Buying a home is often the most significant financial commitment you'll make in your lifetime. Asking the right questions can make all the difference between securing your dream home and potentially buying a money pit.
Whether you're house hunting in Sydney, Melbourne, Auckland, or Wellington, here are some smart questions every prospective buyer should ask their real estate agent.
Why is the owner selling?
This question can reveal vital details. For example, a quick sale may suggest the owner is willing to negotiate on price. On the other hand, if a property has been on the market for a while, it could point to issues that aren't immediately apparent.
How long has the property been on the market?
If a property has been up for sale for an extended period, it might indicate that it's overpriced or has an underlying problem. Conversely, if it's a new listing, you may need to act fast.
What's included in the sale?
Don't assume that fixtures and fittings you see during the inspection will automatically come with the property. Always confirm what is included and what isn't to avoid disappointment later.
Are there any issues with the property?
It’s wise for prospective buyers to ask about any material facts the agent might be aware of, such as pest problems or if the home has ever been a crime scene. Don't shy away from asking upfront.
What are the average utility costs?
This question can give you an idea of what it will cost to live in the property, impacting your budget in the long term.
What is the property's capital growth history?
Knowing the historical capital growth can help you gauge the property's future investment potential, crucial even if you're planning to live in the house long-term.
How flexible is the asking price?
It's always a good idea to gauge how much wiggle room there is in the asking price. You might be able to negotiate favourable terms if the seller is motivated.
Can I see comparable sales in the area?
This information will help you understand whether the property is priced appropriately.
What is the neighbourhood like and are there any nearby developments?
Local amenities, crime rates, and plans for future developments can all impact your quality of life and future property value.
How many offers have been made so far?
Knowing how much competition you have can inform your offer strategy, especially in hot markets like Sydney and Auckland.
By asking these questions, you equip yourself with the knowledge you need to make an informed decision, safeguarding your investment and future happiness. Happy house-hunting!