Being adventurous is a quality that is admired since only a lucky few have it, but that doesn’t mean you have to be careless, especially when it comes to investing in the property market. A throwing-caution-to-the-wind, risk-taking attitude can easily lead to huge losses if you neglect the 7 important questions to ask when buying a property.
The most important questions to ask when buying a property were compiled by us after a lot of research and back-and-forth with buyers, investors, sellers, and agents. Our aim behind this endeavour is to help both novice and seasoned investors get the best bang for their buck.
So, without further adieu, here’s the list of questions to save you from buying a dud that can cost you a fortune.
List of Questions to Ask When Buying a Property
Real estate goes deeper than what appears at the surface, so you need to take it upon yourself to check a few things and make sure that the property is deserving of your hard-earned investment. So, here is a list of questions to ask when buying a property:
- Why is the owner selling the property?
- Are there any legal issues regarding the property or the property owner?
- How long have the current owners occupied the property?
- Are there any environmental hazards on or near the property?
- What is the situation of utilities and such service providers?
- Are there any additional facilities accompanying the property?
- Is there something in particular that you should know about the neighbourhood or neighbours?
Now, let’s discuss some reasons that make it mandatory for you to ask these questions.
Why is the owner selling the property?
Reason: It can be one of the many questions to run through your head, but sometimes homebuyers or property buyers are too shy to voice it. It is imperative to know what comes with the price you are paying for the property. This question is coupled with a few more things that homebuyers should make a point to know about, including:
- Is there a garden or a parking space?
- Would you have that extra space to set up your workshop?
- Where does the boundary lie?
Whatever the answers might be, buyers have to make sure that there’s clear communication between all parties, and they have a clear picture of what they’re getting into. When you’ve got a satisfactory answer to these questions, don’t hesitate to inquire about the reason for selling the property. Now, homeowners have different reasons to sell a house, but whatever reason they state, it should be good enough to satisfy your inner voice.
Are there any legal issues regarding the property or the property owner?
Reason: Not conducting a proper property investigation is one of the common mistakes by first-time home buyers. There’s always a fear associated with buying a home. Regardless of whether that fear is real or not, addressing that anxiety can actually minimise the risk of loss.
It doesn’t have to be a legal issue always, sometimes sellers tend to avoid this conversation with you since they do not want to disclose the fact that the local bus station is not functional or the sewerage lines have a blockage issue. A clever workaround here is to approach the neighbours and ask them about the problems that are causing you to worry. Also, what’s better than getting along with the neighbours before moving into your new home?
How long have the current owners occupied the property?
Reason: While buying something, we often think that one person’s trash can be another’s treasure, but there’s no such situation in the property market where the same adage can properly fit. So, if the house has been used for a very short period of time and the homeowners are moving out for no good reason – then it is clearly a red flag.
Are there any environmental hazards on or near the property?
Reason: Even if the outlook of a deal seems perfect, there are a lot of things to ask when buying a house and before signing on the dotted lines. It is not easy to spot environmental hazards via a regular walk since you cannot find warning signs on the walkway. Some environmental hazards include leaking underground pipes or the tap water being toxic. Moreover, property seekers have to ask for these things, particularly since sellers are not obligated under law to share any such information.
What is the situation of utilities and such service providers?
Reason: There’s no such thing as “too many questions” when inspecting a property to buy, especially when it is about exploring the necessary facilities. After water, gas, and electricity, mobile phone networks and internet services are the most sought-after amenities these days. So, make sure to ask about these when you are surveying a home.
Are there any additional facilities accompanying the property?
Reason: There’s so much to explore about a property that the current homeowner might miss out on some details. Although facilities are always something to brag about, buyers should make sure that they have a clear idea about the facilities available near and around the home, such as mass transit, schools, medical facilities, and restaurants.
Is there something in particular that you should know about the neighbourhood or neighbours?
Reason: Besides a general rule of property searching, knowing about neighbours is one of the most important points on the list of things to ask when buying a house. Nobody wants to get stuck with noisy or nosy neighbours. Similarly, you can also explore positive things about the neighbourhood, including if there’s any electrician or a mechanic nearby or whether parks, sports grounds, or fitness centres are located closeby.
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