6 Ways to Ease the Property Transaction Process - Signing the OTP
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It's easy to feel worried in the days leading up to a contract signing for your new property. It's natural for the property transaction process to feel stressful; you want to ensure everything's in order and you're getting what you paid for. Below are six ways to get organised to ease the process and feel better about your decision before you sign an offer to purchase (OTP).
1 - Have Your Priorities in Order
It's important that the property suits your needs and that you do not make an emotional decision, so keep this in mind before proceeding:
- Location & Proximities - Is the property situated in a good place? How far would you be from shops, schools, workplaces, favourite places, etc.? Consider the traffic around the area and how that might affect your travel time.
- Size - Are you thinking of something big, or do you want something smaller?
- Security - Is the home and surrounding area secure? This is a crucial thing to consider for your property purchase.
- Layout & Features - Are you fond of how the structure is laid out? Can you see yourself establishing rooms or knocking down walls? Does it have all the necessary amenities (a detailed finish or a garden)?
- Renovations - Would you need to make changes to the property, and what would the estimated costs look like?
2 - Research - Do Lots of it!
Refrain from assuming you know everyone about a property and the surrounding area. Proceeding with property decisions without all the necessary information can lead to unexpected (and unwanted) surprises.
To avoid these spectacularly inconvenient surprises, looking further than what meets the eye is essential. Conduct extensive research and see the history and amenities around the property you want to move into. Information you come across quite often can be confirmed accurate due to widespread agreement. In contrast, more minor tidbits of information would prove interesting to at least be aware of.
The research aspect can also extend to being analytical of the property itself. Don't hesitate to ask questions, test taps and switches, and look closer into the details than most. It isn't being rude. It's just being cautious.
Tip: Pop in to see the property with short notice. Some sellers will go to great lengths to cover up defaults. If they are avoidant, dig deeper.
3 - Don't Be Coaxed Into a Bad Decision
While it's good to keep up-to-date with market trends, balancing the extent to which you'll abide by them is crucial. If you notice things are turning in your favour, take note of it, but don't change your mind exclusively because of it. The market can waver overnight, so don't panic just because you're informed.
It's also possible that those trying to sell property will push for a quick sale to get it off their hands, so be wary.
Assuming a relevant provision is in the OTP, you may bring in external contractors to evaluate the property before signing. Consider employing the following to ensure everything's in order:
- Electrician - Getting an Electrical Certificate of Compliance (CoC) will verify the property's capacity for electrical modifications when additional outlets may want to be installed.
- Gas Installer - Should you wish to implement gas heating or cooking into your prospective property, a Gas Compliance Certificate (GCC) is needed to ensure the property abides by stipulated means of storing gas canisters. See more about the specific storage requirements here: https://everythingproperty.co.za/gas-compliance-certificate/
- Engineer - Getting structural certification from a qualified engineer can illuminate any potential flaws in a building's overall design. This is especially important to guarantee a structurally sound home that will not need repairs at the buyer's expense.
- Plumber - Have a plumber investigate the property and provide a Plumbing Certificate of Compliance (CoC) to officially stipulate that all pipeworks are in order. This helps avoid scenarios where water wastage might become a problem.
4 - Balancing Emotion & Intellect
Purchasing a new home is an emotional experience. Owning a property and having a place to call home is attractive to many, but it's vital to remember how much is at stake when you sign the contract.
Before you proceed, think critically about everything we've mentioned. Ensure that you buy the property not out of the excitement you'll undoubtedly be feeling but rather out of an informed opinion of the area and whether or not your list has been checked off.
5 - Consider Life Moving Forward
One final thing you must consider is that this residence you plan on buying and moving into will be your home for a long time ahead.
You will be spending years, maybe decades, living in this new place, and you'll need to be sure you'll remain happy with your decision. So, ask yourself, is it practical to be living here? Am I doing this on a whim, and will I genuinely love this place if I don't already?
6 - Get the Right Help
You mustn't approach your property-buying journey alone. Experienced help can help you identify potential problems while highlighting a contract's more complicated terms and conditions. Homes of Distinction prides itself on helping throughout the transfer process, so don't hesitate to reach out.
Our doors are always open! Visit our website https://www.homesofdistinction.co.za/agents/ or pop by our offices for a chat. Our friendly property practitioners are always available to assist in this regard.
Homes of Distinction CC holds a Fidelity Fund Certificate issued by the Property Practitioners Regulatory Authority.
Author: Brandon Rix
