Whether you're looking to make a purely financial investment or trying to find a home to form the backbone of your life for years to come, the property buying process can seem daunting. Both first time buyers and experienced property owners alike may go in to each negotiation with a sense of trepidation that needs to be relieved before you can feel comfortable with your purchase.
In order to find that relief and make sure you're making an informed decision, you need to make sure you ask the right questions of your real estate agent. Below, you'll find a guide to some of those questions, allowing you to confidently pursue a future or property ownership.
Ask About Warranties
When you make a substantial financial investment in a piece of property, it's important to know steps have been taken to secure that investment. You might not be able to predict the future, but you can be sure that mechanical or structural problems are likely to develop with the passage of time.
Luckily, many home systems come with warranties that will guarantee performance and maintenance for an extended duration. When you negotiate a real estate purchase, make sure that you take the warranty values into account and take the time to ask your agent about how much time is left on each.
Ask About Liabilities
Protecting your own interests by shielding yourself from liability is an important step in the property buying process. If the property you're interested in has a brittle tree that might fall and do damage or even has an outstanding lien from some contractor or government agency, it's essential to have those issues cleared up.
A conversation with your real estate agent, in concert with a title search, can allow you to have confidence that your property is free and clear of entanglements. If it's not, those issues can be negotiated into the purchase price in order to make sure you remain protected.
Ask About Comparable Property
When your real estate agent conducts a sale, part of what guides their decisions is data from comparable properties. In order to develop a realistic expectation of both costs and increasing value, you should ask to see that list yourself. This will allow you to understand the ways in which your property's market is likely to change, and may also put you in a position to come up with your own comparable list that provides additional important information.