Planning to buy a home this year? 9 questions to ask your agent first
Category News
There's no doubt that buying a home is a big decision. In fact, it's likely to be one of the biggest decisions you'll ever make. Not only is it the place where you'll spend most of your time, but it's also a huge investment. That's why it's crucial to do your homework and ask your estate agent the right questions.
"Estate agents are there to guide your purchase decision and help you find the right property for your needs," says Berry Everitt, CEO of the Chas Everitt International property group. "Consequently it's vital that you, as the buyer, treat the home-buying process as you would a job interview, taking care to ask your agent everything you want to know, no matter how big or small the issues seem."
Some of the most important question to ask, he says, are the following:
Why is the owner selling?
Understanding the motivation behind the sale is hugely important as it can help inform your negotiations and ultimately your purchase decision. For example, if the seller is in a hurry to get the property off the market, because they are emigrating or because they need to free up some capital, they are likely to be more flexible when negotiating the price or terms of the sale.
How long has the property been on the market?
This should be the next question on your list because it will also have an impact on the seller's willingness to negotiate. The average time a home takes to sell in South Africa in 2023 is eight to 10 weeks. If it has not sold within this time, it most likely means that it is not priced correctly. As a buyer, you can leverage this information to get a better deal on the property.
What's included in the sale?
Conventionally speaking, fixtures are included in the purchase of a property. This refers to lighting, tapware, baths, sinks and toilets. However, there are usually some grey areas, especially when the seller wants to take their favourite chandelier or established shrubbery with them. To avoid heartache or disappointment, it's best to establish exactly what will be left behind, and to specifically list any items that are not included in the sale in the sale agreement.
Has the property undergone any major renovations?
Ask your agent if any major renovations or additions have been made to the original property. If so, updated and approved plans must be provided upon sale. In addition, it's important to check that the building work has been certified as being compliant with the SA National Building Regulations.
How much have other homes in the neighbourhood sold for?
Ask your agent to share insights on the local market with you. This will help you understand the asking price and can give an indication of how much the property will be worth in the future. For example, if similar properties in the area are selling for more than the property you plan to buy, it's likely that you can upgrade the home and sell it for an even higher price in future.
What is the neighbourhood like?
You know what they say - location, location, location. While you can always update things you don't like about a house, there's nothing you can do about the location. Ask your agent for insight on the area such as crime statistics, schools, traffic and hospitals to get a full picture of the area you're interested in.
Are there problems with the house?
By law, sellers are required to disclose any defects. However, it's still important to ask pertinent questions about common issues such as roof leaks and plumbing problems which the agent will be obliged to find out about if they haven't already.
What local plans could impact the property?
Always ask the agent if there are any local or private plans in the pipeline that could impact your property. For example, the construction of a new block of flats could impact that gorgeous view the property has, or the opening of a new business could create a daily traffic jam on your street. Although these things are not always avoidable, if you know about them upfront it can help inform your buying decision.
How old is the property?
This is not only a nice to know, but it can also give you an indication of what kind of maintenance will be required. Older homes usually require a little bit more maintenance, while newer homes don't always offer the same character.
Armed with these nine questions to ask your estate agent, you should be able to get all the insight you need during the buying process. If you would like professional advice regarding the buying or selling process, contact a dedicated Chas Everitt agent in your area who will be more than happy to assist.
Author: Chas Everitt