Must-Ask Questions if You’re Going to Put an Offer On a Home

Written by Posted On Wednesday, 19 February 2020 09:17

Buying a home is a big deal. Not only is it a huge purchase that requires a substantial amount of investment, but it is also something that can’t be reversed easily. It is an important decision that requires careful consideration of plenty of details, something you wouldn’t want to overlook some things on. With this said, some homebuyers still can’t help but feel too excited when they think they’ve found the home of their dreams. If you think that you might get too excited once you’ve found a home that you really like, then be sure to ask the following questions before you put out an offer on a home.

How Much Did the Home Previously Sell For?

You’ll want to know how much the seller paid for the home to have a better gauge of how much to offer even after finding out the home’s current market value. You don’t want to be taken for a ride and won’t want to send an insultingly low offer as well.

What is the Home’s Current Market Value?

You can’t make an offer without knowing how much the home’s market value is. You want to be able to send an offer that is close to what the current homeowners may want to sell for in order for them to take your offer seriously. You can do this by consulting with real estate agents in the area.

How Long Has the Home Been for Sale?

You want to gauge interest in the home before making an offer. If the home has been on the market for a long time, this should also tell you that the seller might be open to negotiating a lower asking price.

How Old Are the Key Mechanical Features of the Home?

Repairs and replacements cost money. By knowing how old mechanical features are, you will be able to estimate how much you will spend on repairs and replacement and form a reasonable offer based on that and other factors.

Does the Home Have Any Problems?

Disclosure of home flaws is a hot topic in real estate. You will want to know all issues as well as repairs to avoid potential problems down the road.

How is the Real Estate Market Doing?

The current state of the real estate market should tell you if the home is going to be a good investment or not as well as whether you should send a higher or lower offer.

Is the Neighbourhood Going to Have Revamp Soon?

Future community development plans can have a huge impact on the home’s value and marketability in the future. It can also affect your standard of living. If you’re looking for a quiet neighbourhood but there are plans to convert a nearby park into a mall, then that is something that you really need to consider.

Are There Other Offers?

Existing offers will mean that you have to make sure that the offer you will send is your best one.

How Soon Does the Seller Want to Sell?

Knowing the seller’s timeline will help you plan if you want to move in asap. It will also help you determine how serious the seller is about wanting to sell the home.

How Much Are the Closing Costs?

Additional costs can be very expensive. You want to be sure that there will be no surprises during closing time so you can be better prepared financially.

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Brad Miller

The Goodale Miller Team: A group of Oakville Luxury Real Estate Professionals that operate on a philosophy of honesty, integrity, and results.

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