An open home is the perfect opportunity to gather valuable information about a property you’re looking to purchase. By asking the right questions, you’ll be able to determine exactly what you think the property is worth and place your offers accordingly to ensure you are getting your money’s worth.
Here are the 3 best questions you can ask the listing agent in order to get the most useful information and potentially save yourself thousands:
How long has the property been on the market?
This is a very important question because it can let you whether you need to act fast or it can indicate whether you have more bargaining power. If a home is recently listed and there is a lot of interest, you might want to act faster so you don’t miss out. On the other hand, if a property has been on the market for a long time, you need to find out why. Most commonly this is because of price, but there might be other underlying issues as well. For example, there could be major issues with the property that aren’t apparent to the naked eye like:
- Is it located in a flood zone?
- Is there structural damage?
- Is it heritage listed making possible renovations difficult?
These issues can be expensive for the buyer to undertake so finding out before you make an offer can help you negotiate a fair price if you still want to purchase.
Why are the owners selling?
The answer to this question can help in many different ways. If the agent seems reluctant to say why, it may mean that the sellers want to leave because they feel the area is dangerous, inconvenient or perhaps there have been recent council changes in zoning that will change the neighbourhood etc.
Alternatively, if they are selling in due to an unforeseen circumstance and, you may be able to get a great price in return for a fast sale.
Has there been a recent building and pest inspection done on the property?
If there is a building and pest inspection report provided, make sure to look at it carefully. Issues such as structural damage or termites can cost thousands to fix so it’s crucial you know what you are getting into before purchasing. The knowledge a good report can provide can give you great insight into what the property is worth.
If there is no report provided, make sure to get an inspection done before purchasing – especially if the house is going to auction. Houses that are sold at auction are unconditional. This means they are not subject to a cooling off period or building and pest clause so it’s important to go in prepared with the information. The last thing you’d want is to purchase a home at auction for a premium price, only to find out later that there is $50,000 worth of termite damage to fix!
If you need an independent pre-purchase building and pest inspection done, contact APM Solutions directly on (07) 3828 2020 or via email at [email protected] for a FREE quote today. Mention this post and receive 10% off your first inspection!