10 Questions (and a bonus tip) to ask when buying property

It's well known that there is no such thing as a silly question. That's particularly true when it comes to purchasing property. Property is a big and significant investment so you want to make sure all your questions pertaining to both the property itself and the transaction are clearly and comprehensively answered. 

This is the advice of Steven van Rooyen, Principal at Leapfrog Milnerton. "There's no denying that consumers are under great financial strain at the moment, which means nobody can afford to make a property mistake that could cost them money in the long run. Asking the right questions is key to mitigating that risk," he says.

Van Rooyen shares the top 10 questions buyers should know the answers to. 

1. Can I comfortably afford this property?

Affordability is determined by looking at your income and expense against the cost of the property to determine whether you can service the monthly bond repayments, as well the municipal charges and any levies that may be payable. Make sure to also budget for the legal, transfer and agent fees as once-off costs associated with a property purchase.
 

2. What are my property non-negotiables? Where am I willing to compromise?
   
   Distinguish between what the property absolutely must offer for to be happy with the purchase against the features that would be nice to have but not central to sealing the deal. For example, if you're set on a place with three bedrooms but less worried about whether the garage is single or double, make sure to eliminate properties that don't offer three bedrooms from your search.
    

3. What is my first, second and third choice of area?
   
   Location has a keen impact on your lifestyle, particularly in terms of proximity to major highlights, schools and amenities and also just the general "feel" about the particular location. It helps to have a second and third choice of location too, as this offers more options and could help avoid disappointment if you can't find what you're looking for in your first choice of location.
    

4. Why is the current owner selling the property?
   
   This is a precautionary question to ensure you're aware of any potential hassles with the property and/or the neighbourhood. Consider recruiting the services of a builder or a property inspector to evaluate the structure of the property for added peace of mind.
    

5. How was the asking price determined?
   
   Transparency with regard to the asking price helps the potential buyer assess whether they are getting a good deal. It may even encourage the buyer to approach with a lower (or higher!) offer.
    

6. Have there been other offers on the property?
   
   The answer lets you know how swiftly you need to act if you are interested in making an offer. Also, if the property has been on the market for a while it may mean there is some room to negotiate on price and/or the terms of the sale.
    

7. Have any renovations been done to the property?
   
   Improvements or major structural changes to the property offer a good indication of what might need to be done in the mid- to distant-future in terms of maintenance. Be sure to also ask for the architectural plans pertaining to changes or renovations.
    

8. Can I see myself living in the neighbourhood?
   
   Make sure to learn about the character of a neighbourhood before purchasing property there. For example, it may help to know that you're moving into a very noisy street or that there are many couples with young children, which may or may not work for you.
    

9. Are any of the fittings and features included?
   
   If it was the chandelier in the living room that sold it for you or the gorgeous free-standing garden pots that made you sign the OTP, make sure they will remain as fittings and features such as these are often seen as movable property.
    

10. Is there a disclosure document from the seller regarding the condition of the property?
    
    A disclosure form is a mandatory document in which the seller of the property states any flaws that they may be aware of that could negatively affect the value of the property. Examples include structural defects, boundary line disputes and water leakage.

11. BONUS TIP: View the property more than once!
    
    Make sure you see it in the morning and the afternoon, and the evening if possible. Different light brings out a different side of a property.