Make sure you're asking the right questions when viewing a property.
Are you looking to buy a new property? Don't make any offers until you have the answers to these crucial questions.
Here are 13 essential questions to ask; the answers will help you shape a sensible offer and negotiate effectively.
1) Why is the owner selling? Understanding the reason behind the owner's decision to sell is crucial. Frequently, it stems from personal circumstances such as a job relocation, the necessity for additional space due to a growing family, or a desire to downsize. Asking this question provides valuable insight into the seller's motivations.
2) How long has the property been on the market? As a property lingers on the market, it naturally prompts questions. Why hasn't it received offers? Perhaps you could put in a slightly lower offer?
3) What price is the seller looking for? You will often find that the marketing price and the selling price of a property are different. Whilst you will probably not be given a figure that the seller will definitely accept, you may be able to find out how negotiable the sellers are.
4) Have the sellers already found a new home? This question will tell you about the timescale of the sellers. It will also tell you if there is time pressure for the sale to complete, which is essential for you to know and ensure that your timescales match up. Is there an urgency for them to achieve a sale before they miss out on the property of their dreams? Is there room for negotiation because they are in a rush?
5) Is there a chain? If the sellers have already decided on a property to buy, there may be a chain. The more parties involved in a chain, the more complicated the property transaction and legal process might be, which could impact the timescale.
6) Have there been any offers? The actual figure of any offers that have been made before is confidential, but it can be helpful to know that there has been other interest so that you can gauge where to pitch your first offer.
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7) Have any significant renovations been made by the owners? If an offer is accepted, you will need paperwork to prove that any significant works were signed off properly. This is useful to discuss at this stage so you know beforehand before making an offer, as it can cause delays with the solicitors later.
8) What is included in the sale? Items can sometimes be included in the sale or negotiated separately. Knowing what is included with the price will allow you to fully negotiate a deal to include other items you may be interested in.
9) Have there been any surveys? Whilst the copy of the survey report will most likely not be available for you to read as it belongs to the person who paid for it, the estate agents will be able to tell you if the survey results caused a previous sale to fall through.
10) Is the property listed or in a conservation area? There are finer details that could impact your life in the property, so it is critical to find out beforehand. If the property, or any part of it, is listed or in a conservation area, this will impact what you can do to the property after buying it.
11) Which school catchment areas is the property in? If you already have children of school age or are thinking about starting a family, the school catchment area will be vital information for you. Families have moved house altogether to get their children into the school of their choice.
12) Transport links - they directly impact daily commuting, affecting the time and convenience of travel to work or to schools. Secondly, efficient transport links can enhance the property value and desirability, making it more attractive to potential buyers in the future.
13) Tenure - If the property is freehold, you are offering to buy the property and the ground it sits on. But if there is a flying freehold or a lease of some kind, then you will be bound by the terms for the duration of your time at the property. You will need to know the details - the length of the remaining period, the cost of the ground rent, and any prohibitive regulations will all impact your ownership of the property.
Knowing all these little details about the seller's situation, the market, and even the property itself, it's like having a secret weapon in your back pocket. Armed with this knowledge, you can come to the table with an offer that's not just good but smart, increasing your chances of sealing the deal.
As always, if you have any questions or if you’d like some general advice about the Romford property market, get in touch using the details below.
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07969 638349
duncan.kaye@keysandlee.co.uk
