9 questions for your agent before you buy property

Buying a house is the biggest investment most of us will ever make. The pest and building reports are important, and you should inspect all the cupboards, flooring and fittings. But what about the things we can’t see?

Here are some questions you should ask your real estate agent before you buy.

1.What is the property worth?

A house may be priced at what it’s worth, or not. Sometimes a house is priced enthusiastically, with the idea that it’s better to aim high and test demand. Sometimes a house is priced low for a quick sale. Either way, it’s good to know the agent’s view.

2.What are some comparable sales in the area?

A property sales report will show you what other properties in the area have sold for. Ask your real estate agent, or let QBANK’s home loan specialists help you with a free Property Report. Comparable sales give you an idea of how reasonable the asking price is, and what a realistic offer might look like.

3.Why are they selling?

This could influence how you negotiate the house sale, and it could save you thousands of dollars. Here’s why:

If the sellers have already bought another house, they may need to sell quickly – therefore might be more likely to accept a lower offer.

If they’re downsizers or a growing family who needs extra room, they may have time to wait for a higher price.

4.Any renovations recently?

If the vendor has renovated the bathroom or extended the house, it pays to check it was done with the right permits and permissions. If it wasn’t, you could be risking your safety with amateur work, or be up for costly approval processes. Ask about any renovations and if necessary, get a renovation inspection.

5.How long has the property been on the market?

Nationally, a house takes an average of 49 days to sell, with large variance according to state, city and region. Check how long houses take to sell in your area, and then ask the agent how long the property you’re looking at has been on the market. If it’s been on the market for longer than average, it could be a sign the price is too high, they don’t really want to sell, or there is something wrong with the property.

6.Are there any known issues with the property, land or neighbour’s property?

Your building inspector and property conveyancer will hopefully have picked up any major issues. But ask the agent anyway, because sometimes they will know something which could make or break it for you.

7.Do you have similar properties listed?

This is a good question to ask because if you miss out on this house, you can build a relationship with your agent using this question, which might get you to the front of the line at the next property.

8.What are the neighbours like?

You may have the perfect house, in the perfect street, suburb, town, city and region. You may have access to great schools and be close to your work, in a great community with an awesome pizza shop down the road. But if you have bad neighbours, none of that may be enough to make you want to stay.  

9.What do you think of the house, street, location?

Real estate agents sell houses for a living. It’s their job to know their local area; the streets, the suburbs and villages, towns and cities. A good agent knows their local area like an old friend, and you can be sure they’ll have an informed opinion ready to share.

Looking for a home? Let us help with a free property report.

Posted in

Home Buying

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