The purchase of a house is easily one of the most life-changing and complicated events in one’s life. The latter, mostly, because of the laundry list of government regulations that you’ll encounter that you never knew existed, in addition to numerous other factors, such as your loan eligibility, stamp duties, and more.
This is why plenty shell out good money to hire a realtor to help make the process go a lot smoother. But, even with an experienced realtor, personal knowledge is still incredibly important when buying a property.
Below are a couple of questions that you might want to ask your realtor before signing the dotted lines and making the purchase:
How Long Has The Property Been on the Market?
The main reason why you’ll want to ask this is that, a property that’s been on the market for quite some time is either wrongly priced, or that there is something innately wrong with the house itself.
For example, if a pre-owned apartment has been put up for sale for months, and it’s not close to being sold yet, take that as a red flag. Additionally, you can also ask if the sellers ever tried auctioning the property, or if it got to the point that it was seized and auctioned off by the bank. If it was, ask what happened and why it’s still on the market.
Of course, realtors might lie. But, if you present yourself as a serious buyer, they likely will tell you the truth. And, by asking this question, it is possible that you can get the property below the listed price.
What is a Reasonable Price Range for Me?
This is a question you should ask yourself and your realtor.
Be honest. Tell your realtor just how much you can really afford, and don’t think that because the bank will approve your application or has already approved it, you can afford the house. Remember, mortgage payments will take a while to pay off, and it’ll be better if the mortgage won’t take up a huge chunk of your monthly expenses (10% to 15% is good).
Who Pays Your Commission?
Knowing how much the realtor will be paid, and by whom, sets the tone right from the get-go that you mean business and helps paint a clear picture of whose best interests the realtor has in mind.
What Questions Have I Not Asked You Yet?
This often comes at realtors from left field, which is why they often answer it truthfully. With so many things going on, from the mortgages and property as well as transfer taxes to all sorts of legal matters, all of which that your realtor will help you with, there are a couple of things that you’re bound to miss.
This is why you should let your realtor fill in the blanks. Remember, buying a house for the first time is not easy, and you’ll need all the help that you can get.
By asking your realtor the right questions, you can help speed along the complicated process of buying a home and get a home to call your own in no time.