8 Must Ask Questions during a Real Estate Open House

8 Must Ask Questions during a Real Estate Open House
September 15, 2016 Sharjeel Mahmood

Real Estate Open House

Homeowners and real estate brokers use several pathways to spread a word about the residential properties they possess for rent or sale. Whether it’s publishing an ad in the local newspaper and magazine or listing property in a reliable online listing and participating in a local event of an open house, their aim is to attract genuine buyers and tenants. Both sellers, buyers and tenants reap benefits of these activities. Specifically, an open house is a golden opportunity for both buyers and sellers. Buyers can take the advantage of these platforms unless they are sure about their needs and amount they can spend to purchase or rent a house.

Perhaps you are searching to buy or rent a suitable lodging space for family, the first thing that needs to be assured before you start your search’ is to identify your needs and personal expectation. It’s better if you make a checklist of your requirements. As open houses allow buyers to walk through and inspect the house, you can take maximum benefits after collecting useful information about the house. As this activity is a combined effort of homeowners and brokers, agents are present throughout the event to answer queries and maintaining the record of visitors.

Here I am sharing ten important questions you must ask the real estate agent to take maximum benefits of this prime opportunity. Before starting a big thanks to Banke’s downtown apartments rental department for providing useful insights.

Have you evaluated offers you have received?
As visitors are coming for the same reason, they are likely to make the initial offer. Clearly, ask the agent if they have received any offers, they never mind providing such information. As they know good offers can come anytime, they happily share the amount quoted.

Are there any significant changes in price?
Investors keep on selling and renting their assets for capital growth. It is possible the unit you are considering to buy has already been sold several times. If the price has significantly increased over the period, then it’s a worthy opportunity. Again advisors can provide you with the right information, which helps you to take the right decision.

Why are they selling?
Try to know the reason that motivated a homeowner to sell his house. Probably, they decided to sell due to security reasons, bad neighbours and absence of modern lifestyle facilities. Other reasons include financial requirements and expected family expansions. Agent is unlikely to give you genuine information, as they are aiming to sell on profits, ask it anyway to check whether they are replying confidently or show hesitation.

How long has it been listed?
Is this recently listed or it has been here for several weeks? However, you can check this information on your own, dealers can explain you the reason why it is not sold or rented yet. Once you know the reasons, it will be easier for you to decide whether to make an offer.

Are there any structural issues in the housing unit?
Although it’s an ethical responsibility of a seller to inform a potential buyer about any structural problem and code violations, buyers should ask to provide a written disclosure. Make sure to ask the broker to view problem areas during viewing. Sometimes talkative agents reveal more information and give hints about the problems. Carefully listen to them and take pictures. This information is critical to estimate the cost of renovation.

How recently it was updated?
As homeowners are aiming to sell or rent their space, they usually update it with a fresh coat of paint, home fixtures and appliances. These upgrades can be easily seen. However, it is necessary to ask negotiator to estimate the aged roof, wiring and sanitary fittings. As it can’t be seen easily.

What are utility expenses?
Ask them to show recent utility bills before making the final offer. If most of the bills are huge, they will disturb your budget forever. You never want to move to the lodging space at the cost of your peace of mind. Especially if you are renting that space, double check such expenses.

How is the neighbourhood?
Perhaps you are seeking for a peaceful community to provide a secure lodging space to your family and kids, you can’t pick a neighbourhood accommodating single working expats and couples. The Internet can provide you useful information about such community features. However, you can also ask brokers to overcome any confusion.

Summary:
However, these questions will help you to select the right residential property, carefully select the right property after considering your requirements and purchasing power.

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