8 Questions You Should Always Ask About A Property Before Buying It
Buying a property can be quite tricky. You have to be careful about making a fair deal and make a point of knowing everything you need to know about the property.
Here are 8 questions you should always ask about a property before buying it.
Why is the property on sale?
This is a simple, seemingly obvious question that can tell you a lot about the property you are about to buy.
Although you may not get an honest answer, you can get some information that can help you decide whether the property is worth considering.
For instance, the property may have complications such as a divorce settlement lawsuit or other things that might make it purchase a nightmare for you.
What was the property’s initial cost?
Asking what the property was cost can help you establish the appropriate price to pay for the property.
Furthermore, this question can help you decide whether the listing price is fair considering other factors such as appreciation.
If a seller bought the property several years ago at a very low price, you may get a much lower price.
How many other buyers are interested in buying the property?
Again, this question may not get you an honest answer. However, it can still give you the information you need to make the right decision.
If a seemingly hot property has very few interested buyers, you should be curious as to what critical detail you might be missing about the property that is turning buyers away.
What are the outstanding debts for the property?
You should ask whether there are any outstanding loans on the house. More may be owned on the house than it is worth, and if such costs are transferred to you, you would end up losing.
The presence of a loan can also help you determine whether a “short sale” would be appropriate
Are the boundaries clearly marked?
Ask if the boundaries to a property are clear-cut. Undefined boundaries can be the subject to protracted lawsuits.
Furthermore, you may be mistaken about the size of a property due to lack of clear boundaries.
Is there anything wrong with the property?
You should always ask this question in case things go wrong after you buy the property.
When the seller conceals some things from you about the house, you can seek legal redress, since they may have been under the obligation to reveal these details to the buyer.
How did the seller arrive at the price?
This question will not only provide a valid reason for the property’s pricing, but also help you get the additional information you might need to make a smart purchase decision.
For instance, if the price was based on prices of comparable homes, you may also get a list of such homes, which can help you settle on a fair price.
Is the property’s price negotiable?
Inquire as to whether the property’s price is negotiable. This question can also get you a discounted price estimate on the property from the seller, which you might be able to negotiate to a much lower price.
A lot goes into making the decision to buy a property.
Fortunately, with the above questions, settling on the right property and paying the right price should be much easier.
Generally, the things to look out for include the selling motive, justification for the price, debts associated with the property, the negotiability of the property’s price among other factors.