how to make an offer on your first property

How to Make an Offer on Your First Property

You have found your dream home, and now you want to sign on the dotted line and make an offer to purchase. 

“Remember that an Offer to Purchase (OTP) is legally binding, so only offer what you can afford. Make sure everything else is in order and soon you’ll be holding the keys to your new home,” says Carl Coetzee, CEO of BetterBond. 

Here’s how to make sure your OTP is successful:

Find a place to call home

Do your homework during your house-hunt and find a place you can happily call home. Take your time, and view it more than once, to make sure it’s the place for you. Some of the most important questions to think about, include:

  • Is the location right for your lifestyle?
  • Is the property in good condition – physical structure sound, with no obvious defects?
  • Does it offer the space and accommodation you need?
  • Is there enough parking?
  • If it’s a sectional title property, is the complex neat and well-maintained, and is everything in working order?
  • Are pets allowed?
  • Can you live with the levels of noise in and around the property?
  • What is happening in the surrounding area – is it rundown or being developed?
  • Is crime under control in the neighbourhood?

Get a professional to draw up an OTP

Ask an attorney or an experienced estate agent to draw up an OTP for you, instead of downloading one from the internet, advises Coetzee. “Your OTP should be tailored to the property you’re buying to make sure it covers all the important aspects of the sale. Do not rely on a generic document that might leave out essentials that could cost you time and money later.”

Read: Mastering the art of the OTP