First-time home buyers are always left wondering what problems to solve when buying a new home in London. The best solution to that is to learn what vital questions you must ask your real-estate agent.
Asking the right questions will enable you to navigate the dynamic housing market in London. It will also save you from the unpredictable future hassles while saving your budget. Today, we will share the top nine questions you should ask an estate agent near you as a first-time buyer.
Let’s unwrap those questions below:
-
What’s the Property Appraisal?
First, you can ask your agent about the Property Appraisal related to the prospective house you plan to buy. Essentially, an appraisal determines the competitive house value according to the market. This lets buyers get the correct information on the home they want to pay for.
A neutral appraisal process is conducted by a professional appraiser who checks the house for various information, including interior and exterior upgrades, amenities, neighbourhood, location, age, and more. Moreover, a verified home value according to the appraisal will help the mortgage lender properly determine the mortgage amount and time.
-
Was the House Remodelled in the Past?
One of the vital questions you must ask your realtor is whether the house was remodelled in the past or not. It’s crucial to know this for a fact as it substantiates the proper value the seller is asking.
Find out what the age of the house is and what type of remodelling or repairs it went through in the past few years. Was there any house inspection lately? Is the realtor maintaining the ‘Code of Ethics’ properly?
Ask the experts like Salik & Co. or others in London for the best insight into a home you’re willing to buy.
-
Can They Help with the Budget?
It’s crucial to stay on budget while buying your first home in London, and you must discuss this with your agent. Ask them to help you budget and consider your income, costs, future investments, etc.
If your agent can help you by referring you to reliable lenders to choose from, that will be a great help. Apart from that, check closely with your agent whether he’s calculating your budget without the risk of any hidden costs or surprises.
-
What Are the Neighbourhood and Amenities Like?
Realtors or agents follow some ‘Code of Ethics’ not to give away information on neighborhood aspects, such as income prospects, quality of schools or hospitals, or safety level. The reason is not to influence your decision about buying or rejecting the home you’re interested in.
As a first-time home buyer, you can share your preferences, lifestyle, and things you’re looking for with the agent. It helps them navigate their database and find a suitable location to your liking. Thus, you’re free to decide without being incentivised on local prospects.
-
Is There Any Upcoming Development?
Luxury estate agents in London can update you about upcoming developments. So, inquire with your agent whether there’s a plan for structural developments in the area you’re looking to settle in.
Changes like construction works, power connections, road upgrades, cultural shifts, etc., can contribute to your buying decision. Since an agent is well aware of the locality, it’s wise to ask them such questions beforehand.
Facing these changes after settling in your new home may pose challenges, such as transport hassles, higher living costs, heavy traffic, and many others.
-
What’s the House Inspection Process?
You should get the property inspected before making any final decision. In doing so, ask your agent how the house inspection process will go regarding choosing an industry professional, what it will cover, duration, etc.
A professional estate agent in East London can advise you on finding a reliable house inspector, partly out of professionalism, partly to take the liabilities off their shoulder of any future troubles in the house.
-
What Are the Closing Costs?
You’ll do better asking your agent about the closing costs of the real estate transaction. Closing costs may include various expenses, including an application fee, courier fee, origination fee, appraisal fee, and insurance.
So, knowing the total closing costs is crucial before agreeing with the seller. Check with the estate agencies near you to see who can give you the best information on closing costs to prepare before signing the deal.
Wrapping Up
Learning about various aspects of your new home before signing the deal is essential. Knowing them will prevent uncertainty and surprise expenses in the future. Hence, ask your agent about the seven questions mentioned above.
In addition to these questions, inquire with your agent whether there’s any legal disputes or costs hanging with the property. Besides, ask for testimonials from your agent's past clients to verify their performance integrity.
