Important questions to ask about a prospective property before you commit to buy

Buying a property is a major decision that can have a lasting impact on your life and finances. Therefore, it is crucial to thoroughly assess any prospective property before making a commitment. Whilst focusing on aesthetics can be appealing, delving deeper into the property’s actual details is essential to ensure it also meets your practical needs.

1. What is the property’s history?

Understanding the history of a property may unveil critical information. You can ask about things like its age, previous owners, and any major renovations or repairs that have taken place. Don’t forget to ask about the neighbourhood as well.

2. What are the total ownership costs?

Before you sign a contract, you should know how affordable your new home will be once you move in. How much tax and insurance can you expect to pay, and what do utilities and maintenance costs come to?

3. Are their any easements or restrictions?

By being aware of things such as easements or zoning restrictions can help you ensure you don’t encounter any issues once you move in, or waste money on a refurbishment that may have to be removed.

4. What is the seller’s motivation for selling?

Understanding the seller’s motivations can work to your advantage. For example, if they are in a hurry to sell, there may be more scope for negotiation. If they are moving because of a problem, it also could help to be aware of that.

5. Is the property in a flood zone or high-risk area?

You might choose to enquire about the property’s location. This type of information is vital for insurance purposes, as well as helping you gauge any potential risks.

This is by no means an exhaustive list, but taking a moment to consider some questions before you commit will help you to make a more accurate and informed decision.