Buying a house is a strategic decision in somebody’s life. It can impact long-term and short-term life goals since the investment needed for house building has a lifetime’s worth. Therefore, one must be careful in moving ahead with such a decision and be informed of any pitfalls that can sink a large investment into nothingness. To have such intel, asking important questions becomes necessary. While driving by a vacant property or finding one after some time of searching interests the buyer into venturing into the property to check it out. However, just looking at the property and guessing about it doesn’t ensure safety in investment. After all, trust is the least of the attributes one can find in a seller of property requiring significant investment. Let’s know Important Questions to Ask Before Buying House.
Important Questions Ask Before Buying House
Therefore, asking some important questions is necessary and the potential buyer should ask them to satisfy their curiosity. The process should be as close to an investigation as possible such that the seller doesn’t hesitate to disclose the necessary details, nor does he skip any crucial information.
The buyer should ask about the history of the property, its current ownership, any legal disputes, the reason for selling it, any nearby landmarks, nearness to the market, traffic situation around the property, access to transportation and availability of utilities, and per-unit cost of the property for comparison.
This discussion shall start a casual discussion on the part of the seller, and he will pitch the benefits of owning the property.
However, to avoid entering the negotiation phase directly, the potential buyer must ask about the key attributes and recent happenings in the house like renovation or addition/reduction in the infrastructure.
If possible, the actual site of the amendment should be visited to confirm if the seller is telling the truth and to see the extent and nature of the change.
The potential buyer should also visit the neighborhood separately to ask around from others if the owner and property have had any history.
Finally, the authority leasing the land can be contacted to check if there have been any disputes regarding the property.
Why is asking the questions necessary?
Legal issues
To ensure that the seller has all the legitimate paperwork, and the property is clear of any objections from authorities and the environmental agencies, legal aspects should be clarified and cross-checked. Otherwise, once the transfer of capital occurs, the seller may disappear leaving the buyer in a dangerous situation.
Nearness to amenities
The site visit and location of the property must be viewed before buying it. It is important as the distance from facilities like grocery marts, healthcare facilities, and educational institutions should not be much, or the expense of commute becomes an additional burden.
The seller and neighbors should be questioned regarding the proximity of such facilities.
Fair price valuation
There is always a chance of the seller charging a premium for something ordinary or overcharging for the property keeping in view the knowledge level of the potential buyer. To prevent that from happening, the seller should be questioned regarding the prices of land and built houses nearby.
Then the word of the seller should be cross-checked by the neighborhood and possibly some property dealers to have an idea of the soundness of the deal. It shall also indicate how truthful the seller is regarding his commitments.
Recent changes
Some properties may have some defects that might have been covered up by the seller or previous owners. Knowing the extent of the issue is important. Furthermore, it is also important to know what the deal should include.
This commitment should be agreed upon in writing to avoid future conflicts and possible lawsuits. For example, if the seller has committed to getting the staircase repaired, then the staircase should be repaired at the time of the purchase, and it should be included in the contract.
The ‘why’ question
One question remains at the center of all the other questions. This question is related to why in the first place the seller wants to sell the property.
If the property is good enough and the seller is pitching it to be the best place ever, what is the need for him to vacate the property? This question is usually the tricky one.
Either the seller answers it confidently or he tries to evade and beats about the bush. Both responses indicate the authenticity of the proposition.
Conclusion
House buying is an important decision, and the deal should be assessed holistically to reach the final verdict. A hasty and slightly investigated case can become a nuisance for the buyer ultimately making him regret his decision.
So, asking a few questions is never a bad idea. The deal should be thoroughly checked before finalizing it.
Frequently Asked Questions (FAQs)
Q1: Is it possible for a seller to abandon an ongoing deal during the negotiation phase?
Answer: Yes. The possibility exists if the investigative process by the prospective buyer is very thorough and annoying. On the other hand, some other buyer might have just offered the seller a better deal.
Q2: Is there a possibility of fraud while buying a seemingly legitimate property?
Answer: Most frauds happen when the deal is too good to be true. Therefore, a seemingly great deal should be checked even more cautiously.
