What Should You Ask at an ‘Open Home’?

Open home inspections are crucial when it comes to buying property. Whether it’s your first property or looking to upgrade, you want to be sure you are buying wisely.

Every month there is a substantial amount of money exchanged between home buyers and sellers around the country – around $32 billion according to the Australian Bureau of Statistics.

New South Wales can certainly take responsibility for the lion’s share of this expenditure. Figures from CoreLogic RP Data reveal that between June 2008 and the same time in 2015, Sydney easily had the highest value growth of all of the capital cities in Australia with 16.2 per cent.

In these kinds of conditions, it can be easy to become flustered and rush into a decision you could later regret. Here are a few questions that you should ask at the open home inspection.

The History

If you’re liking what you see, get down to all the nitty gritty detail and ask the agent and/or the seller about the home’s life. What condition is the structure in, is it insulated, has there been any termite or weather damage? In addition to this, a building and pest report should be obtained.

The Area

Often, a home is only as good as the area it is located in. Fortunately, New South Wales is proving to be a good place to buy property. According to CoreLogic RP Data, after significant growth, 17 of the 20 most expensive suburbs in Australia are now located within Sydney.

Ask the Agent about the area, local community, neighbours and the surrounding streets. Depending on your requirements, you may also want to know about the proximity to your work, schools, public transport, sporting clubs and amenities.

The Reason for Selling

One of the most common questions to ask at an open home is: “Why are you vendors selling?” It can tell you a lot about not only the property, but also the seller’s intentions.

If they’re moving because the home is too small for their four-person family, yet you have one the same size, is it really a good idea to move there? Meanwhile, if its revealed to you that the vendors are looking for a quick sale, this could give you room for negotiation.

The future

Think about the home in five, ten, fifteen years down the line. Will you be living in the property or renting it out to help your investment account? Essentially, what are the benefits to you of owning this piece of real estate?

Ask the agent if there are any building restrictions that could potentially affect your plans in the future. These can include height restrictions and protected trees or shrubbery, among other things.

If you would like to know more about home loans and the buying process, get in touch with the team at Border Bank.