We’ve all walked into a property to start an inspection and been greeted by an agent who takes our details and then starts to gently quiz us about our intentions in the market.
As a buyer, you have the perfect opportunity to take control of the conversation and to drill down on the quality of the property the agent is presenting.
It is a common mistake for prospective buyers to dismiss the agent and explore the property independently.
If you’re serious about a purchase, you should engage with the agent, asking about the recent sales in the area, price expectations and the buyer interest.
All this information is crucial to your research. It builds a real-time picture of the current market mood in the area, and whether you’re facing a seller or buyer’s market.
To secure this information, our agents have pulled together nine questions to ask when inspecting a house or an apartment.
Why is the vendor selling? The seller’s motivation may provide an angle should you get to the negotiation stage. A vendor selling because they have a new job would indicate they are time-constrained and may discount to make a quick sale.
What are current price trends for this type of property? Here, you’re really trying to figure out whether the price expectation represents fair market value. Ask the agent for a Comparative Market Analysis (CMA) that would present this evidence.
How long has the property been on the market? This is another question to give you negotiation power. If it’s been for sale for six weeks or more, then it’s going stale. Many local buyers will assume there’s something wrong, or the price is too high. These assumptions could open the door for you.
What’s the condition of the property? A home inspection will reveal the property’s condition, but you should seek out issues that should be disclosed, such as asbestos, lead paint or faulty or old wiring. These issues will devalue any property.
How old is the roof? Many roofs have a limited lifespan.
What are the inclusions? Don’t assume the buyer will leave behind the washing machine and dryer, or the curtains. Find out what will be included in the sale.
What’s the age of the appliances? Ducted air-conditioning and the hot water service should be your initial focus. These would be major expenses should they need replacing. Also ask about kitchen appliances.
How much are the utilities? Household expenses are a significant issue. Find out the cost of heating and cooling the property, which would indicate the quality of insulation, too.
How’s the neighbourhood? The quality of the property is a priority, but nothing beats location when it comes to delivering a good return on investment. Gently inquire about the neighbours, too. Some sell because of bad behaviour on the other side of the fence.