Buying Property: 3 Questions You Should Ask

If you are thinking about investing in a commercial, residential or industrial property, you will need to know which questions you should ask as you begin talks with the real estate agent. Asking the right questions will help you to negotiate a good price for the property and identify any potential problems with the building. Below is a guide to 3 questions you should ask a real estate agent when you approach them to inquire about a property that is for sale.

Ask how long the property has been on the market?

The first question you should ask is how long the property has been on the market. If the property has been on the market for weeks or months, this suggests that it may be overpriced or that there is an underlying problem with the building. A potential buyer may have had a building inspection carried out and found signs of pests, mould or structural issues and then withdrawn their offer. The answers to this question can give you a useful heads-up as to any potential problems with a property.

Ask why the property is on sale

Your next question you should ask is why the property has been put on sale. There are many reasons why a property may be put up for sale. A residential homeowner may wish to upgrade to a larger home as their family grows or a retail store may be relocating to another part of town. These reasons are no cause for alarm. However, if a retail store is for sale because it went out of business, or a home owner is selling because of a dispute over planning laws, you may wish to investigate further before putting in a bid for the property.

Ask about other sales in the local area

Your real estate agent should be able to supply a report of sales figures for other properties in the local area. This information will allow you to judge if the property is over or under-priced. If you notice that the property is priced at the higher end of the market, you may wish to enquire if there are any additional features which are pushing up the asking price.

If you would like further information about buying a new property, you should contact a real estate agency near you. A real estate agent will be happy to offer you further help and advice.