Open homes can be an exciting and overwhelming experience, particularly if you fall in love with a property.
Before you get too excited and mentally start moving your furniture in we recommend asking the agent the following questions:
- How long has the house been on the market?
If it has been on the market for a while, you may have some wiggle room with negotiation.
- Are there any structural problems with the house, or any other issues to disclose?
Real estate agents are legally required to disclose anything wrong with a property. It’s better to know before you get too far down the track with an offer—and sometimes if you don’t ask, you may not find out until you look at an offer document.
- Are there any existing EQC claims on the property?
Following the 2016 quake, some properties have claims, and it can be a tricky issue if the repairs haven’t been done. Check work has been finished, so you aren’t left holding the baby.
- Has the house been under offer previously and has the offer been withdrawn?
A great indicator of any red flags, it could reveal details you may have overlooked. Ask if any building reports previously done had caused an offer to fall over.
- Has additional building work on the house been consented?
Non-consented work can be incredibly costly to fix—for example, if an ensuite has been added to the house without Council consent you may need to tear it down and start again. You will need to factor this into your budget, and so will the bank.
Not all red flags are terminal—if you’re still keen to pursue a house that has a fish hook or two, talk to us as soon as you can. We can let you know if the bank is unlikely to approve your mortgage or will need any additional info.
Give our team a call today on 0800 000 517.