Five smart questions to ask at an open house inspection

Open house inspection coming up? You’ve probably got a million questions. Let’s start with five really important ones.

When you walk into an open house inspection, it’s easy to get overwhelmed. There’s a lot to think about and often, the time is limited. One way to keep yourself focused is to be prepared. If you’ve done your homework, it makes things easier.

At People’s Choice, we’re for making sure you have the right information so that you can make the best possible decision. Information is power, right?

Here are five smart questions you could ask a real estate agent to help you get a solid understanding of the property for sale. These can be good conversation starters and may also help give the impression that you know your stuff and are keen to find out as much as possible.

1. Why is the owner selling?

There are plenty of reasons for selling a house. Perhaps the current owners have a growing family and need something bigger. Or they’re empty nesters looking to downsize.

They could be moving interstate for work or family reasons. They could be making a sea change. Or a tree change. All legitimate reasons for making a move.

Simply by asking, you can get a clearer picture of what’s going on. You may even uncover something that doesn’t sit right with your plans. Let’s say there’s a large infrastructure project about to start nearby which will cause traffic bottlenecks.

2. How long has the property been on the market?

Seems like a simple question, but it could give you an advantage when it comes to negotiating a price. If the house has been on the market for a while, maybe the price is too high. Or the market could have changed during that time and there needs to be a readjustment. This is useful information to have in case the owners are willing to settle for a lower price.

3. Are there any known issues?

Real estate agents are legally required to inform you about any known issues or significant information when selling a home, so it makes sense to enquire.

You should undertake a building inspection using a qualified inspector. Significant areas that need work, such as foundations or dampness, are not necessarily easy to spot. A thorough going over by an expert could save you from buying a money pit. Equally, it could give you the confidence that your dream home is a solid purchase.

If there are any aspects that are making you feel wary, it may be worth getting a professional to assess the property and prepare a detailed report.

4. When was the house built?

While it’s important to buy with the future in mind, it’s also vital to uncover the past. Finding out the correct age of the house can reveal a lot. Looking beyond a fresh coat of paint or the elegantly staged furnishings that the stylist has assembled can be worth a deeper dive.

Knowing how old a house is can help make you aware of any structural or underlying issues. Over its lifetime, a home could have been renovated a number of times. Was the work done professionally by qualified tradespeople? Is there any documentation?

Even newer homes can have their issues depending on the quality of the builders or whether they were part of a larger development that struggled to get things right.

5. Are there any future developments in the area?

It’s worth considering more than just the property you are buying. The surrounding area could be subject to changes that may affect you. This isn’t necessarily a bad thing as there might be plans for better amenities such as schools, shopping centres or medical facilities. Upgrades to existing streetscapes or local parks could be in the pipeline, enhancing your choice to live in the area.

However, if there’s a plan to make significant changes to the local character or there’s a series of apartment complexes due for development in the street, that may well change your perspective.

Either way, it’s better to know as much as possible upfront and often the person with the inside story is the agent selling the home. You can also do your own research by contacting the local council.

At People’s Choice, we understand that buying a home is an emotional process. It’s one of the biggest financial commitments you can make and as much as possible, you should endeavour to keep things on the rational side. From our daily dealings, we know how difficult it can be to balance feelings and finances.

What helps is doing your due diligence. Doing as much digging as possible can help you to feel empowered and confident. It comes from asking the right questions. We’re here to help people make the smartest choices they can. We’re community focused and member owned. We’re here for you.

Got questions? Jump online today at www.peopleschoice.com.au and we’ll be happy to provide the answers.

 

This article is for information only and is not intended to constitute financial advice. Any views expressed are the views of People’s Choice Credit Union solely. This information must not be relied on as a substitute for financial planning, legal, tax or other professional advice.

People’s Choice Credit Union, a trading name of Australian Central Credit union ABN 11 087 651 125, Australian Financial Services Licence and Australian Credit Licence 244310. In this article, People’s Choice Credit Union is referred to as People’s Choice.