Got something to say? Click here to send a mail to Personal Finance and Property editor Kabous le Roux.
Unless you are an expert in construction you will only find out when it’s too late to have any recourse to the seller.
Homeowners have been under a lot of financial pressure over the last few years and just haven’t had the resources to keep up proper maintenance of their homes. If you are looking to buy a house the property could end up costing you a lot more than the amount on the contract.
To protect yourself from buying a house that will fall apart around you, hire a few experts to give you a clear picture of the condition. It may cost you a few hundred rand extra in the short term but it could save you thousands in the long run.
The most common problem areas in older homes are the plumbing systems, electrical systems and the condition of the roof. Structural soundness should also be checked.
If there are problems you can renegotiate the price or decide not to go ahead with the purchase. Beware of a seller that promises to make the improvements themselves. They will probably get the job done for the least money possible, causing quality issues further down the road.
Here is a checklist for buying an older home:
Absa announced on Monday that mortgages of 110 percent are now available...
In the market for a new home? Browse our massive database for the perfect property...
House prices increased by 6.9 percent year-on-year in August...