4 Questions to Ask at Open for Inspections
(This blog post was updated in August 2020)
Buying a home can seem like a difficult task, especially if you are a first time buyer. After all, how are you meant to learn the ins and outs, specifications and workings of a home if you have never owned one before?
This is when a real estate agent can be of invaluable help. They are there to provide you with intricate details about the home itself and the property market it rests in.
If you are on the search for a new home, here are four essential questions to ask real estate agents at open inspections.
What is the value of the home?
You might know the price of the property or at least a ballpark figure, but finding out the value can help you determine if it's fairly priced.
Ask the agent what the value is and whether that figure is based on an agent's appraisal or an independent, professional property valuation. These two figures can differ from one another, so it is important to obtain both for best judgement.
If a formal valuation hasn't been performed and you are serious about buying the property, then it might be a good idea to seek one from a professional.
Have you had any offers on the home?
If you are quite interested in the home you're inspecting, it pays to ask the agent if there have been any offers on it. This can help you gauge the demand on the house and alert you if you need to jump in quick to make an offer.
The agent may even tell you if offers have been declined by the owner, which could provide you with useful information when you craft your own to submit to them.
Why are the owners selling?
Asking why the owners are selling the home could help you when you are negotiating. For example, if they have already purchased another house, chances are they would like to sell their old one quickly.
You could also ask how long the property has been on the market and if there have been any price reductions. If the home has been listed for a while, you might have the opportunity to submit a lower offer to the owner.
Do you know of any future developments in the area?
Developments, whether they are shopping malls or apartment buildings, might affect your decision to buy a residential property. If you are an investor, new developments could be a boon to your rental property. More great amenities, such as shopping centres, can lead to more interest in your home from renters.
On the other hand, if you're looking to live in the house, then you might want to find one in a quiet area away from busy roads. LJ Hooker's Better Buying Guide
is a free comprehensive resource you can use to help you along your home buying journey.