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What to ask the agent when buying a property
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When it comes to buying a property, knowledge is power. Whether you're starting your search or have found the perfect home, asking the right questions to the selling agent can reveal valuable information. Here are the key questions to ask and why their answers matter:
Why are the owners selling? Knowing the owners' motivation provides insight into potential negotiation opportunities and sales conditions they might consider.
How long has the property been on the market? This question helps gauge the seller's flexibility. A fresh listing may have less room for price negotiation, while a longer listing suggests potential openness to offers.
How much interest is there in the property? Understanding the competition for the property helps you strategize your offer accordingly.
What have similar properties in the area sold for? Recent sales of similar properties set the benchmark for the listing price, giving you a sense of the local market.
How old is the property? The property's age reveals important information such as heritage restrictions, potential repairs, warranty status, and construction materials.
Are there any issues with the property? This crucial question should be followed by your own due diligence, including inspections for pests, building defects, and compliance with regulations.
What's the neighborhood like? Agents familiar with the area can provide insights into demographics, infrastructure, amenities, and other aspects of the neighborhood's livability.
Are there infrastructure or development plans in the area? Understanding future plans that may impact the area's livability and property value is important for long-term considerations.
Remember, these questions are just the starting point. Conducting thorough research, performing due diligence, and spending time in the area are essential steps in making an informed decision. Refer to our comprehensive guide on property research and other factors to consider when buying a property.