When you buy a home, you naturally will want it to last. Given how much a home in PNG can cost you (47,521.33 K per square metre, according to Numbeo), purchasing an apartment in Port Moresby is a sizeable investment. So, you will want to be able to rely on that investment lasting as long as you need it to.
At our recent Hausples PNG Real Estate Show, the director of prefabricated homes company Rhodes, Andrew Avenell, spoke of the dangers of investing in low quality housing in Port Moresby. As a result of poorly made homes, Mr Avenell claims that families can end up having to pay both high mortgage costs and maintenance fees 15 years down the line.
So, when you are looking to buy a home in Port Moresby, how can you make sure you are getting quality? Here are a few simple home buying tips to help you protect yourself.
Be wary of low prices
If the price of a home seems too good to be true, there is a decent chance that the house may not be up to standard. For this reason, you should always thoroughly inspect the property before you buy it. This may slow things down, but it is worth it to ensure you get the best deal.
A crack in the foundations of a home may be a sign that it will not last long enough.
Look around the property for faults and features. Any damage to the property could be a sign that it is not structurally sound, leading to further complications down the line. Remember to ask the agent or owner any questions you may have.
Request a valuation
To guarantee your purchase is fair, you should seek a valuation of the property. If a real estate agent is helping you to buy, ask if the price is reasonable. If you are still uncertain, arrange for a registered valuer to assess the home. You will be required to pay a fee for the valuation, so it may only be worth doing this if you have a genuine interest in buying.
After valuation, you will receive a certificate showing what the fair price of the home would be, which you can use to inform your decision.
Insure your home against damages
Once you have bought the property and signed contracts with the real estate agent or owner, you should insure your home in order to receive compensation for further damages later on. It will be one of your most valuable assets, so in the case of fire, theft or other disaster, you will want to be able to replace or repair important belongings.
If you're ready to start your hunt for your ideal home in Papua New Guinea, you've come to the right place. Here on Hausples, you can look through properties from a broad range of agents to find a quality home in PNG today.