How to choose between two great homes
Category RealADVICE
Decisions, decisions. When you've been looking for a new home for some time, and you've narrowed your list down to two or three favourite options, how do you make the final choice between them?
"Location and affordability will always be the most important factors," says Gerhard Kotzé, CEO of the RealNet property group, "but assuming the properties on your list are all in an area you like and around the same price, there are several other considerations that should help you choose the home that's just right for you.
"These include the condition of each home, including its age, size and likely maintenance requirements, as well as any repairs or renovations that might be necessary right away. You need to decide whether you are willing to invest time and money into improving an older home that perhaps has more space, or if you would prefer a newer, move-in ready home."
Next, he says, you need to carefully compare the sizes and layouts of the homes on your list to determine if they meet your needs and preferences. In addition to the number of bedrooms and bathrooms, consider things like the size and shape and accessibility of the living areas, the kitchen layout, the amount of storage space and any other specifics your family may require.
"You then need to think about any extra amenities or features that each home offers, and how important these are to you in terms of creating the kind of lifestyle you want for your family. These could include things like a secure back yard, a swimming pool, a garage, a fireplace, a big patio, energy-efficient appliances, or Smart home technology."
It is also important, says Kotzé, to think about the potential resale value of each property. "While this may not be an immediate concern, it's definitely worth noting that in addition to the overall desirability of the area and condition of the property, future value can be affected by any planned infrastructure projects, zoning changes or property developments in the immediate vicinity so you need to research this as far as possible. An experienced and well-informed local property professional will be of great help in this regard.
"And then you should try to assess what the long term financial implications of each purchase might be for your family. If you are considering a home in a gated estate, for example, you should weigh the prospect of higher than average value growth against the additional ownership cost over several years of HOA levies, which will probably also increase annually.
"Or, for example, you might calculate that the money you save on maintenance by buying a newer home could help you pay off your bond in a shorter time."
But also, he says, you should not totally discount your instincts. "As every property professional knows, there are sometimes intangible and inexplicable reasons that buyers will prefer one home over another, and you shouldn't ignore your feelings when a particular property resonates with you on a personal level and gives you a sense of welcome and contentment."
Author: RealNet
