Asking your estate agent the right questions could save you a great deal of money and headaches in future.
However, asking the right questions is no easy feat as each property you look at might be different and have various qualities you like. No question should be regarded as stupid when it comes to investing in property.
Here are questions you should always ask your estate agent:
1. Why is the owner selling?
The owner might be selling because they impulsively bought a home that came with a ton of upkeep or problems.
2. How long have the present owners lived there?
If the property has repeatedly changed ownership over a relatively short period of time, this should raise some alarm bells. There should be very good reasons why property changes hands more frequently.
3. Exactly what is included in the sale?
Don’t assume items such as a chandelier will stay. Insist that everything being removed is documented in the sales agreement.
4. How long has the property been on the market?
Overpriced homes tend to stay on the market far longer than realistically priced home. If the price seems too good to be true, be sure to query it as well.
5. How did the agent decide on the asking price?
Buyers should ask for the comparative marketing analysis to see how the price was determined.
6. What is the minimum selling price?
Never assume every seller is open to offers. Save yourself time by finding out how much the seller is willing to accept to sell the property for.
7. When do the sellers have to move out?
This should be documented with a stipulated sum of occupational rent if the buyer is planning to move in before the transfer takes place.
8. Have any renovations been done?
This is worth noting since renovations may have been done to ensure structural issues be covered up or fixed.
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