After deciding to enter the property market, a prospective buyer is faced with many options when trying to find their ideal property. Often, people looking for property to buy scour newspapers and the online directories of estate agencies. These directories contain thousands of different properties for sale, and going through them takes a considerable amount of time. Nowadays, people looking to buy property turn to specialised property search companies and individuals. For a fee, these property finders search the market for a property that fits the client’s criteria and price bracket.
These property finders are able to negotiate the best price for the buyer they represent, in addition to sourcing the desired piece of real estate. Property search companies are also useful when one is trying to buy property in a foreign country. They are knowledgeable on matters such as the different tax laws in the countries they operate in, and this makes buying property a great deal simpler.
Most estate agents have refined their online property listings directories to help clients find property easier. Clients are able to enter a keyword, or price range, and then view the properties which fit their criteria. This has greatly reduced the time it takes to find a list of properties that one desires to view and inspect, and hopefully buy. Estate agents are also helpful when one is looking for a property to rent, or if one wishes to enter the rent to own market. These agents, as well as property search agents, are also able to help the buyer source unique properties such as an off-plan home.
Attending public auctions has become a popular way to find a property to buy. It is popular amongst buyers who are looking for a bargain and have enough money on hand to do necessary repairs if they find that the property is not in good condition. Property expos and showcases are still some of the most routine ways for the property industry to advertise different properties to prospective buyers. It is not rare to hear of property buyers searching for property privately, but that is more common among people searching for properties to rent.
Here are the top 5 points to consider
- Choose the neighbourhood according to your expectations. …
- Consider all your costs.
- Invest in property near a school.
- Investigate out the levels of crime in the area.
- Check out the competition.
Buying commercial property in South Africa
Buying commercial property is often a complex and time-consuming process, and it is a wise choice to utilise the services of the right mix of experts when buying commercial property in South Africa, just as in any other country. They are able to advise the buyer on matters such as choosing a good location in which to buy property, as well as what a good price to pay for the property would be. They are also able to help the buyer to close the deal and buy their desired commercial property. A lawyer is needed to help the buyer negotiate contracts with the property seller on behalf of the buyer. A property broker is often helpful in trying to find a suitable property and what the buyer can afford.
Commercial property’s income value lies in the amount of usable square meters it has, which is not the case with residential property. Therefore the more space a building has for tenants to use, the more rental income it will be able to generate for its owner. Choosing to buy commercial property over residential property as an investment generates more income since renting out a multi-unit piece of commercial property has more tenants than a single-tenant residential unit.
Residential property has a lower rental yield than commercial property due to the fact that commercial buildings such as office building, is usually occupied by more than one tenant. So if the landlord loses one tenant, he or she has only lost a small percentage of their monthly income compared to the total loss of rental income a single-tenant residential landlord would experience.
Buying commercial property is a financially intensive exercise. Most individuals do not have large savings to buy commercial property, and a bond originator is apt at helping the buyer to find various financing solutions. Various financial lenders such as banking institutions are the most common means of obtaining financing for buying commercial property. At times, commercial buildings will be in need of repairs and renovations, which can cost a lot of money, and a wise commercial property buyer would have access to financial capital for such needs.
