Buying your first property can be both overwhelming and exciting. There are numerous factors to consider, and missing even a crucial point can waste your time and money.
No matter which property you’re buying, a home, a commercial property, or a vacation home, just stop and ask the right questions first.
But what questions are those? Let’s find out.
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What’s the real condition of the place?
Don’t let the clean paint fool you. Mostly, the significant issues are hidden behind shiny objects to distract the buyers. Just because the property looks nice doesn’t mean it actually is. The plumbing could be outdated, the wiring could be risky, or the roof might be damaged.
That’s why it’s a smart move to ask how old things are, when the last maintenance was done, and when the last major renovation was completed.
If you’re not a big fan of local inspections, hire a property condition assessment consultant. They know how to spot issues that you might not find on your own.
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Are there any legal or zoning issues?
This may sound a bit technical, but it’s essential to know. Sometimes, properties are renovated without obtaining the necessary permits. Others may have fences or additions that cross property lines.
Ask the seller if everything is up to code and legally sound. If something seems off, your real estate agent or consultant can help you access public legal records.
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Why is the owner selling the property?
One of the most important questions is to ask why the owner is selling the property. By doing so, the sales agent might slip up on something important, which could get you the property at a better rate. It can even expose a flaw that wouldn’t have been disclosed otherwise.
However, over 50% of the sellers only do it because they expect a profit or want to move to a nicer home. Only 41% of homeowners sell their property to get a smaller one.
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Had the property had any major damage or insurance claims?
Ask the owner if there has been any fire, flood, or significant storm damage. You can also ask if they ever made an insurance claim on the property. If there’s any previous damage or claims, it could create problems for you while trying to get affordable insurance for the property.
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What’s included in the sale?
Don’t assume anything you see comes with the property. Some sellers even take the light fittings, fixtures, and appliances with them. Get everything in writing because surprises aren’t fun later on.
For instance, if you see a backyard shed, ask if it is included in the sale. You can also negotiate those terms and pay a few extra bucks to keep the things the seller initially planned to take away.
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Is there any water damage, and what still needs fixing?
This is also a big one. Water can ruin floors, walls, and even the foundation if it’s been sitting for too long. Always look around for signs and make sure there are no cracks in the foundation and no mold around the house or in the basement.
Also, make sure the seller informs you of the things that need fixing beforehand. Some sellers usually mention the things that need repairing. However, some even try to get it past you just to complete the sale. Be vigilant.
Conclusion
There’s no such thing as asking too many questions while buying a property. You can ask as many as you want, and don’t stop until you’re satisfied with the answers. Remember, you’re making an investment in your future, not just buying a property.