Investment in real estate is not an easy task. For some, the risks are high. You can contact any real estate agent, and they will inform you about your target area and property type along with prices. They are legally bound to answer all your questions and queries. The real estate agents’ answers will make you feel more confident and help you to make a final decision. You need to be sure before signing any contract. You need to ask as many questions as you want to be sure about putting your money in the right place. You must do your research beforehand to get a good return on your investment.
We are here to guide you about the kind of questions to ask before buying a property. Below are a few questions you need to ask.
1. Are you a licensed real estate agent with experience in the market?
This question might seem odd, but it is important to save yourself from future scams. The level of activity in the market will determine the value of the agent.
2. What are your charges/fees?
This is important for you the client, the minimum the fee the better it is for you but a fee too cheap could suggest the agent is inexperienced.
3. Exactly what is included in the package?
This question might be useless for you. You might think you have read the advertisement thoroughly and you know every detail. But, you might be wrong. It is better to ask than to be sorry later.
4. How long has the property been on the market?
If the house has been on sale for quite a long time, ask the reason for not selling. Are there any problems that led to such a delay? Moreover, if it is overpriced and has been on the market for a long time, you are in for a treat. There is a possibility the seller might agree on a lower price.
5. Except for the taxes, are there any special requirements or charges?
If you don’t want to be surprised and burdened with hidden fees, this is the right question to ask the agent. The answer will help you make the desired changes in your current and future budget.
6. Why is the owner selling?
This question will not just provide you with the reason why the property is available but might give you an edge to negotiate a better price.
7. The price offered and the minimum price the seller will accept for the property?
The agent will provide you with a relevant justification for the price charged for the property. However, the lowest price question might turn in your favour. The agent might indicate the negotiation level thus you will save your money. There is no harm in asking.
8. What is the current condition/status of the land?
The agent will give you details about the surrounding properties along with the price to help you decide. Also, he will provide you with information regarding any future developments in the nearby areas which will indirectly boost your property value. This will help you decide and predict the future value of the land as well.
9. Can you speak to the owner, directly?
A few agents might show irritation when asked such a question, but they will never say no. This is better; you might get to know the place better by the owner than the agent. That person is just like you, so talk to the person to clarify the details; the professional real estate agents miss out.
10. Where is the property listed?
If it is a listed property, there is the possibility of facing a few restrictions. There might be some regulations regarding maintenance or decorations. Find out before planning any refurbishments.
Here are a few more points to ponder if you are interested in buying a fully constructed house.
- Inquire about the current certificate of occupancy (CO). It is a proof for a legally built house as per the town or city standards.
- Ask for the permission of doing an inspection before the signing of the contract. This will give you a clear picture of what the house is like in reality.
- Inquire about the restriction deeds and previous criminal cases held, if any.
Question regarding the condition of the house and its age.