Although it is the appearance of a home that buyers often fall in love with, there is sometimes more to a home than meets the eye. This is according to Adrian Goslett, CEO of RE/MAX of Southern Africa, who says that regardless of whether a buyer is purchasing their first property or they have an investment portfolio of several properties, the fundamentals of purchasing a property never change.
“Purchasing a property is a large investment. In fact, for many it is the largest financial investment they will ever make. For this reason it is important that buyers take their time and give their decision the necessary consideration that it requires. While aesthetic appeal will play a role in the decision, other more crucial elements need to be considered such as the structural components of the property. Rectifying severe structural defects will be a costly affair that impacts on the home’s potential return on investment,” advises Goslett.
According to Goslett there is some protection offered to buyers by the Consumer Protection Act (CPA), in that it is the buyer’s right to be fully informed of all known defects that exist in the home they are purchasing. However, he notes that it is still worthwhile for a buyer to have the home inspected for hard-to-detect defects, which may have been overlooked by the seller. “There is always the chance that some defects may have been unintentionally missed or are simply unknown to the seller. If this is the case, then those problems