Home buying decisions you’ll regret making in a hurry

Let’s be frank. Buying property is expensive. And, as with any major financial commitment, it shouldn’t be done hastily. It requires careful planning, a realistic understanding of what you can afford, thorough research, and a clear idea of what you need from a home both now and in the future.

“Acting too quickly when buying a property can mean overlooking important costs, compromising on the wrong things, or committing to a property that simply isn’t right for you,” says Adrian Goslett, CEO and regional director of REMAX Southern Africa. Below are some of the decisions related to buying property that you could regret making in a hurry.

Going above budget

The first, and probably the one thing buyers ought to prioritise most, is budget. Time and time again, buyers are advised to live below their means, and the same principle applies when purchasing property. Your monthly bond repayment is only one part of the cost of owning a home.

There are numerous other expenses that can quickly add up, including municipal rates, levies, insurance, maintenance, and the inevitable unexpected expense when something breaks or needs replacing. Buyers who stretch their budgets too far may find that they can afford the bond on paper, but struggle with the true monthly cost of owning the property.

That being said, there is a sweet spot that younger buyers should strive towards. “If you are in the early stages of your career, the reality is that your earning potential is likely to increase gradually over time. If you find yourself in this position, stretching yourself slightly to afford a home that could suit you for five plus years might be a better move than settling for a home you can comfortably afford now, but will outgrow in a few years,” Goslett advises.

Skipping inspections

The next mistake Goslett warns buyers against is skipping inspections. Overlooking structural and maintenance issues can result in big financial expenses that buyers might regret later on. While visible defects can be identified during a viewing, latent or hidden defects are not as obvious and may require an expert to uncover. A professional property inspection can help buyers identify potential problems before committing to the purchase.

“While there may be limited stock, especially in high-demand markets such as the Western Cape, buyers shouldn’t rush to make an offer purely because they’re afraid they won’t find something else. Scarcity can create pressure to compromise or overextend financially, but buying a property is too significant a decision to be driven by fear. Work with a reputable property professional who understands the local market, can alert you to new listings quickly, and can help you assess whether a property is right for you before you commit,” he concludes.

Issued by Kesia Cloete