Planning on visiting some open homes this weekend? To get the most out of your visit, it’s important to ask the agent these top 6 questions.
Are there any known issues with the property?
If you’re planning on purchasing an older home, it’s important to familiarise yourself with any known issues of the property. This will allow you to determine the cost in repairing these issues and to factor the repair cost into your offer. The real estate agent should be upfront with you regarding any known issues; however, you should also do your own research. This means getting a building and pest inspection carried out and have a conveyancer or solicitor look over the strata report.
Is the property right for you?
It’s exciting buying property. And if you’ve been looking for a while it can be easy to fall into a trap of signing up for a property that’s not quite right. Be firm on your family requirements. List down non-negotiables and stick to your own rules!
Related Post: Our handy checklist can help you stay on track
Why are the owners selling?
It’s a good idea to know why the vendors are selling so when it comes time to negotiating the price of the property you have a greater understanding of their urgency to sell. For example, a vendor might already have their new home lined up and they need the sale of this property to settle their new one.
On the other hand, the vendors may be looking to downsize and therefore they aren’t in a rush to sell. Having this knowledge will help you greatly when it comes time to negotiating.
What are the terms of sale?
A vendor might want a longer or shorter settlement period depending on their circumstances. It’s good to understand what terms you must adhere to before you sign the dotted line. If the terms don’t suit you, there may be an opportunity to negotiate a more suitable situation for both parties.
If you’re not sure if the terms are right for you around finance, it’s best to consult with a lending specialist first.
Have you received any offers yet?
Asking the agent if the vendors have received any offers yet, gives you an indication of the level of interest in the property and whether it’s accurately priced or not. This is valuable information for when you’re working out how much to offer.
How long has the property been on the market?
This question will help determine whether you can negotiate a lower offer. Most vendors will be more eager to accept an offer if the property has been on the market for a while.
Remember though there is always a reason why it hasn’t sold yet. Ask yourself or the agent, was the price advertised too high? Are there any issues with the property that you don’t know about? Or are there planned changes to the neighbourhood that you aren’t aware of. It’s important to be thorough with all your checks first.
Our lending specialists are available 7 days a week for a phone, web, or in person chat to guide you with property buying and finance.
Check out our guide to help you buy your new home!
We hope you found this article helpful. If you'd like to discuss it further please fill in the form below and we'll be in touch.
This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.