Buying a New PropertyBuying a New Property

About Me

Buying a New Property

Hi, there! My name is Nigel and this is my real estate blog. I recently purchased a new home in Melbourne, Australia. My wife and I had been saving up for a deposit for the past 4 years. It was hard work getting all the money together so we wanted to invest it wisely. I searched around and found a great real estate agent who was able to help us to find the perfect property. We then pull in an offer and negotiated a great price. I decided to start this blog to offer advice to others who are in the process of buying a home.



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When you're ready to buy any type of real estate,

Important Questions to Ask When Buying Real Estate

When you're ready to buy any type of real estate, whether that's a residential home, commercial facility, or warehouse, you want to ask certain questions of the real estate agent, even before you look at the property. This will ensure you know how to negotiate a fair price, and know what to look for by way of potential problems with the property. Note a few of those questions to ask so you can discuss these with an agent and easily eliminate undesirable properties from your list of potential purchases, while getting the best deal for the property you do decide to buy.

How long has the property been on the market?

If a property has been available for sale for many weeks, and especially for many months, note that it may be priced out of the market or there may be something very wrong with it. A potential buyer may have had it inspected for mould, pest infestation, or something similar, and then withdrew an offer, or the seller may not be getting offers due to the property's overall appearance. This question can give you a general idea of what the property may offer and its overall condition, so always ask even before looking at a property.

Ask why the owner is selling

A residential homeowner may need a bigger house or can simply afford a better home, or a retail store owner may be retiring. These are not typically causes for alarm, but if a store went out of business, and you're thinking of opening a similar store in that building, you may want to do a bit more market research to ensure your company will be more successful. If a homeowner is selling due to a death, the property may need to go through probate court before a purchase can be finalized. The reason for selling can sometimes give you cause for concern, so always ask that question when shopping for real estate of any sort.

Ask about recent comparative sales in the area

A real estate agent will always know the sales figures for similar properties in the area, and they should be able to provide you with this type of report. If you notice that the property you're interested in is very overpriced, ask if it has any special features that would justify the higher price; if it's underpriced, this can also alert you to potential problems with the property, including unseen damage, lack of updates, and the like.

For more information, contact companies like Carter Real Estate.