Some fears when buying property, and how to address them.

by | 05 May, 2023 | Uncategorized

  1. Fear of paying too much.

Potential buyers often are uncertain as to what the right price for a certain property is. Even though the client has fallen head-over-heels for the property, fear will prevent him from entering into a Sales Agreement. As is the case with uncertainties in any other situation, doubt is fed by a lack of information and knowledge. If you are unsure about the price, you have not looked at enough properties. Take a day or two to look at more properties so that you will be able to compare offers. You will very quickly see a trend in the market and be able to distinguish when an asking price does not conform to the market. Once you’ve removed uncertainty, don’t delay the process or you may find that another buyer beat you to it.

  1. Fear of buying the wrong property.

This fear is also based on a lack of enough information and can similarly be addressed by spending more time in the market. Look around you, scan all articles on real estate and follow up on property adverts. Should you have a specific fear or some doubt about a certain property, find knowledgeable people and ask more questions. Don’t miss out on your dream house just because you are not sure about some matter.

  1. Fear of missing out.

This is probably the worst fear of the lot. This happens when a buyer finds the perfect property but is paralyzed by the fear that maybe next week/month/year a better property will be on offer. While delaying the process in anticipation of the ultimate property the first property is sold to another buyer and the process starts all over again. This buyer may end up never buying property as the future will always be uncertain. My only advice here is, buy the property that currently suits you best, and then proceed to make it the ultimate dream house.

  1. Uncomfortable with the daunting paperwork.

First time buyers of all ages can be overwhelmed by sales contracts, the bank’s loan application process, bond and transfer documents, etc. If your estate agent is unable to explain the sales contract and its implications to you, ask for the agency’s principal (owner) to assist. You may even employ an outside attorney for advice. A legal fee of say N$1,000 is small if you consider entering into an agreement with a N$2m implication. When dealing with your bank, your agent can also accompany you to help asking the right questions about matters such as interest rates, loan periods, etc. Also, don’t hesitate to speak to a competing bank about your loan needs.

Johan Cilliers

Phone: +264 811284678