. “Start perusing the main property portals and subscribe to receive their alerts. To ensure you are on an agent’s hot list, contact them frequently. Being top of mind puts you in a good position when something comes up and they think of you first.” How can I make sure I go into a viewing with an open mind? Turner says some buyers have preconceived ideas about certain areas or estates, or a certain configuration of bedrooms and living areas, and sometimes need to have a more open approach to explore an area or option that they had not previously considered. “Sometimes they also express concern about a wall colour or there may be cupboards, carpets or furnishings or an overgrown garden not to their taste, which can stop them realising the potential of a property. “Very often buyers are unable to visualise
how their furniture will fit a certain space but you generally need to be able to look past these issues and reach some form of compromise.” It is important to have a list of requirements when you are considering what type of properties to view, Craig says. “But I’d stress that you should have an open mind and not be too rigid with your requirements to avoid limiting the options that could be available to you. You have to keep in mind that you will need to compromise on certain requirements depending on your budget but, more importantly, on the basis that no property will ever fully tick all the boxes.” In essence, you need to know what you are not prepared to compromise on but be mindful that there will be some aspects of a property that will not be 100% right. “Unless you are building it yourself – and even then it may not be 100% – you may be looking for a very long time for the perfect home.” Often, potential buyers come to a viewing without first getting know what they would qualify for in terms of a bond, Mgudlwa adds. “They get carried away with kitchen islands, wood burners and Roman blinds etc, without carrying out thorough research and preparations for finance and budget. It is important to know, and learn about, your bond options as well as other costs involved with buying a property.” She adds: “People have different ideas about decor. Look beyond the clutter, colours, cupboards and carpets that might not be to your taste and be open to hidden potential. Stay open-minded. Look for the potential in the home you are viewing that might not be
example, but if sellers are serious about selling, they will agree to have the house checked thoroughly.” If the property is really big and expensive, it would also be advisable to hire a property inspector – not a property valuator or agent – to check it thoroughly. “Sometimes the seller genuinely does not know trees are a big problem somewhere, and using an inspector might reveal some serious problems. But also, it might reveal the heaven that it is. It is a worthwhile expense, considering the investment you are about to make on the property.” Turner says an agent who specialises in a particular area should have the knowledge and expertise to provide a buyer with all the information required. “An agent should be able to answer questions on the area and have a good overview of the property market in general. “Agents should also have an in-depth knowledge of the property and encourage buyers to have a really good look at everything – open cupboards, flush toilets, look at the state of windows, among other things, and even carry out a professional home inspection to establish that everything is in order. “The agent should also discuss fibre options, security and, again, advise the buyers to get a feel of the area themselves.” Mgudlwa says you should make a list of must-haves before you go house viewing, and investigate the area before you view the property. “Get a feel for the neighbourhood, day and night, and check on security with the local police station. If you are buying anything but
Look for the potential in the home you are seeing that might not be obvious when you first view it obvious when you first view it. Also, says Mogodi, sometimes photos are so good that the potential buyer thinks the property is perfect. So, ask questions and check out all the property’s features before you physically view it. “This helps to manage expectations because many times a buyer will say, ‘But I didn’t know this house was so bad – the photos were misleading.’” “It is important to ask the agent to be truthful so you go viewing with an open mind and don’t end up feeling misled.” Ironically, though, she says a lot of buyers will see a property at a price they consider a good one, but then expect the seller to repair many things. “It is crucial to understand that sometimes sellers will sell because they have financial challenges and have to sell fast, meaning that they would be willing to get less than the market price. “The great thing about the new Property Practitioners Act is that it is now mandatory for sellers to disclose the defects and for the buyer to sign in acknowledgment, so all parties will know what they are getting.” Another critical aspect to bear in mind, Mogodi adds, is that, say a property is painted a what you think is a hideous colour, this is no reason not to not buy it. There are many other smaller things that you may not like, and which may not be as costly to replace. If that is the