The top 4 ‘must ask’ questions formulated by our sales experts.
If you’re currently trying to navigate your way through purchasing a property, you’ll know too well just how crucial it is to understand all the facts, prior to putting forward an offer. As our industry implements further virtual assistance to help inspect properties from the comfort of your lounge room, it’s now more vital than ever to ask all the right questions.
You only have to do a little digging as you scroll through countless ‘property searches’, to find a home that aligns with your aesthetic, only to read the fine print to uncover it’s flaws. So, how do you avoid disappointment, or uncover the property’s true state, before you fall hopelessly in love with your new abode?
As with anything, knowledge is king, so asking questions is key, however, which questions are going to provide you with the largest scope of information? We’ve asked our agents to provide us with their ‘must ask’ questions to help gain a more promising position as a buyer or investor, whilst expanding your knowledgebase. Here’s what they’ve come up with.
1: Why are you purchasing?
It seems like a really basic and simple question to have to ask yourself when purchasing a home, however, understanding ‘why’ you are purchasing can help outline many future decisions, whilst often providing further clarity around immediate outcomes.
If you are purchasing a home to live in, then there may be more flexibility when weighing up property features vs. financial outlay. If you find a home that offers all the features you were looking for, but sits slightly out of your range, you may have more flexibility in juggling your finances in order to increase your offer. You’ll find too, that you’ll be more open to engaging in an emotional connection to the home, as you envisage how you’ll live and operate within the space.
However, if you are purchasing a property with an investment direction, you’ll focus on the figures and less around property features.
If, when you ask yourself this question, you cannot determine the answer, then it may be worth holding off a purchase until you can provide yourself further clarity.
2: Are there any areas you are aware of that need consideration? Such as a busy road or a leaking pipe?
A great question to ask if you’re an ‘out of area’ buyer, and not familiar with the immediate area of a property. Often the real estate agent representing the home for sale is from the direct or neighbouring area and can help provide further insight into major community arterials and gateways, to help avoid unfamiliar buyers purchase on main roads.
This question can also be helpful when highlighting areas of the property that cannot be seen, and therefore considered when purchasing. Yes, a building and pest inspection can help identify these areas of concern, however an agent may also be able to provide initial insight. An agent who puts their vendor first, will be as transparent as possible in order to help a sale proceed without hiccups.
3: How long has the property been on the market?
This question is often asked and can provide great insight to a buyer who is deciphering their next move.
Prior to COVID-19 shifting the goal posts around property inspections and transactions, a home may spend an average of 30-60days on market. Of course, location, property type, features and price will all contribute to the length of time a property will spend on the market and must be considered when a property remains on the market for a much longer duration.
Understanding the property’s recent sales history and interest will help you determine your next step. If a property has remained on the market for a long period, with limited or no interest, you can often spend some additional time researching the area, the features and envisioning how you might live within it (granted you keep the communication open between yourself and the agent).
Further to this, familiarising yourself with the property’s sales history may provide you with further information, such as, whether the home has had previously knocked-back offers, or, if it was passed in after a previously ran auction campaign.
4: What sale conditions need to be considered?
This question often comes directly after ‘why is the vendor selling’, and together, can offer insight for the buyer around additional conditions they need to consider, other than the price, when putting forward an offer to purchase.
When contemplating conditions, it’s always favourable to either align with the settlement required by the vendor (if applicable) or have flexibility to work together to find a mutually agreed upon timeline. A building and pest inspection is also a condition that will often be required by the purchaser, so talking through your intent to proceed with one, to the agent can help establish open communications between vendor and buyer, via the agent.
When an offer is presented to a vendor, it’s very uncommon they will proceed with accepting an offer purely based on the price. Conditions are always factored in and play a major role in deciding a purchaser, especially when there are multiple offers involved.
How we can help
Purchasing a property can be both exhilarating and hugely daunting, whether it’s your first home, or your adding to an established portfolio. However, the more information you can gather on a property, the more insightful and intentional, your next moves can be. Our Eview Group agents operate with integrity and transparency, and would love to help you, whether you are investigating a potential purchase, or researching to sell.
Contact your local agent to see how they can help you!