Questions First-Time Buyers Should Be Asking
The time has come for you to get the ball rolling and secure the keys to your first home. Exciting times ahead!
Why are the current owners looking to sell their home?
This is one of the most important questions to consider, as this information will help when putting an offer in. It’s good to see if they are very motivated sellers, who want to complete a quick sale and move, or if they’re putting it on the market to see what kind of interest they generate.
If they are looking to complete a quick sale, then it might be an opportunistic time to put a lower offer in than they have listed it for, especially if there is no chain involved and you have a mortgage already agreed in principle.
How long has the house been on the market for?
When selling a property, the timescale from putting it on the market to the completion of sale can vary depending on the demand throughout the market at the time, the property type and price it’s listed for.
If the property you’re interested in has been listed for a few months, there may be an opportunity to negotiate a lower offer than their asking price, unless it has been reduced during the listing time.
However, it’s worth noting that lockdown will have a big effect on the length of time houses have stayed on the market for over the last year.
Has the house had any major work done to it recently?
Before you consider making an offer on the property, it’s highly advised that you do a full structural survey to see what condition it is in and what may need fixing down the line.
Even before that, during a house viewing you could ask some questions such as if there’s been extensions done, how recent it was completed, if there’s potential for more extensions or work that needs doing on the property down the line.
Is the property part of a chain?
However, if they haven’t then you could become part of a longer chain. If this is the case, you will need to be patient as the length of time for completion and move in date may vary depending on the situation.
What’s included in the sale?
When you attend house viewings, it’s worth asking what would be included with the property purchase.
Household appliances such as dishwashers, washing machines and more may be included in the property listing price, but you won’t know unless you ask.
Having readymade home essentials already fitted in the property before you move in will make the moving in process a lot smoother knowing you won’t have as much to unpack. Alternatively, if you already have household appliances you want to use when moving in, then you could make extra money by selling the ones that the previous owner has included in the property purchase.
Who are the neighbours and how are they?
Noisy neighbours who party a lot could be a massive turnoff for some homebuyers, but for others it may not be as big a deal. On the flip side, if there is a great community feel and friendly neighbours in the area, then it may make up for the shortcomings the property has.
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Content correct at time of publication.