Buying a home is about the biggest financial commitment most people ever make. You could be a first home buyer trying to navigate finance and negotiating a sale, or you may be a seasoned investor adding to your property portfolio, whatever your circumstance turning the home of your dreams into a reality is easier if you’re prepared and asking your real estate agent the right questions is essential.
Here’s what you should ask a selling agent about a property that you’re interested in.
What is the asking price?
First things first, ask about the asking price. This question will set the foundation for your negotiations and will help you to determine if the property fits in with your budget. Remember that in addition to the purchase price, you will be required to pay additional costs such as Stamp Duty, conveyancing/solicitor fees and possibly mortgage insurance. Being clear about your budget will help you to achieve a realistic outcome.
How long has the property been on the market for sale?
Ask your real estate agent how long the property has been for sale. This will provide insight into the property's desirability and potentially give you some negotiating power.
If the property has been on the market for an extended period, it is likely that it is overpriced. It is always worth asking why.
Why is the vendor selling their home?
Asking why a vendor is selling their home can also give you negotiating power.
If the vendor has already purchased another home and needs a quick sale, they may be more flexible with price and sales conditions, alternatively, the vendor may require a longer settlement so could again be flexible with conditions. This is an important question to ask.
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Does the home need any repairs or are there any known issues with the property?
Don’t forget to ask about any known issues or repairs the property needs. You’re building inspector or conveyancer will be able to assist in identifying potential issues before settlement though it is still worth asking the question before signing a contract. Transparency is crucial and being aware of potential problems with the property, land or neighbours will help you make an informed decision.
What is the suburb like? Are the neighbours good? Is there access to good amenities?
Enquire about the neighbourhood. Ask the selling agent as well as other real estate agents in the area so you have a good overview of amenities, access to transport, parks, schools etc.
You’ll want to know the demographic of the area, is it full of young families, professionals, or seniors? Does this fit in with your lifestyle?
Most of us get emotionally involved when we think we have found ‘the one’ however asking the right questions will allow you to approach your purchase with practicality and a logical mindset and give you a clear understanding of what and where you are buying.
You’ll find your Narre Warren, Berwick or Pakenham First National Real Estate Neilson Partners agent is an expert at guiding you through the buying journey so don’t hesitate to get in contact with our experienced team. We put you first.
