Don’t be afraid to ask it
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.