Must-ask questions when buying a residential property
People decide to purchase a residential property for two main reasons: they have been paying rent for years and now they want to live in their own home or they want to switch roles and become the person receiving rent money from tenants. Regardless of your intentions, you have to be aware that buying a property is not like buying a bag of candies. You need to find the right property that matches your tastes, to visit and evaluate it carefully, to consider the amount of money you have to invest and follow the legal procedure so that you avoid encountering difficulties along the way. This article has the purpose to facilitate your mission by revealing the top questions you need to ask the seller or the real estate agent before moving in so that you do not end up regretting your decision. At the end of the day, people are willing to make compromises when it comes to money if they are certain about the value of the property.
Ask about water damage, infestations, roof stability and insulation
Property acquisition does not have to be daunting and stressful if you know how to approach it. You should start by inquiring about the property’s past. For instance, knowing about infestations of carpenter ants or termites, determining the stability of the roof and learning about a history of busted pipes is extremely important because will help you assess the amount of money that you have to invest additionally to the price of the house. If you do not trust the seller, then you can contact an experienced inspector who can examine both the interior and the exterior of the property and disclose all the secrets kept by the seller. Attic insulation is another aspect that deserves your full attention because it keeps the house cozy and reduces energy expenses. If the previous owner cannot tell you exactly how much insulation is in the attic, then you should see for yourself. Asking about monthly utility costs might help you get an idea about future expenses so do not forget about this detail.
Ask the real estate agent about the seller and the property
After you question the seller, you can move on to the real estate agent because he can give you other useful details that might facilitate your decision of purchasing the property or not. Start by inquiring about the reason for which the vendor ended up putting the house for sale. The answer might help you manipulate the negotiation process and save a good amount of money. The majority of sellers try to hide the real reason for which they decided to make the choice of selling and you need to uncover it. Secondly, you need to find out exactly since when the property has been on the market because one again this might lead to an advantageous price. If the seller has been struggling to find a buyer for months, then he might be willing to lower the price just so he can get rid of the property.