The process of property purchase is very complicated, if you are seasoned property buyer, you’re used to it and always find the ways to narrow down the time taken. While, if you are first-time home buyer, you will get confused and frustrated as you’re not educate yourself on the knowledge of property purchase before go for house hunting.
Besides of the existing costs during buying a property, it requires a good bargain strategic too. One and the most effective ways to avoid “buy now regret later” situation is by asking as many as questions as possible to the property agent, prior to your home purchase.
During property purchase or visiting the property, the property agent usually present you the positive side of its property but rarely mentioned about its negative side. But the agents are legally bound to provide the accurate information to the property buyers who ask them the correct questions.
Therefore, in order to avoid any misunderstanding or tragedy, property buyers should ask the following “must-ask” questions to their property agent before put down the deposit;
Ask the questions about the property itself
1. How old is the property?
Once you get the answer of this question, you can estimate the costs to do the repair work on this property. Older houses are often need higher costs to do the repair work.
2. How long has this property been on the market?
If the property is in the market for over 3 or 4 months and have yet selling out, you should ask the agent for the reasons and whether there is any problems with this property. Be brave to ask this question as you can get some benefits after you ask. For example, the property is in the market for 1 years and haven’t got a deal, you can take advantage of this point to bargain for a lower price and the owner is most likely will agree for it. See? you can save lot of money!
3. Has this property repetitively changes hands?
If the property has been changed many owners, this is no doubt that there’s some serious problems with it. You can ask the agent for the reasons of it, and if necessary, get the previous owners contact number to figure out the reasons by yourself as the owners are usually more honest and straightforward with their answers as they are just common people like the buyers.
4. Which direction the property is facing ?
You should ask this question before buying a property and not after. Mos of the people believing in Feng Shui, especially Chinese, so do learn which direction of the property is facing and ensure it is according to your beliefs.
5. Has this property renovated/ revamped before?
If yes, make sure there is no illegal extension to the property. You can check with the local council prior to the property purchase as it’s not easy to knock half of your house down right after you made the deal.
6. What can you tell us about the neighborhood?
Do ask the agent about the crime rate in the neighborhood, the type of infrastructures, amenities and facilities are available there, the traffic situation nearby the property and are they any upcoming development in the neighborhood. However, it is advisable to do research on this questions by yourself instead as you can get more clearer pictures about the neighborhood of the property.
Ask the questions about the owner itself
1. Why the property owner want to sell out his/ her property?
Although this question may not give you the accurate answer, but you may get some benefits after you asked. For instances, getting information such as “owner going to leave the country urgently” or “owner is desperate to sell out” can typically give you the chance to bargain for a lower price.
2. How long has the owner been lived in this property?
Some owners might have lived in this property for a quite long period of time. But, you need to ask the agent for the reason if the owner has only lived in here for only few months or years. There could be many reasons for it such as bad neighbors, the house is haunted and so forth.
3. When will the owner move out?
Do figure out whether the owner have already moved out the property or they are about to move out. If they have moved out, there is a high possibilities that they are looking for urgent buyer in order to get rid of that property, so that you may negotiate for a lower price. While, if they are still staying in the property, it adds to the uncertainty.
Ask the questions about the property price
1. Are there anything that included in the sale?
Make sure that you know exactly what things will be included in the sales prior to the property purchase. For example, if it is a furnished house, ask the agent whether the owner is selling the home furnished or unfurnished and whether all the fitting and fixtures will be included in the sale?
2. How was the asking price fixed?
If the property price is reasonable, the agent will justify the reason behind it. But, some of the agents might tell you that the owner is overvaluing the property so it caused overpriced. Hence, do survey and learn the transaction value of the property in current market and the similar properties in the area.
3. What is the minimum price that the owner can accept?
Don’t think that the property price can’t be negotiated, you just have to open your month to ask for it. Sometimes, the fixed property price is negotiable and you can ask the owner what is the minimum price that they are willing to accept. Besides, some property agent will actually let you know in the event of probing, as their main intention is to sell out the property even for a lower price – as they do not get paid if they don’t sell the house.
Do always ask your property agent as many questions as possible and be sure you clear all your doubts before buying a property. Have we missed any questions need to ask the agent before making the deal? Comment below to let us know!