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HOW TO BUY A HOUSE
Buying a property is exciting. However, it can be stressful too, for those first timers or even regular buyers. Here are some tips as a checklist before purchasing a property:
- Work out a budget
- Define your requirements
- Choose what kind of property you want to buy i.e.: do you want a house, flat, bungalow or terrace?
- New versus re-sale property
- Location
- Property specifications
- Find the right real estate broker
WHAT CAN PROPERTY OFFER INVESTOR
With property, there are two main potential ways to make a return:
RENT: you can earn an income by renting out to tenants.
SELLING: buy and sell later for a higher price
Even if you don’t buy the property yourself, you can get potential benefits indirectly by investing in a property fund that invests in property. Other related ways to invest is through property maintenance and management services
WHAT IS IN A SALES AND PURCHASE AGREEMENT?
The sales and purchase agreement sets out in writing all the agreed terms and conditions of the sales/purchase of the property.
Terms and conditions in the agreement will include
- the agreed price
- goods/furnishings to be included in the sale such as electrical items like lights, ceiling fans, air con or cabinets etc.
- The type of title- for instance freehold or leasehold
- any conditions the buyer and seller want fulfilled before the contract is agreed
- the date the agreement will become unconditional
- the settlement date
- any deposit the buyer must pay
What happens if the buyer or seller defaults?
- The agreement also covers compensation costs that must be paid by either buyer or seller in the event if either party defaults.
