I’m buying a property…what questions should I be asking?
? Borrowing power – ensuring you know how much you can borrow and making sure it is within your budget. It is super important to find this out prior to beginning your property search, as you don’t want to fall in love with a property that is out of your price range and walk out disappointed.
? Neighbourhood – looking into the local area is important as it will ensure that you are happy with the location and its surrounding amenities. Proximity to schools if needed, and distance from work, hospitals, and shopping centers are a good place to begin.
? Reason for selling – knowing why the Seller has put their property on the market is always handy information to know and may influence your negotiation strategy.
? History of the property – knowing when the home was built, who it was built by, and if any renovations have been made. Being aware of its maintenance history can help you understand potential future costs.
? Market value – check recent comparable sales in the area to gauge if the asking price is fair, the Selling Agent will be able to provide this to you upon request. Knowledge is power!
? Upcoming maintenance – is the Selling Agent aware of any upcoming maintenance requirements that you may need to consider? Knowing about any maintenance issues prior will give you more confidence in your purchase.
? Days on market – being aware of this may assist you with your negotiations. Homes that have been on the market for a while may indicate that the asking price is too high or something could have scared other Buyers off.
? Zoning and local development – ensure that the current zoning suits your needs and contact the local council to see if any zoning changes are in the works, and to find out if there are any local developments happening in the area which may either benefit you or hinder you.
? Sale inclusions and exclusions – find out what is and isn’t included in the sale. Is there anything that will be removed from the property that you may wish to be included in the sale? Knowing these things now will ensure that you don’t have any surprises at settlement.
? Review documentation – this includes the title, any inspection/safety reports, and certification to ensure you are aware of everything before making your offer.
? Conditions and settlement timeline – find out what timeline and conditions both yourself and the Seller is wanting. Ensure that you have mentioned all of the conditions and specifics that you wish to be included.
Knowledge truly is power, and when you are making one of the biggest financial investments of your life, no question is silly!
And when you are ready to get the ball rolling, we are here to assist you take your purchase from sale right through to settlement!
? 6160 6470