Don’t be afraid to ask it

The Weekend Post - Real Estate - - Front Page - Bianca Kee­gan

BUY­ING a prop­erty is one of the big­gest in­vest­ments a per­son is likely to make, but ask­ing the right ques­tions is key to price ne­go­ti­a­tions, real es­tate agents say.

Real Es­tate Buy­ers Agents As­so­ci­a­tion of Aus­tralia (REBAA) spokesman By­ron Rose said house­hunters shouldn’t be shy when ask­ing agents the hard ques­tions.

‘‘ The ques­tions ev­ery buyer should ask a real es­tate agent are the ques­tions that the aver­age buyer wouldn’t read­ily know the an­swers to,’’ Mr Rose said.

‘‘Prac­ti­cal con­sid­er­a­tions can im­pact greatly on the sell­ing price and its po­ten­tial re­sale value should be con­sid­ered prior to pur­chase.

‘‘The im­por­tant thing to re­mem­ber in a com­pet­i­tive mar­ket is not to let emo­tion take over and over­value the prop­erty.’’

Powe Prop­erty’s Matt Powe said sales agents were per­mit­ted to dis­close in­for­ma­tion so ask­ing if the prop­erty had de­fects was usu­ally a good start.

‘‘ You would want to em­power your­self with as much knowl­edge as pos­si­ble,’’ he said.

‘‘Typ­i­cally peo­ple ask how long it has been on the mar­ket – it’s a good in­di­ca­tor.

‘‘Be up front and sim­ple, ask if there any de­fects about the prop­erty.’’

Mr Powe said in­spect­ing at least a hand­ful of properties be­fore putting an of­fer in was the ul­ti­mate way of test­ing the mar­ket.

‘‘The key thing is to know the mar­ket. In­spect a few houses to get a knowl­edge of the mar­ket and what the com­pe­ti­tion is do­ing,’’ he said.

LJ Hooker Edge Hill prin­ci­pal Ross Moller said ask­ing how long the prop­erty had been on the mar­ket, the pre­vi­ous sell­ing price and why the ven­dors were sell­ing were suit­able ques­tions.

‘‘For units, ask how many owner-oc­cu­piers are in the com­plex and how much is in the sink­ing fund of the body cor­po­rate,’’ he said.

‘‘If there is a good amount of money in the sink­ing fund that is re­as­sur­ance (own­ers) won’t have to fork out money is some­thing un­forseen hap­pens.’’

They should also ask if pets were al­lowed, he said.

Furry friends: If you’re buy­ing a unit, don’t for­get to ask if pets are al­lowed.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.