Design
Design
Some Tips and Guidelines for
First Time Buyers:
• Ensure that there is long term commitment from
all parties involved - decisions made here have the
potential to have life-long implications.
• Start by identifying a realistic budget for the prop-
erty. If looking to get a loan from the bank, this
should be a starting point as the available figure
will influence significantly options and decisions.
• Visit different banks to get an idea of what they
can offer in terms of loan arrangements. Although
the general structure tends to be similar, from time
to time different banks offer different rates and/or
arrangements.
• Look for property listings on the web or press,
to start getting an indication of what can be ac-
quired with the available budget. It would be nice
to but a detached villa, but if this is out of reach
you should aim elsewhere.
• Try to avoid a scatter-shot approach. Build a re-
lationship with one or two property agents rather
than dealing with a multitude. Find a person that
you are comfortable dealing with. It is critical that
you have trust in the person you are dealing with.
• Agents charge commissions, however they can also
allow you to make savings through assistance in dis-
cussions with the developers. They will know when
they can leverage price, so use this as an advantage.
• When viewing property consider the nature of
works required to get this to the desired stand-
ard. A shell apartment might be cheaper initially,
but costs will increase through the expenditure
required. On the inverse, a finished property can
mean less expenses down the line, if what is pres-
ent is considered as appropriate.
• Involve family but be careful not to have them
takeover. Family members can share experience
and give valid suggestions, but the greater the
number of persons involved in a decision, the
lower the likelihood that one will be taken.
DESIGN&BUILD
“why are you Romeo as opposed to being the
son of a contractor with property available for
his sons and daughters?”
“Why, may one
ask?”
Mercutio, Romeo and Juliet, Act 1, Scene 4.
Romeo and Juliet proceed from there on much like lamb s
to the slaughter; they are driven along the bank procedures
to work out their possibility for the loan. FS3s, employ-
ment contracts and credit histories are meticulously and
mercilessly scrutinised by the banks. While the same infor-
mation is processed by the same banks, the highest availa-
ble amount tends to be made available at that bank branch
in which one of the couple is known by the manager.
At this point, the couple realise that the bank is calling
them to commit from anything ranging between half-
a-lifetime to a lifetime. Thoughts abound as to how the
abolishment of slavery has now come to be replaced with
a voluntary donation of one’s life to our modern world
corporations. Philosophy however needs to be put aside,
as now the couple also need to re-assess what they can get
to with the allocated funds. Cross out all the Desired from
the list. In fact they also cross out the Required list in order
to build up the Affordable - 2 bedroom apartment (one of
which could be utilised as a storage room), some sleeping
quarters, a place where to eat, and a place to remove what
has been eaten.
Q 2 , 2017
41