Juliet Risdon
All property transactions are sizeable when compared with most other decisions.
It follows that you would give these transactions the time and effort that they warrant, but this does not always happen. It sometimes isn’t so much an issue of motivation, but rather a case of not knowing the right questions to ask.
This series deals with the key questions for each party. Knowing the answers to these questions should help to avoid misunderstandings and in many cases will save time, money or both.
When You Are Buying A Property
With so much time and so many expenses involved, it is perfectly natural to be concerned that you are making a good decision and getting value for money.
This is why it’s so important to do your homework about any potential property you are considering to purchase.
But with so many things going on, how can you remember to ask your agent the most important questions about the property you are considering ?
Noting the questions below may save you hundreds of thousands of dollars on the price of property, but more importantly they may save you from making a bad decision one way or the other.
1-Ask your agent what they will do for you?
Not all agents are equal, and some will do more to help you than others.
Most importantly, the answer may help you get a better sense of whether the agent can help you find what you are looking for as opposed to trying to sell you something they already have.
2-Ask your agent for a standard buy & sell contract
This will allow you to read it through before finding a property and address any issues you have without being under any pressure.
3-If the agent finds you a property, ask whether they represent the seller ?
In many places, an agent cannot represent both parties (conflict of interest).
In Macau however, no such regulation exists, and whilst this may not present a major problem, you want to know exactly where you stand.
4-Why is the owner selling?
You will never be sure that you are hearing 100% truth, but if you’re lucky the agent might let you in on the circumstances.
For example you may discover that the owner is desperate to sell because they are leaving Macau, and so would accept a lower price.
5-How did the agent / seller decide on an asking price?
If the agent is experienced and knows what they are talking about, they will be able to explain how the asking price was reached and may even let slip some important facts such as the expected selling price as opposed to just the asking price.
Next Week: 6 more important questions to ask when you are buying a property.
Juliet Risdon is a Director of JML Property and a property investor.
Having established the company in 1994, JML Property offers Investment Property & Homes. It specializes in managing properties for owners and investors, and providing attractive and comfortable homes for tenants.
www.JMLProperty.com
info@JMLProperty.com
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