Five questions to ask the agent when buying
Buying a property is one of the biggest financial commitments you’re likely to make in your lifetime, which is why it pays to do your due diligence and be informed before signing on the dotted line.
This involves conducting your own research, knowing the market and having the recommended pest and building inspections. But it also includes asking the right questions of the sales agent when you find a property that piques your interest.
With that in mind, here are five questions to ask the agent when buying…
Why is the owner selling?
Knowing why the owner is selling reveals a whole host of things about the property, including whether its sale price is negotiable, whether there’s something potentially wrong with the property, and also how motivated the vendor is to sign on the dotted line.
For example, maybe the seller’s committed to another property elsewhere and they’re keen to divest this one in order to move on. That might mean they’re open to offers.
What’s the history of this property?
Regardless of whether the property is new or old, it’s always a good idea to gain an insight into its story.
Asking about its history can help you determine how long the previous owners lived there which can be a clue to what the property’s like to live in.
It can also reveal whether there have been additions made or its use might have changed over time. Meanwhile, the property history might also reveal important considerations such as heritage status.
Occasionally the history question might also turn up some really interesting information, such as famous people that have lived there and more.
Are there any legal or financial issues with this property?
Ideally, you should also engage a legal expert such as a solicitor or conveyancer to really look into this, but it’s also a good idea to simply ask the agent whether there are any legal, financial or structural issues that you should be aware of.
Potential things that might be revealed include structural defects which could be costly to fix, land covenants over all or part of the property, usage restrictions, encumbrances or even boundary disputes.
What improvements have been made to the home?
This question is all about determining what work has been done to the property and whether it’s up to par.
It also gives you an insight into potential maintenance or repair issues which may arise in the future.
For example, perhaps the roof was recently repaired and the air-conditioners replaced, which is good news. Or maybe a patio was added but it’s not quite clear if the structure was approved by council, which could be a potential problem.
What other similar properties do you currently have for sale in the area?
As part of the home buying process, it’s important to be abreast of market conditions, including the properties that are for sale in the area which are similar to the one you’re interested in.
Asking this question also helps determine if the price for your preferred property is realistic.
Due diligence is critical
The above are just some of the questions to ask an agent when you’re in the hunt for a property to buy, with other potential lines of questioning including:
- How long has the property been on the market?
- How much interest is there in the property?
- What development or infrastructure plans are currently in the works for this area?
- Are there any specific terms or conditions that apply to the sale?
- And more
In addition, it’s important to seek independent advice, including engaging a good legal representative and conducting pest and building inspections, each of which gives you additional confidence purchasing the property is the right move for you.
How we can help
If you’re considering buying or selling a property and seeking to understand the current market conditions, why not chat with one of our friendly agents to understand how we can help?
Or feel free to enter your address below to get your instant property estimate.
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
