You’re finally ready to invest in your first home and in fact, you’ve been looking at some options in sites like Bloomdale to get a glimpse of what’s on offer in the market. But shopping around is only a small part of the buying process. When you’re putting a huge amount of money on a property, you need to ask your real estate agent these four important questions before sealing the deal:
- Why is the property for sale?
If you want to get a good deal out of a property, it’s very important to know the motivation behind the sale first. Although some real estate agents may not want to talk about it, you need to ask this question to at least try to get a better idea of who you’re dealing with and what strategies you should take in negotiating for the property. For instance, a seller who’s moving to another country might be in a hurry to sell the property. So you can take advantage of that and negotiate for a lower price because of the urgency of the sale.
- How long has the property been on the market?
Following the same sense of urgency, it’s best to know the time a property has spent on the market so you can negotiate for a better price. Ask your real estate agent to find more information about the listing that you like to see if it was previously listed and re-listed, which some sellers do to keep prices high. Generally, properties that have been on the market for 12 to 24 months have better negotiability than new ones.
- What is the original asking price for the house?
It’s not uncommon for a seller to price his property higher the first time he puts it on the market. But as time goes by and several negotiations are done, prices could become more negotiable. By asking what the original asking price was and how many offers were declined by the seller, you’ll get an idea about the price that the seller wants for his property so you can go in and make the right offer. In most cases, a lot of sellers are actually willing to reduce the price if they see you as a serious and informed buyer.
- What is the neighbourhood like?
Aside from looking at the property itself, it’s also very important to ask your real estate agent about the kind of neighbourhood that you’ll be living in if you choose to buy the property. Location is important when buying a house because any noise, safety or accessibility concerns could affect your daily living, which could mean money wasted on a property that you won’t get to enjoy.
Buying your first house shouldn’t happen overnight. Instead, take the time to do your research and communicate with your real estate agent on the things that you want for the property. There are a lot of good properties out there at excellent prices if you know where to look. Of course, you need to work with your agent to find the best deals in the market.