7 Questions to Ask Your Property Agent Before Purchasing a Secondhand Home
The Reason the Owner is Selling
There may be plenty of reasons why the owner wants to sell the house. Is the owner moving because they can’t stand the neighborhood? Or is it because there will be a highway built right next to the neighborhood in a few years time? Asking the reasons why they are selling because moving will help you determine if the home is good for you. If the owner is selling because they just got transferred to somewhere else and they have to move within a time frame, then they might be more willing to negotiate on the price.
What is The Property’s Value?
Asking your property agent to compare similar home qualities in similar neighborhoods can help you compare better prices between homes. It is also good to evaluate your net worth before making any decisions. Checking the market value of the property can help you evaluate whether you are in a negative or positive equity and if negative, by how much? By knowing the property’s value is important especially if you are taking downsizing or upgrading your home into consideration.
What is the Neighborhood Like?
Knowing the history of the neighborhood or the future plans is also an important question to ask your property agent. Nobody wants to move into a neighborhood with high crime rates, or a neighborhood who constantly experiences water or electricity shortage. It can be obvious when a neighborhood has a few abandoned houses and that is the time when you ask your property agent, how long have they been abandoned or for sale, and the reason behind it. Ask your property agent about the neighborhood market, especially if you should be concerned about the decrease of demands in the neighborhood.
How Many Times Has This Property Been Owned?
If the property has been on and off the market a couple of times within the last 15 years, it could be a problem that the previous owners discovered. This can be many different reasons why it could be the location, the area or maybe even the house itself. Ask your property agent the number of times people move in and out of the house, and if the number is high, do not be afraid to ask why.
Also, how long has this property been on the market? If the home you are eyeing for has been on the market for quite some time, it could mean that the owner declines to change the price. If it has been on the market for a long time, ask your property agent why.
Is the Price of the Property Negotiable?
We always want to get the best price of everything, especially when you are making a huge decision on purchasing a home. However if your asking price is too low, you might offend the seller and lose your chance at purchasing the house. Discuss with your property agent whether the seller is open for a negotiation, and what is their lowest offering price.
Are There Anything the Seller Should Disclose to You?
Everybody knows, sellers have sweet mouths and will try to talk nice to you when they are trying to sell their products. Same goes to home sellers. Legally, the property owner has to tell you any problems with the home. Everything has the good and the bad side. Ask your property agent for any disclosures so you can know everything about the home, before you make and offer to the owner.
Were There Any Major Renovations and Repairs?
Bad renovations and scrappy plumbing can end up costing a fortune out of you. It is important to ask if there were any major renovations or repairs done to the home and if there were, why? You do not want to be living in a home full of problems. It could drain you both financially and emotionally.
Have More Questions to Ask?
There you go folks! Now at least you know the necessary questions to ask your property agent when buying a house. If you have more concerns or questions to ask, contact us today and we will guide you as you go through the home-buying process.
Get in touch with one of the best property agents you can find in Malaysia today!