7 Essential questions to ask when buying a home
Buying a home is one of life's most thrilling experiences, but it also requires a considerable financial and emotional investment. Before signing on the dotted line, make sure you're making the proper choice. To help you get started, here are seven important questions to ask before buying a property.
1. What is my total budget beyond the purchase price?
Many buyers focus only on the listing price, but the true cost of homeownership extends beyond the mortgage. Expenses such as transfer duties, legal fees, moving costs, rates and taxes, insurance, and ongoing maintenance can add up quickly. For example, a buyer who purchases a home might later discover that a transfer duty and monthly levies significantly impact their budget. Factoring in these costs upfront ensures financial preparedness and prevents unexpected financial strain.
2. Why is the seller moving?
The seller’s reason for moving can reveal important details about the home and neighbourhood. Are they relocating for work, upgrading, or downsizing? A seller in a hurry to move may be more open to negotiation. For instance, a couple forced to sell quickly due to a sudden job transfer might accept a lower offer. However, if they’re leaving because of persistent noise from neighbours or ongoing construction, it’s a sign to dig deeper before committing.
3. What is included in the sale?
Verify what is included in the transaction, including window coverings, outdoor features, built-in appliances, and light fixtures. Misunderstandings may result from some merchants stealing things like kitchen appliances or chandeliers. As an instance, on moving day, a buyer may find out that the seller stole the expensive gas stove in the kitchen, which they had expected to be included in the transaction. Any unpleasant surprises can be avoided by asking for a list of included products ahead of time.
4. What are the monthly utility costs?
A property may appear great, but it is critical to consider its running expenses. Request current power and water invoices to better understand your monthly costs. Furthermore, if the property is in a high-risk region for loadshedding or water restrictions, solar panels or a backup water source may be worthwhile. A buyer of a large house with a huge garden, for instance, could be shocked to learn that the expense of irrigation drives up summer water bills to almost R3,000. Knowing these costs in advance allows for better financial planning and budgeting.
5. Are there any issues with the property?
Sellers are obligated to report faults, but it is best to do a comprehensive check yourself. Look for indicators of dampness, structural damage, plumbing leaks, and insect infestations. If something causes worry, a professional home inspection might give further information and negotiation leverage. Suppose a buyer detects slight fractures in the walls during a screening. A second house examination exposes underlying foundation difficulties, necessitating a renegotiated purchase price to cover repair expenditures.
6. What is the neighbourhood like?
A home is more than simply four walls; it's about the lifestyle it provides. Take a walk about the neighbourhood at various times of day to examine traffic, noise levels, safety, and proximity to schools, businesses, and medical services. Speak with neighbours if possible to gain honest feedback. A family searching for a family-friendly neighbourhood views a property on a calm weekday afternoon, only to discover that the area is much louder and busier during peak hours, affecting the peaceful atmosphere they had hoped for. Researching these issues helps to avoid unexpected surprises.
7. What is the potential for future growth?
Even if you're buying a lifelong home, resale value is important. Research local property trends, forthcoming developments, and municipal plans. A growing neighbourhood may be a sensible investment, since it ensures that your home's value increases over time. Assume a buyer buys a property in an area where a new retail centre and business district are planned. Over a five-year period, property values climb dramatically, providing an attractive return on investment when sold.
Asking the right questions transforms the home-buying process into a confident, informed decision. Whether you're a first-time buyer or an experienced homeowner, doing your due diligence ensures your new home is more than just a purchase—it’s a sanctuary. At Knight Frank, we believe your home should inspire and enhance your lifestyle. Let us help you find a space where you can thrive.