Buying a property? 5 important questions to ask every agent
Buying a property is both exhilarating and nerve-wracking, similar to a game of poker. The stakes are high, and there are strong incentives to lie and ignore difficult facts, yet winning is always extremely satisfying. In a game of poker, no one is legally obligated to give you the truth, but in real estate, the broker is obligated to tell you the truth if he or she believes it is in your best interests.
When buying a property, never rely on the seller’s information; whatever information the seller wishes to provide is good to listen to, but buyers should not assume it is genuine or legitimate.
Even with an experienced realtor, buying a property in Nigeria, where real estate transactions happen at a breakneck rate, may leave any buyer feeling bewildered and impatient. For a first-time buyer in Nigeria, the situation might be considerably worse.
To help you relax and find your perfect property, we’ve compiled a list of five brilliant questions that will help you avoid your worst real estate nightmare in Nigeria. Before placing an offer on a property, ask these questions.
1. Why is the owner selling and How long has the property been on the market?
As a buyer, you may not have the opportunity to speak with the owner personally, but you should ask the agent why the owner is selling and conduct your own research. This question is crucial to ensure that the customer is not deceived. You also need to know if the home has been on the Nigerian market for an extended period of time (more than six months), and why it has not sold. There might be faults with the home that previous purchasers have seen that you are unaware of.
2. Is it possible for me to speak with the owner directly?
The agent might not want you to speak to the owner because it is their duty to negotiate, but if you insist they cannot prevent you from doing so. Most owners are not industry pros, which means they will frequently provide you answers that the agents may not want to provide.
3. How old is the property?
This is important to know since older homes may require more repair. Some older properties in Nigeria are better kept than others, and this will have an impact on the property’s asking price.
4. What is the neighborhood like?
While there are a variety of communities in which to purchase real estate, some are safer than others, while others may make your daily commute simpler, and so on. So you should inquire about the neighborhood, the people that live there, and the crime rate. What is the location of the nearest gas station? While it is important to hear what the estate agent has to say, you should also conduct independent research.
5. What is included in the sale?
This question is particularly pertinent for homes on the market that are still occupied by their owners. This will assist you in determining what furniture, fixtures, and fittings you will receive as part of the transaction.