Purchasing a property is usually an exciting moment for both first-time buyers and experienced proprietors, however, there are several things to be mindful of before you make that all important offer.
With such a significant investment, it’s crucial to ask the right questions well in advance to ensure you’re getting the best deal. As well as this, you’ll be able to gather valuable information that may aid you in deciding how much to offer on the property.
To help, the residential property experts from Ellison Thomas Solicitors have put together their top five questions you should be asking a seller when purchasing a property.
1. Why are you selling the property?
One of the first things you should as a seller is why they’re selling the property. There could be many reasons for this - some of the main ones include:
- Life events e.g. birth of a child, marriage, death of a spouse etc.
- Job relocation
- Upsizing or downsizing
The answer to this question can help you to determine how much room for negotiation there is on the asking price. If the seller needs to move out quickly, they may be willing to accept a lower offer. However, if the seller is in no rush they may be more inclined to wait for an offer closer to their asking price.
2. How much did you pay for the house when you bought it?
Asking this can help you to determine how much house prices in the area have risen or fallen by in recent years. This also gives you an idea of whether you’ll make a return on your investment when it’s time to sell.
If the seller is reluctant to tell you how much they bought the house for you can use Government’s sold property search tool to find out how much the seller paid.
3. Who are the neighbours?
Nuisance neighbours can make or break your time in your new property, that’s why it’s important to determine whether you and your neighbours will be compatible from the outset.
Don’t forget to consider how your lifestyle could affect your neighbours too. This can help you to avoid any unwanted complaints further down the line.
4. What’s included in the sale?
In order to make sure you’re extracting the maximum value for your money, you’ll need to determine what’s actually included in the sale.
You can do this by asking your estate agent for the seller’s inventory detailing which fixtures and fittings are included with the asking price.
5. Have any renovations been carried out recently, if so why?
If the seller has recently renovated the house, try and find out what the renovations were and why they were carried out to determine the condition of the property.
Some sellers may use redecoration to cover up underlying structural issues, so it’s important to gather details of any renovations to avoid any nasty surprises in the future.
For more information, visit the Ellison Thomas Solicitors website.