26 Nov Open House Inspections
The adage ‘never judge a book by its cover’ applies well to an open house inspection because the closer you look at a property the more you might discover.
Here’s how to ensure you use the open house to find out as much as you can about the property’s features and benefits.
Bring a checklist
Think about what is important to you and form a checklist of ‘must haves’ and ‘desirables’. Break this down room-by-room, for example: the bedrooms must have built-ins or the bathroom must have good ventilation.
After a morning of continuous inspections, it’s easy to confuse one property with the next so it pays to take notes and photographs as you go. Attach the floor plan to your notes and be as thorough as possible – include comments or ratings on everything from noise levels and temperature to natural light and wear and tear.
Good questions to ask the real estate agent include: what is the reason for selling? How long has the property been on the market? Has the owner bought elsewhere? Has the property been for sale before with another agent and why didn’t it sell the first time around? Are there any developments planned for the area?
Remember real estate agents work for vendors so avoid giving away too much information about yourself, particularly about your budget!
It’s a good idea to ask the neighbours some questions too. Knock on doors and find out as much as you can about the property, while at the same time checking out the people you could be living next door to!
Obtain an inspection report
Ask the agent for an inspection report as soon as you know you’re interested in the property. If you are in any doubt about the quality of the report, hire your own experts to get a building and pest inspection done.
View at different times
Visit the property at different times of the week or day/night, even if you simply sit outside in your car, as this will give you a more realistic picture of variables like natural light and external noise (traffic, nearby schools, pubs etc).
Have your finances in order
There’s no point in shopping around for a property without knowing your borrowing capacity. If you find your dream home and your finances aren’t in order it may cost you the sale. As your mortgage broker we can assist you with obtaining conditional pre-approval for a home loan and after you’ve found a property that you’re interested in, we can help you get a final formal loan approval.