Six questions to ask at an open home
Open homes can be overwhelming for first-time buyers, with many unsure what they should be looking for.
With so much at stake, asking the right questions is crucial to making an informed decision. These days it’s possible to do a lot of research on a property before attending the open home, making it more important than ever to gather as much information as possible prior to making an offer or bidding at auction.
Here are six questions every potential homebuyer should ask during a property inspection:
Seller's motivation
Understanding why the current owners are selling can provide valuable insights into potential issues with the property. While some sellers might be simply upgrading or downsizing, others might be selling due to problems with the house or location. A direct question about the seller's motivation can help uncover any hidden issues that may affect your decision.
Settlement timeline
The desired settlement date can indicate the seller's urgency to sell. Those looking for a quick settlement might be more open to price negotiations. This information can be particularly valuable when planning your offer strategy and understanding your bargaining position.
Structural issues
Asking about structural issues is crucial for understanding potential repair costs. Pay attention to visible signs like ceiling cracks or water stains, and ask whether these will be fixed before sale. This information helps evaluate whether the asking price reflects the true cost of ownership, including necessary repairs.
Realistic selling price
In today's market, properties often sell above their listed price. Ask the agent for a realistic price range to determine if the property fits your budget. Understanding the true price range helps avoid wasting time on properties beyond your means and ensures you're prepared for the actual cost.
Comparable sales
Request information about recent sales of similar properties in the area. This helps determine whether the asking price is reasonable and provides leverage in negotiations. Comparable sales data gives you a clearer picture of the local market and helps identify good deals.
Property age
The age of the property can significantly impact future maintenance costs. Older homes might require updates to plumbing, electrical systems or other essential components. Understanding the property's age helps anticipate potential renovation needs and additional costs beyond the purchase price.
Disclaimer: This is general information only and is subject to change at any given time. The content of this article is general in nature and is presented for informative purposes. Your complete financial situation will need to be assessed before acceptance of any proposal or product. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice