So, you’re ready to take the plunge and buy a house … but do you know what you need to know before committing to such a big financial investment? The professionals tell us that there are 4 types of questions you should be asking before signing on the dotted line. You need to get a better idea about the asking price, the area, the property itself, and the particulars of the deal.
Buying a house is probably one of the biggest decisions that you’ll make – it makes sense to do your due diligence. Many people make a purchase based on their feelings – they fall in love with the kitchen, or the garden with the great pool and tree house — and they often come to regret the fact that they let their heart lead instead of their head. What if the perfect house is in a not-so-great area? Are you sure the house is fairly priced? Are you getting value for money?
Home Buyer’s Checklist
Here’s a list of some of the more important questions you should be asking when you are evaluating a property. The right questions will get you the right answers, so try these:
Get Clarity on the Deal:
It is important to be clear about what is included and what is excluded from the deal. Don’t make any assumptions.
1. Ask the agent or the seller specifically about what equipment and fixtures will be removed and are not part of the deal. Be sure to document these in the offer to purchase.
Get Clarity on the Price:
2. Review the asking price with the agent and try to understand the rationale behind it.
3. Also review the prices for similar properties in the area to ascertain if the asking price is reasonable.
4. How long the property has been put on sale? Did it not sell because it is overpriced?
5. Find out if the seller is open to negotiation. Not everyone is and you don’t want to waste your time by assuming they will.
6. At this time, you may also want to find out the time frame for moving into the property and any rent expectations if you move in before the actual transfer.
Ask About the Property:
7. Consider the age of the property and the number of times it has changed hands. If the ownership has changed often, then find out why.
8. Ask about recent repairs and refurbishing.
Ask About the Neighbourhood:
9. Who are the neighbours? Are they difficult? Is it a friendly street?
10. Is the neighbourhood generally safe and peaceful? Also, check out the kind of traffic that moves around the neighbourhood.
Ask these 10 questions or even a 100. Make sure that you have all the answers before you take the next step.