Purchasing a house is one of the biggest investments that an individual makes. It is important to understand that it is one of the daunting purchases. An open inspection could also enhance the stress as they could be intimidating. For first-home buyers, it is quite easy to feel overwhelmed by the available choices as well as decisions required to get on the property ladder.
In order to make a wise decision, it is crucial to gather all the logic as well as information about the property. For ensuring you have the relevant information you require before purchasing the house, consider asking the following questions to blacktown.century21.com.au agents.
- Can You provide the current property sales report showing what the property is worth?
Asking about the sales report of the property is one of the vital questions; however, many homebuyers do not ask for it. It is important to question the realtor on why he/ she thinks the property is worth what he/she is selling it for.
Ask the agent to show the recent sales report displaying similar properties as well as what they are sold for. Doing so would help you ensure you are not overpaying. And, you are purchasing a house that is priced fairly in comparison to the remaining houses of the local market.
- Why is the seller selling the house?
Knowing the reason behind the property’s sale is helpful information for a buyer. Asking why the vendor is selling the property could assist while negotiating the price. This could potentially save thousands of dollars during the negotiation of the sale price. In case the seller has already purchased another house, he/she would be more motivated for selling.
In case the vendor is looking to purchase a new property, he/she might like the longer settlement period. Or the property is a deceased or divorce estate? Because deceased estate
would often need to run via auction.
- For how long has the house been on market?
It is important to note that in case the house has been on market for 6 weeks or more, it might be priced wrong or there is some issue. On average, a house in Australia is on the market for about a month. Therefore, if it is different drastically, it is worth asking for.
It is advised to ask in case the house was taken to auction and then it failed to sell. If yes, then what happened at auction. In case the house was passed in at auction ensure you ask in case the pass-in price was a vendor bid or from the buyer.
- Are vendors open for negotiation on the price?
In case you wish to get the best price on the property, ensure you ask the Blacktown real estate agents whether or not the vendors are open for negotiating. Do not hesitate to ask if vendors are open to a reduced price or not.
In case you wish to bargain, you would need to be clear on the minimum amount the seller is happy to give the property. This way you would be able to know in case you could afford it and there would be no wastage of time.
- Are there known problems with the house, neighbour’s properties or land?
It is important to understand that few things could impact the value of the house. Therefore, it is crucial to ask the agent in case there are any problems that could influence your decision. Even though the conveyancer or building inspector would help to pick up the potential problems before settlement, ask the agent before closing if he/she could point anything out.
It is advised to not rely only on the report of the building inspector, consider doing independent research. Some reputed agents wish to act in the good faith because they wish for the sale to go through. Therefore, they would tell you upfront in case they know about any problems that might affect your final decision.
- What is the sale history of properties in this area?
In order to get a clear picture of what houses are worth or how things change over time, it is advised to do some research. Along with the research, look at the sales history of properties in the area. Consider asking agents about the properties sold in the last few years as well as the latest trends. Asking agents about peak time when houses sell in the area would help you make wise choices.
- What is the resale value in the neighbourhood?
Since the house would be the biggest purchase, you would need to ensure the property would continue to gain value every year. Asking the Blacktown real estate agents for their take on such a neighbourhood could help you make a better choice. Ideally, you would wish to purchase a house that is located in an area experiencing a consistent increase in property value.
This way, in case you plan to sell the house, you could sell that for the amount that is more than you bought it. However, it is important to note that the neighbourhood that performed well historically could be declining edge. New buildings nearby, shifting popular or similar events could reduce the property’s future value. In case the property is likely to devalue soon, consider looking for another one.
- How much would it cost for maintaining the house every year?
Unlike renting where you call the property owner for resolving issues or maintenance, owning a house means you would be handling everything. You would be responsible to fix anything that breaks. Be it is a leaky roof, the HVAC system, or an appliance, you would need to handle the maintenance tasks. Therefore, it is wise to ask the realtor for the approximate yearly maintenance cost, so that you could be prepared in case anything happens.
Local Properties for sale Blacktown – Apart from these, do not forget to ask how old the house is. It is a must-ask question because the older property requires more maintenance. And, renovating or repairing the old house could be expensive. Knowing the property’s right age would help you understand the quality of construction. And, you could make a better deal by negotiating with the seller.
