Author : Estate Agency Affairs Board
What is the most important aspect when selling or buying a house?
Common sense. Don’t be in a rush. Do your research, always ask for advice and before you sign anything make sure you fully understand all the terms of sale and all the relevant details and arrangements.
What is the first thing I should do when buying a house?
Relax! Everyone is eager to buy a new home. Use your common sense and always ask for advice from experienced people in property matters. Make sure you check with the bank the amount of the bond you can obtain.
What should I check for when inspecting a house I might buy?
You must check for defects and get expert advice on the cost of any repairs.
What should I consider when buying a new home?
Also consider your future needs. Check if the property is close to work, hospitals, shops, schools etc. Is the property in a good neighbourhood, with good security and close to main roads? But most important, can you afford it, and what extras must you pay for? Don’t forget rates, electricity, water, etc.
When do I have to make a payment for the property I wish to buy?
Never make any payments unless you absolutely fully understand all the documentation, and have fully inspected the property. When you pay a deposit make sure you get a proper receipt from the estate agent who must keep your payment in trust until registration of transfer. The balance of the purchase price usually comes from the loan granted by a bank.
What should I do if I would rather lease a property?
Since you will have to pay rent, make sure that you can afford the monthly rent and other costs. Never sign a lease unless the lease document has been thoroughly explained to you.