As a first-time homebuyer or seller, you’ll probably have a lot of questions. This is par for the course, especially if you have zero knowledge of the real estate process. More than likely, you’ll drill your real estate agent with queries as you navigate the buying or selling of your home.
And, one of these common questions is bound to come up. (See also: 5 Things Your Real Estate Agent Wishes You Knew)Buyers
As a buyer, you are probably most interested in what you’re getting yourself into.
1. Is the neighborhood safe?
It’s an interesting question, because we all have different thresholds for safety. Your licensed real estate agent is not allowed, however, to comment on the safety of the neighborhood. If you want a better understanding of the actual criminal activity in the area, you’ll need to do your own research. You can use online tools to compare crime statistics between cities for a more accurate outlook.
Emile L’Eplattenier, real estate marketing and sales analyst, makes another solid point: “Always remember that crime can happen anywhere, and there is a very big difference between feeling safe and actually being safe.”
2. How much will the house cost to renovate?
Your real estate agent can’t give you a roundabout number on what your fixer-upper will cost to renovate, because they’re not a contractor and they have no idea how expensive or inexpensive your taste may be. Joan Kagan, sales manager of a real estate listing site, often suggests to clients that they bring along a trusted contractor to help find a ballpark for this figure.
Your agent may know someone who fits the bill, or, if you have a handy person in your own circle, invite them on your next walk-through to discuss your vision. (See also: 5 Home Renovations That Could Hurt Your Home’s Value)3. What do you think this will be worth in five to 10 years?
When Kagan is asked this question, she provides a democratic response: “The best way of predicting the future is to look at the past. History repeats itself. I can show you data on the average prices for over the past 10 years. Would that be helpful?”
It may be helpful, but as we all know, real estate is up and down and in between more than ever. It’s probably best not to worry about the resale value in a specific time frame as much as getting the best deal you can right now.
Sellers
Sellers are most likely interested in what they can get out of it.
4. What is my home worth?
If you’ve decided to put your home on the market, the first question you’ll…
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