8 Things To Ask BEFORE You Buy...

8 Things To Ask BEFORE You Buy...

... to make sure you’re not left heartbroken.

 

There’s lots of emotion involved in buying a new home. And it’s easy to get wrapped up in the excitement of scouring real estate websites and attending opens.

So it makes sense that when you stumble across the property of your dreams - especially in the midst of a ‘hot market’ - the urge to ‘snap it up quickly’ is probably strong. 

But it pays to step back, put your ‘savvy buyer’ hat on and ask the tough questions to decide if it’s really ‘the one’. 

Because if you don’t, you could be making an expensive (and heartbreaking) mistake. 

Settlement day is waaaaay too late to ask questions, only to find out there are issues.  

Why? Because those issues - they’re now your problem. 

Here’s a few things to double check before signing on that dotted line…

 

What is the home actually worth? 

We’re not talking about the price the vendor is asking either. We’re talking market value. 

Because it’s market value that will determine if the asking price is fair, and that you’re not being played. 

But where do you get this information? 

Simply ask the selling agent for a Property Sales Report. It’s a snapshot of what similar properties in the area have recently sold for, and will give you a pretty good idea if the price the vendor is asking is in the ballpark. 

 

Why is the vendor selling? 

This question might sound a little intrusive, but when it comes to buying a new home, it pays to gather as much possible.  

Because, as they say, knowledge is power - and in this instance, it can certainly work in your favour. 

If you’re able to determine that the vendor is looking for a quick sale - which could be due to things like relocation, cash flow or even a ‘subject to sale’ condition on their new home - you could be in the driver’s seat when it comes to negotiating the final price.  

And apart from potentially saving you thousands, you might even be able to negotiate things like inclusions or settlement terms! 

 

Is it located in a flood zone? 

If the home you love is in a flood zone, it may pay to rethink the purchase - or at least make sure you’re well prepared. 

If you have concerns, the first place to start is with the selling agent - they should have this information on hand. 

Alternatively, check the Australian Flood Risk Information Portal to see if the area you’re considering is prone to flooding, and make a few phone calls to your insurer - before bidding - to make sure you can get the right cover should the worst occur. 

 

Perpetual property listing? 

How long a property’s been on the market is always worth knowing, because, often, the longer a property remains listed, the better bargaining power you have. 

Of course, you’ll always come across vendors who simply refuse to negotiate or aren’t in a hurry to sell. 

But to discover that a home’s been on the market for ages can sometime be a blessing in disguise - because it’ll also prompt you to dig a little deeper.  

Does it come with problems? Is it overpriced? Is the neighbourhood (or the neighbours!) a bit dodgy? 

Knowing these things gives you the chance to decide if it’s something you can fix, if a higher or lower offer is in order, or whether you should walk away. 

 

Property got 99 problems...? 

Following on from above, it’s worth making a point to ask the selling agent directly about any known issues with the property.  

And the good news? It’s actually law that vendors (and their agents) need to disclose them.  

This includes things like encumbrances and title restrictions, development and rezoning plans, plumbing and electrical issues - even details about the property’s history, including crimes that might have occurred there. Pretty much anything that could impact your decision to buy it. 

It’s called duty of disclosure, and it’s there to protect you. 

 

What’s included in the sale? 

This is a great question to ask, because it can impact on how much you’re willing to part with to secure the property. 

It’s a given that most homes sold in Australia come with basic amenities, known as ‘chattels’, intact - things like ovens, dishwashers, light fittings and sprinklers.  

However, it’s certainly worth asking the selling agent whether there’s anything specific that’s not included in the sale. 

For instance, if a vendor plans to remove the BBQ from the outdoor kitchen, the freestanding cooktop and all the block-out curtains, the sale might not be as attractive.  

This being said, there’s also an opportunity for you to offer a higher price for things the vendor might be willing to leave behind, like TVs that are custom-fitted into a home theatre, pool and spa equipment, outdoor pizza ovens and lawn mowers. 

 

How old are all the things? 

Unless you’re buying a reasonably new home, it’s good practice to ask how old some things are - because not knowing can lead to unexpected - and very expensive - repairs. 

Nothing lasts forever, and unlike a fine wine, electrical wiring, hot water systems, plumbing and air conditioning don’t improve with age. Nor are these things cheap to fix. 

If you’re unaware of how old these things are when you move in, you could find yourself lumped with a hefty repair bill sooner that you thought, so it’s certainly worth going in with your eyes open. 

 

What’s the area like? 

Where you live matters a lot when it comes to loving your new home, so it’s good to know what you’re jumping into. 

And although you can certainly research nearby amenities, attractions and conveniences - like shops, schools and transport - easily enough on Google maps, it pays to ask a human (or several!) what they think too. 

If you’ve got family or friends that live in the area, great! They’re an excellent way to get all the inside goss.  

And if you don’t? Consider joining local Facebook groups, or visiting homely.com.au, where you can ask lots of questions about things like traffic or commute issues, community groups, recreation facilities, school reputations… anything that matters to you. 

Plus, read suburb reviews, check out demographic stats, crime rates and property value trends online. 

While you can never really know a place until you’ve lived there, knowing this stuff will go a long way to making sure you don’t get buyer’s remorse later on.

 

Buying property truly is an exciting time - enjoy the process, ask the right questions, and you’ll be well on your way to settling into your new home! 

 

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And if you’d like some expert guidance and support? We’re ready and waiting to answer all your questions!

If you’re just getting started, or looking for more valuable property buying tips, tricks and hints, check out these other handy articles on our blog:

×           The 7 Hidden Costs Of Buying A New Home