Understandably, buying a home can be a difficult task. This is even harder if this is the first home you have bought before. An open for inspection can also seem daunting, as you feel you’re on limited time to pack in as much information as you can. We suggest asking these four questions as a great starting point, and to open up a conversation with a listing agent about a home you are interested in.
Determine the value
The price of a property and the value of that same property can actually be different. Asking your agent for a ballpark figure of the value of the property you are interested in can give you a solid foundation for your investigations. Value can be determined by a range of factors, such as competition in the market, property location, communities amenities, the proximity of public transport and economic fluctuations. Ideally, a valuation has been performed by an independent contractor or external influence to ensure a fair figure has been reached.
Gauge the interest
It’s important to gauge the interest in a property as this can be an influential variable in the decision to purchase a property and how much to offer. If you are genuinely interested or inspecting a property with the intent to purchase probe the agent even more by asking specifics about the offers already made. The listing agent has the job of selling the property for the best price for the vendor, so use their expertise and knowledge to make this arrangement work for both parties. Asking these type of questions can help you to craft an offer with the highest chances of success.
Evaluate the intent
A good question to ask, and fact to consider, could be the intent of the owners selling the property. This has the potential to aid with your negotiating and also give you a heads up for any potential problems later down the track. If you discover that a property has been on the market for a while, this could akin to the intent of the owners to sell. If the owners have already purchased a new home or upsized, they are looking for a quick sale.
Understand the future
Ask the agent questions about the future plans for the location or area of the property you are inspecting. Plans for community amenities or infrastructure, commercial developments, schools and childcare, and roads could all impact your decision to make a purchase and increase or decrease the value of the property depending on the circumstances.
If you have more questions or are seeking further information, reach out to me on 0419 432 669.