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Home ownership has some advantages;
- It means you no longer paying monthly rent for the roof over your head
- You can enjoy the improvements you make to your own home or office, and
- When you sell, you can recoup the purchase price – and with luck earn a profit
But home ownership can also come with some disadvantages;
- If you decide to sell too soon after buying, you can lose money due to the costs that come with the sale of a property
- If you have not checked that the water is sufficient for your needs, you may have to go to the expense of drilling additional boreholes not always with success.
- In Zimbabwe, where the situation is so fluid, a good decision today can be a bad one tomorrow.
If you have considered all the pro’s and cons, and decide that home ownership in Zimbabwe is a smart move, here are some tips on how to make your purchase a gratifying and rewarding experience;
- Selecting an estate agent – look for an exclusive well known agency with professional agents who will have your interests at heart and can help you with strategies during the bidding process.
- Aim for a property in the price range that you can afford – the rule of thumb is to buy a residential house worth 4x your annual income.
- Consider the location! “location, location, location” the most commonly quoted phrase amongst estate agents, and for good reason.
- Ensure that you are happy with the suburbs that your estate agent suggests, consider your neighbours and the proximity to good schools if it is residential and proximity to your customers if it is a business.
- When you find the right property that you feel will suit you, negotiating by your agent must be professional and accurate to get the house for you at fair market value. Casual negotiating courts disaster and it is important to remember that in Zimbabwe, verbal agreements are binding, so be mindful of what you say at the verbal negotiation stage.
- Pay close attention to the agreement of sale especially clauses relating to the date that you are expected to pay your deposit and the balance of the purchase price, the occupation date, fixtures and fittings – ensure that you know what is not included in the sale ie generators, satellite dishes and pot plants are the most common cause of disappointment.
Editorial by Kennan Properties
