Questions To Ask Your Real Estate Agent Before Buying a Property In 2022
Buying a new house is nothing short of a lifelong dream for many of us out there. You invest your lifelong income and manifest your lifelong vision to own that one space that you can gladly and proudly call yours. However, while buying the houses, many a times, real estate agents tend to play smart and dupe you by revealing only half truths or not giving you sufficient information. However, you should know that your real estate agent is legally bound to provide you with clear facts. Take a note of eight of the most pertinent questions that you must ask your real estate agent before investing your hard-earned money into any property.
1.Why is the house being sold, in the first place?
If you are buying a house that has already been inhabited by someone in the past, it is natural for you to be inquisitive about the reasons the house is being sold for. Is it because the owner is moving abroad and wants to sell his property for the same? Is the local train station too close to live a comfortable and peaceful life? Is the sewerage of the locality too near or are there some legal complications associated with the property? Once you feel you are satisfied with the answers of the mediator between the seller and you, you can think about proceeding with buying the property.
2. How has the property price fluctuated in the last few years?
Needless to say, it is not necessary that you are buying a property to live in it. You might also consider selling it further. In this circumstance especially, it is imperative for you to know how the property in question has been faring since last years. You can go to the Land Registry Website and get all the details about the property in question from there. Once you feel that it is going to be a productive investment for you, go ahead and fearlessly buy it.
3.For how long has the property been there in the market?
Now, this could be a tricky question and could be inferred in more than one way. Firstly, if the property has been there for a really long time, it at least testifies that it is eligible to be sold as per the regulations. On second thoughts however, if a property has existed for considerable time and still not being sold, it could raise some valid questions regarding the quality of the deal you are contemplating to enter in. You might then bid for a lower price too. Do your basic research and if something is found to be fishy, you better take a step back and reflect more before closing the deal.
4. What is the frequency with which the property has repeatedly been handed over to the new owners?
We are sure that you would agree that no one likes to move out of residential properties on a fast frequency as it could be really time consuming as well as a pocket unfriendly situation to be in. Keeping this observation at the back of your mind, do make sure to figure out the reason why the previous owners have moved out, in case the property you are buying is not a fresh one, this question becomes even more pertinent as it helps you make a wise choice.
5. Does the property appear in a listed area? Is it a conservation area?
This question is exceedingly important, more so, in the wake of Covid. If the property you are thinking to buy appears in the listed area, there are going to many restrictions regarding the activities you can do inside and outside the property. Do check the compatibility of your requirements with the facilities offered. Your Real Estate Agent might not be very keen to tell you the entire truth so you need to pull up your socks and get some ground work done on your own.
6. What was the strategy behind fixing the price for the property?
Now, the whole process of selling and buying properties obviously entails money. A lot of it. You do know that the seller is going to overprice it and will try to persuade the agent to extract the maximum out of you. If you ever get the feeling that the property is overpriced, you need to be upfront about it and ask the agent about the logical justifications of the price. You can easily get a clearer picture then and there.
7. What governmental projects are happening in the vicinity, if any?
This question becomes extremely crucial if you are reflecting upon investing in a property for a long term. It is a fact well known that the prices of the properties vary significantly on account of the amenities available and accessible in the vicinity. This could be a dominant factor for you to decide if you want to buy this property or not. Real Estate Agents are generally more aware about the upcoming projects then the regular buyers and sellers, so try getting some information form him beforehand.
8. How much is the Council Tax? What are the standard bills for utility services in this area you are buying a property in?
Though, indubitably, it is a very small consideration compared to the whooping amount you are going to invest in the property, but since these are going to be recurring expenses, it is good to know about it at the earliest as they do end up being a liability in no time. With the help of these eight questions, you can surely get a fair idea about the intentions of your agent as well as the seller. Making informed choices is after all the only way to crack the right kind of deal. Good luck with your property search!
