Attending an open home is an exciting step in your property journey, whether you’re a first-time buyer or a seasoned investor. It’s your chance to get a feel for the property and gather insights to help you make an informed decision.
But to truly make the most of this opportunity, you need to come prepared. Asking the real estate agent the right questions can uncover key details about the property, the neighbourhood, and its potential future value.
We share our top five questions to ask at your next open home to ensure you’re equipped to make a confident choice.
Are there any major property disclosures?
This is a broad question that can unearth hidden problems like asbestos, building defects or past renovations without council approval. Asking this question will help uncover any potential issues in the physical structure of the property so that you know exactly what you’re buying.
Do you have recent building inspection or strata reports?
These reports conducted by qualified professionals can identify structural problems, potential foundation issues and limitations on future renovations.
Are there any future developments planned in the area, or is the council planning to rezone?
This information can significantly impact property value and lifestyle. For instance, planned developments such as new commercial hubs, schools, or transport links could boost convenience and potential for the property to appreciate in value.
On the other hand, large-scale construction or zoning changes might bring noise, congestion, or alter the neighbourhood’s charm or character. A well-informed agent should have insights into council plans or local proposals, allowing you to make a more informed decision about whether the property aligns with your long-term goals.
Why are the owners selling now?
The reason for selling can influence your negotiation strategy. A seller motivated by a tight deadline, such as relocation or financial pressure, might be more open to offers, giving buyers a chance to negotiate favourable terms.
However, a seller waiting for the "right" price may indicate a longer, less flexible process. Knowing their motivation can also shed light on the property's history, like whether it's been on the market for a while or if there are underlying issues prompting the sale. This transparency can help buyers strategise their approach and assess the property's true value in the context of the seller’s urgency.
How long has the property been on the market?
Knowing how long a property has been on the market can provide valuable insights on whether it’s been priced correctly. A home that has been listed for an extended period may signal that it is overpriced compared to similar properties in the area, or it might indicate potential challenges such as maintenance issues, undesirable features, or location concerns.
A property that has been sitting on the market for a while might present a good opportunity for negotiation, as the sellers could be more willing to accept a lower offer to close the deal. Asking this question helps buyers gauge whether the property aligns with their expectations and if further due diligence is needed.