When buying property, you must take an interest in the purchasing process. It is an opportunity to gain insights into the real estate market. However, most buyers are so interested in moving into the property that they leave their conveyancers to handle the purchasing process solely. The article below discusses some questions you should ask your conveyancer when buying property. Ideally, they should increase your comprehension of the property buying process.
What Is The State Of The Real Estate Market In The Area?
This information will help you predict the likelihood and rate at which your property will appreciate. For instance, inquire how sellers have listed similar properties. Besides, ask about upcoming developments. For example, a mall or public amenities such as a school or hospital could significantly raise property prices in the area.
What Is Included In The Purchase?
The seller could have used furniture, wall fixtures and appliances to stage the property. As a buyer, it is normal to assume that these items are part of the sale. However, this is not always the case. For instance, the seller could opt to move with the dishwasher and split AC system. Knowing this information will help you establish what you will need when moving into the property.
Inquire about the actual property size. In some cases, the current owner could have an arrangement with their neighbour to use a portion of their property as the driveway. However, this arrangement could change once you buy the property. Moreover, check whether public amenities such as the drainage and power systems pass through the property.
Does The Property Need Any Renovations?
The conveyancer can only give a definite answer after the property inspection. When buying used property, it could need minor renovations such as replacing a broken tile, sealing a roof leak, unclogging a gutter or repairing faulty wiring systems. However, you should be alarmed by extensive repairs such as salt damping, a sinking foundation or severe roofing defects.
Are There Rules That Residents Must Comply To?
If the property is located in a strata development, you should ask the conveyancer to provide you with the bylaws to help you assess whether you will be comfortable living on the property. Typically, you would be concerned about the property maintenance charges. Additionally, check whether you are allowed to keep your pet or hold parties at night. If you intend to renovate the property in the future, the conveyancer will inform you about the building code. For instance, you may have to reinforce the foundation or various structural features.
When buying property, ask your conveyancing professional about the real estate market, items included in the purchase, property renovations and strata bylaws.Share