Questions to Ask Your Real Estate Agent
Buying a home is likely the most significant purchase of your life. Before falling for that charming kitchen or perfect backyard, arm yourself with these essential questions to prevent emotional attachment from clouding your judgment.
Who's Moving Out and Why?
Understanding who owns the property and their motivations for selling can reveal valuable insights. Is it a growing family, empty nesters, or a rental property changing hands? The answers might highlight features or issues you hadn't considered.
Bottom Line Talk - Price Expectations and Motivation
Always ask about price expectations, especially for auction properties. Understanding the seller's motivation is crucial for negotiation. Sellers who've already purchased another home and need to close quickly may be more flexible on price.
What's the Hood Like? - Neighbourhood Vibe Check
Ask about the street's reputation and whether the location justifies the asking price. Inquire about cafés, parks, schools, public transportation, and shopping facilities within walking distance versus driving. This ensures the neighbourhood fits your lifestyle needs.
Who's Living Next Door? - The Neighbour Situation
Your neighbours can significantly impact your living experience. If you're a young professional or a family with children, knowing the local demographics helps determine if the community aligns with your lifestyle.
Renovation Revelation - Recent Improvements
Inquire about recent renovations. Ensure all work has proper council approval, professional standards, and valid warranties. This can save you from costly surprises later.
Crystal Ball Time - Future Development Plans
A knowledgeable agent should know about planned investments or developments in the area. New schools, shopping centres, or infrastructure projects can significantly impact property values and quality of life.
Am I Late to the Party? - Current Interest Level
Understanding interest from other buyers helps gauge the property's desirability and the seller's willingness to negotiate. Even without specific offers, their response provides valuable information about your competitive position.
Price Check, Please - Comparable Recent Sales
Request a list of comparable property sales from the past three months. This either validates the asking price or reveals it as unrealistic, helping you make an informed decision.
Investment Math - Potential Rental Yield
For investment properties, ask about typical rents in the area and verify this against online data. This calculation helps determine if the property will provide the return you need.
Gathering Dust or Hot Property? - Time on Market
If a property has been available for more than six weeks, there's likely a reason. Ask if the property failed at auction and what happened. A lingering property could give you additional negotiating leverage.
Coming Soon - Other Available Properties
If this property isn't right for you, always ask what else the agent has coming up. They might know of off-market opportunities that better match your criteria.
Remember, asking these questions isn't just about avoiding pitfalls—it's about finding a home that truly meets your needs at a fair price. Chatting with your agent might open your eyes to features or neighbourhood perks you never considered, turning you from a nervous first-timer into a property pro who spots both red flags and hidden opportunities.
Found your dream home? Contact us at Cozee to help make the property legally yours.