How to House Hunt like a Pro in a Buyer's Market
Category Buying Property in Mauritius
The current buyers' market seems like an opportune time for buyers to shop for property. Yet, despite being spoilt for choice - quick side note for property novices reading this: a buyers' market essentially means that there are more properties for sale than buyers who are shopping; this further implies that the buyers are in a commanding position. Finding the perfect home that suits your pocket still requires some skill
Luckily this is an area we're well versed in. So, read on to find out how you can become a pro-property hunter in no time - and a homeowner in even less time!
Know what you want and can afford
There's a lot more that goes into house hunting than just finding the right neighbourhood and a home with the perfect number of bedrooms, bathrooms and parking bays. The first and most crucial aspect to consider is what you can realistically afford.
When setting your budget, don't opt for your maximum spending capacity. You need to keep in mind that you will need funds for the transfer fees, conveyancer fees and bond costs.
One of the fastest and easiest ways to know what you can afford is to get a pre-qualification certificate from any mortgage originator. This will better equip you in knowing what you can afford.
Lastly, be honest and realistic about your spending behaviour, life choices and needs. For example, if you struggle to save, acknowledge it and be conservative on the mortgage; if you dream of being DIY fundi but haven't actually ever done any handiwork, buying a fixer-upper home is perhaps not the best idea.
Determine where you want to live
Once you know what you can afford, the fun part starts: determining the ideal neighbourhood you'd like to live in. Consider what's important for you: do you want to live close to your work in the central business district or do you want to be near good schools; do you enjoy the nightlife or do you prefer entertaining at home? These are all factors that will help determine which area is most suited for you to live in and, thus, buy in.
Next, find out as much as you can about the area, such as property prices, where prime property is located and the difference between the asking prices and the actual prices properties are sold for. For this, we recommend asking the help and advice of an expert real estate agent. Real Estate agents are passionate about knowing all they can about their neighbourhoods - so it's worth pushing on their number for inside info!
Make a checklist
Once you know the dream neighbourhood you'd like to live in, next you need to start thinking about those non-negotiable aspects your dream home needs to have - this is where having a handy checklist can be your secret weapon.
A good checklist will include how many bedrooms and bathrooms the home should have; should it have a garage or are you happy with secured parking bays or on-street parking; do you want tiles or wooden floors throughout the home; do you want a garden with a pool or do you just want a lock-up-and-go; does it have good security? Anything that is a must for your home should be on this list. Don't forget to add potential questions to ask an owner or real estate agent about a home.
Once you have a clearer idea of what it is you're after and what you can afford, you'll be able to match this to a dream home. We also recommend that you use the same checklist across all the properties you view, so that you can make a solid comparison before making the final purchase decision.
Get tech-savvy
Nowadays we can order anything online with a click of a button. Luckily the property industry has also evolved with time - there are a number of great online portals and apps where you can search for properties without ever leaving the comfort of your current home; most of these are mobile friendly, so you can do it straight from your phone.
We suggest you apply filters to ensure you find exactly what you're looking for within your price range. It's also a good idea to start slightly broader on your search and then narrow it down as time goes on and you suss out what's on the market. If there's a property that sparks your interest, but you're not 100% convinced, save it to a wish list (many portals allows you the option to save favourite properties) - who knows, the property might really be of interest once you've slept on it? Lastly, don't forget to set up alerts for your filtered search; this way you are sure to be the first in the know when a property matching your filters becomes available.
Ask the right people for help
While online and app searches might lead you to the ideal homes, it's never a bad idea to ask the help from a qualified agent who knows and understands the property market. A real estate agent will not only be able to give you a first look at new listings in the area, but will also be able to give you insight on the latest sales in the area and guide you through any negotiations to ensure you're making a sound investment. They are also there for you to bounce ideas off and to be frank about what you're really after.
At Rawson, we take our jobs as sales and rental partners very seriously - each Rawson agent is certified and knows their neighbourhood inside out; our agents are up to speed with the latest legal and industry developments, to ensure we only give you the best advice on the property you're interested in buying.
Author: Rawson Property Group