Buying a home is risky business. After a lengthy search, you’ve fallen in love with the perfect house in the right suburb but neglected to investigate what lies beneath the surface. Sellers in South Africa hide behind the 'voetstoots' clause and can get away with a myriad of undetected defects.

"As a buyer you need to do your home-work," advises Eric Bell, CEO of Inspect-A-Home, a national home inspection company. "Buying a home will probably be one of the most expensive investments you ever make — you don’t want to rush into it without checking out some key elements.”

So what are these 'key elements' you need to check?

• Damp. Do you notice signs of paint blistering or peeling off in places? You might also see dark stains or a white powdery substance on the walls, ceilings and the inside of cupboards. This could be an indication of damp and, depending on the severity, could be quite expensive to repair.

• Leaky roofs. A good time for house hunting is on rainy days, especially if you are looking at buying an older home. Look for evidence of a leaking roof — do you notice any water marks on the ceiling boards and are there any dried streaks running down the walls? Repairing a leaking roof can be extremely costly so ask the agent to find out if there are any problems with the roof.

• Gutters. Does the home have gutters? If so, are they in proper working order? Check for holes, visible gaps, broken off ends and also ensure that the drains or gullies are clear of debris and look unblocked. Poor storm water management can cause subsidence of the foundations, which will cause cracks to appear.

• Cracks. Most homes do have some light plaster cracks and these are not cause for concern. However, if you notice large cracks in the walls it would be best to have them analysed as these could be structural cracks which could impair the integrity of the wall structure. If underpinning of the foundations and metal stitching of the cracks are required, be sure that there will be a large bill attached!

• Swimming pool. Ask the agent to find out if the pool motor and the filtration system are in good condition. How old is the pool and has the motor been repaired before? If it is a new pool, ask for a copy of the plans and the guarantee. Check the pool paving. Is it in a good condition and are there expansion joints in the paving around the pool? Can you notice any cracks on the steps or in the pool?

• Plumbing. Turn on the taps to check the water pressure and ask the agent to find out how old the geyser is. If it is an old geyser, make sure that it is covered by your insurance policy. Your insurance might want the geyser installation updated to comply with the SANS 10254 regulations. Another tip: flush the toilets and check the base as well as behind it to see if you notice any leaks.

• Paint. Does the home look like it has just received a new coat of paint? Most agents advise sellers to paint their homes before placing it on the market. However, sometimes a fresh coat of paint is used to hide things more sinister. Ask the agent if you can look inside the cupboards as often sellers touch up the walls but leave the cupboards in their original state. The inside of the cupboards might reveal cracks, damp or even tubes of polyfiller. If you do come across these, you need to investigate further.

In addition to looking for flaws and comparing the home to your minimum requirements and wish lists also consider the following:

• Does the house have enough room for both the present and the future?

• Are there enough bedrooms and bathrooms?

• Do you like the floor plan?

• Will your furniture fit? Is there enough storage space? Bring a measuring tape along with you when you view a house.

Determining your offer involves numerous factors: what homes sell for in the particular suburb, the home's condition, how long it's been on the market and the seller's situation. By the time you're ready to make an offer, you should have a good idea of what the home is worth and what you can afford. You have to prepare for back-and-forth negotiations until you can agree on a price.

Be very careful what you say to the estate agents — remember they work for the seller. Insist they keep your discussions confidential. Consider their advice, but trust your own instincts when deciding what offer to make.

Keep in mind that we are currently in a buyers' market. This means that the supply of properties for sale is outstripping demand. The buyer has the power and most properties sell below their initial asking price.

"Everyone's expecting a bargain," says Warren Tuffrey, a property consultant at Realtors International. "Even sellers who emphatically claim they won't accept an offer lower than their asking price often do."

Tuffrey advises buyers not to make any verbal offers. "Make your offer in writing and make it a nice, clean one without any conditions or clauses. The psychological effect of a clean offer on paper cannot be overestimated."

So, how much should you offer? iafrica.com's Property Price Index (click here) uses data from the trusted South African Property Transfer Guide (the same database used by estate agents to value property) to give you a breakdown of all recent property sales in a particular suburb, street and area. It'll show you how many properties have been sold recently, what their specifications were and what the average sold prices were. It can even tell you what schools, amenities and essential services are nearby — invaluable information when deciding how much to offer.

By using the Property Price Index you'll have a good idea of the market value of the house you want to make an offer on.

Obviously, especially in a market like the current one, you'll want to make the lowest possible acceptable offer. Find out what the seller paid for the property. If they bought 20 years ago they'll be more likely to accept a cheeky offer than someone who bought two years ago and hasn't experienced any meaningful appreciation yet.

Also, establish what motivated the seller to place the property on the market. Did she recently get a divorce? Are the sellers emigrating? Was there a death or is the seller under financial stress? All these factors can count in your favour and should be considered when making an offer.