Found a property for sale? Has it caught your eye? Viewing at this stage will help you to get a chance and dig deeper to find out everything you need to know about the property. But there are some essential questions that you need to ask your Chesham estate agents before you invest a large sum of money. Here are some questions we have put together to ask the estate agent when buying or viewing a property.
How long has the property been put up for sale in the market?
If the property of your choice is on the market for anywhere between 3-6 months, then you need to ask your letting agent or estate agent why?
There are chances of the property being overpriced in the first place and then undergoing a price reduction. Try to find out if there were any offers made during the time it was on the market, and if so, then what was the cause for rejection. It could be that an offer was made and accepted, but for some reason, the deal fell through. You could take help from a property surveyor as well to find out some inconvenient truth.
Why is the seller of the property moving out?
One of the biggest reasons why people move out of their homes is because they have run out of space. If that is the case, then it could serve as an alert for the amount of storage available on the property. It might have limited rooms for you and if so, is there any space to add some? Sellers also move for personal reasons, such as getting a new job in a different city, etc. and they might be interested in negotiating the price in the hope for a fast sale.
How long have the owners used the property?
It could be that the seller has lived for many years and loves their home but requires to downsize it. If that is the case, then who is buying their property might be an important part of the deal so being sensitive about the property could be a plus point and things could work in your favour.
Properties which have been used for a very short period of time could potentially set off some alarm bells. Were there any neighbour issues or any recent planning application has been granted that could be a potential problem for the property? Is there any construction site nearby? Or is there any issue with the property itself? You would want to find out the reason either way.
How to select the right neighbourhood?
Choosing a good neighbourhood and good neighbours is an important part of buying a property. So you would like a positive answer to this question. Any disputes in the neighbourhood in the past or present must be disclosed to you.
Are there any problems in the building itself?
Remember that vendors and estate agents are legally obliged to inform you about any issues with the property.
Will the property be affordable?
There is a gap between the price you are paying for the property and the amount of money you are spending on its upkeep and maintenance. So getting a rough idea of how much it would cost you to run the property from month to month will help you calculate your affordability in the long term.
Did the property undergo any renovations?
Renovations could be in the form of an extension or conservatory or a new roof. You would want to find out what kind of renovation has been done and when. Any and all paperwork must be in place and handed over to you if you purchase the property. Such things have the potential of slowing down the conveyancing process if the vendor is disorganised.
What is the EPC (Energy Performance Rating) of the property?
A home is given an energy rating on the basis of its energy efficiency. According to the energy efficiency, a property will receive a certificate with ratings from A (highly efficient) to G (inefficient). The average rating of EPC for properties in the UK is an average D.
You must acquire EPC since it is now a legal requirement for all kinds of domestic properties that are built and are put up for sale or rent in the UK’s property market.
The energy efficiency rating will also inform you about how costly it is to run the property and give you an idea of any corners where you can utilise money-saving methods.
Are you in need of mortgage advice?
Before you decide to view the property, you need to find out whether you can afford it. Hence, consult a mortgage adviser first before a property viewing.
Why is it important to raise questions about the property?
Irrespective of being a first-time property buyer or having some experience in buying a property, one must know how to view a property. The key here is getting as many details as possible. Some of the most crucial things to ask when viewing a property include questions about the structure of the property, the asking price and the area surrounding the property. Never ever rush through the process of viewing a property. Make an offer only when you have all the necessary information.
If this is your second time viewing a property, then the answers you will get will help you to determine whether you will be going ahead with the sale or not. Don’t let anyone make you feel bad or imply that you are prying because it is possibly one of the biggest investments of your life. So you would want to ask as many questions as possible.
Buying a property is not an easy process. There are many steps involved, and it takes planning, time and careful consideration to make sure that you are investing in the right kind of property that is worth your money. We hope this guide has provided you with some important insights in terms of the questions that you need to ask your estate agent and seller when viewing a property.