House hunting can be an exciting yet daunting experience. To help you make an informed decision, we’ve compiled a list of crucial questions to ask your real estate agent when viewing a property. Don’t be shy – these questions will ensure you have all the necessary information to make an educated choice. So, without further ado, let’s dive into the six must-ask questions for your real estate agent.
How long has the house been on the market?
Understanding how long a property has been on the market can give you valuable insights into its desirability and potential issues. If a home has been listed for an extended period, it might indicate that the price is too high, there are hidden problems, or the local market is slow. It is not unusual for a property to be on the market for a year in Barbados as the market can often depend on potential purchasers being on the island to be able to view it. This information can help you gauge the property’s value and determine whether it’s worth pursuing further.
Have they had any offers?
Asking whether the seller has received any offers can help you understand the level of competition and the seller’s motivation. If the property has had multiple offers, it could be a sign of a hot market, an under-priced property, or that the owner is not willing to move on the asking price. If no offers have been made, it might indicate that the home is overpriced or has issues that are turning buyers away.
What is the land tax value?
The land tax value is the assessed value of a property’s land and is often used as a basis for calculating property taxes. Knowing this value can help you estimate your future tax obligations, which will factor into your overall cost of ownership. Comparing the land tax value with the property’s asking price doesn’t necessarily give insight into the home’s true market value as land tax values in Barbados often haven’t been updated for several years.
Are there any encroachments or issues with neighbours?
Boundary disputes and neighbour conflicts can lead to headaches and legal battles. Ask your agent if there have been any past or present issues regarding property lines, or other disputes. Being aware of potential problems before making an offer can save you from future surprises and expenses.
Are there any known structural issues or defects?
While it’s always a good idea to hire a professional home inspector, asking your agent about known structural issues or defects is a great way to get an initial sense of the property’s condition. This information can help you decide whether to proceed with a more thorough inspection or walk away from a potential money pit.
What is the history of the property?
Understanding the property’s history can provide context and help you make an informed decision. Ask about previous owners, renovations, planning permission in place, and any noteworthy events or issues. This background knowledge can help you uncover potential problems, assess the home’s value, and decide if it’s the right fit for you.
Asking these six questions when viewing a property can provide you with the information you need to make an educated decision about whether to pursue a particular home. Remember, your real estate agent is there to guide and assist you, so don’t hesitate to ask for the information you need.
Happy house hunting!
