Buying or renting a property starts with an online search, especially in recent times. Most house-hunters perform property searches using their computers or phones in the comfort of their home or office. They identify a property and they arrange to meet the seller or the agent.
- What is the lease on the land?
This is one particular question a number of people ignore when inspecting a property In Australia. For example, in Melbourne, Australia ownership of every piece of land has a specific date upon which it expires. The most common lease has a 99 year period in Melbourne. Before making any commitment, ask the seller for the number of years remaining on the lease. Ask to see the land documents to ascertain if the lease will be expiring soon and that should inform your decision about buying the property.
- Who are the real owners of the property?
It is important to know who the real owners of the property are and if there is the need to meet with them. Who will you deal with when the contract ends? Will it be the caretaker or the real owners of the property? If possible, arrange to meet with the owners to verify. If the real owners are out of the country or may not be available, look for alternative means of verifying who the real owners of the property are. This can be done via phone call, email or even Skype.
- Are there issues with the property?
The answer to this question should guide you when you are seeking a discount. You’ll need to look for a reputable building or property inspections company in Melbourne to list the number of issues with the house and estimate how much it will cost to fix them. Include that when you are asking for a price reduction.
- Who are my neighbours?
Last week, we listed factors that influenced a property’s appreciative value. If the house is located in a nice neighbourhood with plush structures, the value of the property is likely to increase over time. If there are prominent people in the neighbourhood, the value of the property will increase and it might even be difficult to get a reduction.
- What documents will I be presented with when we are closing the deal?
Will I be presented with a title deed? This question might be a little difficult for the agent to answer, but he should know if the original title deed will be presented to you when closing the deal.
These questions should guide you during the house inspection. If there is anything that confuses you during the inspection, ask for clarification.