case, take the property and estimate how much those changes would cost you to fix to get the house you want. “Last, you must realise that most houses will not give you 100% of what you want, and it’s up to you to turn that home into what you dreamed of.” How can I ensure I leave a viewing with all the information I need? You should keep a list of questions handy that you can refer to, Craig says. “There will be some unanswered questions from your first viewing but you can always follow up with the agent to get answers to questions you did not ask the first time around.” You should also make sure you have allocated enough time to view the property properly, Mogodi says. “Sometimes people are in a big hurry and they may even say, ‘No, I am going to change this or that,’ and this makes them unobservant. It may seem rude to ask to check cupboards, for
a freestanding home, high noise levels and bad views could be a deterrent.” In addition to opening cupboards and flushing toilets, she says you should look underneath bathroom and kitchen sinks, flick switches, and open and close windows and doors and check the state of shelving, flooring, plumbing and general functionality. What are the chances that I will find a home that ticks all of my boxes? Given the long-term nature of a property investment, Goslett says there are some essential elements that should be carefully measured beforehand, to ensure you are making the right decision and purchasing a property that meets your needs both now and in the future. “Before even looking at properties, you should sit down and determine what features you currently need in a home, as well as the features you may require in the future. The biggest restriction when looking to purchase is affordability. Financial restrictions could mean compromising on certain aspects, even if only for the time being. Ensure that you can afford to sustain the financial obligation before entering into the agreement.” Mgudlwa says it is important to rank each of the listed features you want by importance. While it is unlikely that you will find a property that will check every single box on this list, this exercise will help you focus on properties that work for you and your family. Echoing this, Turner says it is highly unlikely that all boxes will be ticked and agents should always encourage a degree of openmindedness with any purchase. “Size, and possibly precise specifications can be compromised on, however, the location needs to tick all the boxes especially if being close to the correct schools and amenities is a priority for the purchaser’s lifestyle.” Anything that is not structural can be changed, but Mogodi says the determining factor would be the cost of making that change. “Sometimes buyers become very creative with spaces and make them really cool, so if the size feels good, go ahead. But when there are awkward staircases, or doors in the wrong place (for you) and things that are just not talking to your kind of style, it would be wiser to alert the agent. “Buyers can buy a property they do not really like, and then start blaming the agent when it does not change to what they would like it to be.”
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Letter from the editor THIS weekend marks two years since we were thrown into hard lockdown. Estate agents could not work, the construction industry was forced to down tools, no one was allowed to relocate, non-paying tenants could not be kicked out and the property industry came to a complete halt. The past two years have not been kind. Some estate agencies shut down, unable to survive months of hard lockdown. Many agents earned zero for months with the Deeds Offices closed and no sales possible. Developers pulled their hair out as projects languished. No-work, no-pay for construction workers meant for many there was no food on the table. People moved in with family, unable to afford rent or bonds. Many either lost their income or had their salaries slashed so deeply they could no longer afford their lifestyles. Covid debt is still a reality today for many of us. Offices were shut down and working from home was the fastest growing trend as many had to quickly turn spare rooms or a corner of their dining room table into makeshift work spaces. Overnight, technology we hadn’t heard of became everyday words in our vocabulary and saved many of us. People we loved got ill, many died, often away from loved ones. There is no doubt the pandemic and anti-pandemic strategies changed our lives. We have come through a hellish time. And yet, there were many rays of light and creativity along the way. Estate agents fought a heavy battle to get their doors reopened, and they did reopen, a new property body was formed in the time, new laws have been passed that offer more protection to buyers and sellers, low interest rates gave an injection to the industry and the property world is ticking again. In spite of the interest rate increases, property remains a good asset. Two years ago, the industry was dead, today it is welcoming new home buyers. The fact that we have a first-time home buyers feature on the two-year anniversary of hard lockdown is a ray of hope in a once barren landscape and testimony to all of our resilience. Take care, always. Warm regards
Vivian Warby vivian.warby@inl.co.za
