10 things to ask before buying a home
Real estate agents have to disclose what they’re reasonably expected to know about a property. If you’re looking at a home to buy, ask the agent:
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- Does the property need any urgent repairs?
- Are there outstanding consents for renovations or other work?
- For older properties, has the house been re-piled, re-roofed, re-wired, re-plumbed and re-lined?
- Is there insulation in the roof, underfloor and walls?
- Are there any issues with the title?
- Are there any developments planned on neighbouring properties or in the area?
- Is there a LIM available?
- What did the agent price the property at?
- What have nearby properties sold for?
- Why are the owners selling?
Agents should provide answers to these questions as a matter of course. If you believe the agent has misled you or withheld information, make a complaint to the Real Estate Agents Authority.
Agents’ duty of disclosure
Research commissioned by the REAA last year found fewer than half of 250 buyers and potential buyers felt the real estate agent had told them everything they needed to know about a property. What’s required by law?
