Buying a new property can be a daunting task, especially for first-time buyers. From hiring the right estate agent to finding the right property, saving for a deposit, and paying off a mortgage, or finding a Non-US resident mortgage, there is so much involved in the process of buying a new house. A buyer needs to invest in the right property; after all, there are thousands and thousands of properties on the market, but it is important to buy the right property based on needs and requirements! According to letting agents in Sittingbourne, here are the seven questions that first-time buyers need to ask.
1. What is the total cost of the purchase?
The selling price is just one part of the total price of purchase. Let’s not forget about added costs such as estate agent fees, the cost of hiring a surveyor, the cost of inspection and so on. And of course, the monthly mortgage, the house taxes, monthly utility bills and most importantly, the cost of home insurance. Before signing any offer, a first-time buyer needs to understand all the associated purchase costs and then make a decision based on their budget.
2. What was the previous selling price?
There are two reasons to ask this question. First, if the owner bought this house at a very low rate in the past, he or she might be willing to negotiate a good deal in order to make a profit. However, if the owner purchased the property at a high price, one that is similar to the selling price, it is highly doubtful that he or she will be open to negotiating. Secondly, if the selling price has increased tremendously, that means the area is upcoming and developing, which makes this property a good investment in the long run.
3. What is the condition of the house?
What is the condition of the plumbing system? What is the roof like? Is there any structural damage to the house? Is there any black mould, fungus or water damage in the house? Such questions are very important because they will give you a fair idea of the condition of the house. If you end up buying a house with water damage or a broken roof, you might end up spending a lot of money on repairs in the long run. Even if everything seems in order, it is always a good idea to opt for a house inspection to better understand the condition of the property.
4. Know what comes with the sale price
Maybe you fell in love with the in-built surround sound system in the living room. Maybe you were awestruck by the modular kitchen with all the fancy equipment. But, you need to find out if these stand-out factors are actually included in the sale price? Always ask your estate agent what is included in the sale price. In fact, it is always a good idea to ask the seller to write down a list of everything that is included in the sale price to avoid any grey areas.
5 Have there been any major repairs or renovations?
This is another important question to ask because it will give you a fair idea of the structure and condition of the house. For instance, if the seller recently got all the plumbing changed then one would assume that the plumbing is in top-notch condition. However, if the seller decided to save some money on the repair, then the chances of you having to replace the entire plumbing, in the near future, is pretty high. If there have been any major renovations or repairs, ask the seller to give you information about the renovation contract and the contractor.
6. Why is the owner selling the property?
There are two important reasons to ask this question. First, if the seller is moving out for simple reasons such as upsizing or downsizing, then it doesn’t matter. However, if the seller is moving out because of the increased crime rate or noisy neighbours, then you might want to think twice about buying the property. Second, if the seller is making a distress sale or is attempting to make a quick sale, then you can use that to your advantage by giving a low offer. If not, a low offer might be instantly rejected.
7 What is the neighbourhood like?
What are the crime rates in the area? Is the neighbourhood close to a school district? What are the neighbours like? Is the neighbourhood community-centric? While you can ask the seller and other people living in the neighbourhood about these details, the best way to find out about the neighbourhood is by visiting the property at different times; maybe in the morning, the afternoon, once in the evening and most importantly, at night.