Selwyn Times: May 16, 2017

14
What to ask at
an open home
It’s easy to get carried away when you’re searching through
property listings for the house of your dreams. But if you’re not
careful, home buying can become a nightmare.
“Buying a property is a complex and
potentially stressful process, not least
because it involves such a scary amount
of money,” says Kevin Lampen-Smith,
chief executive at the Real Estate Agents
Authority (REAA).
“It’s smart to do as much as you can to
reduce the risk of unwelcome surprises or
unexpected costs further down the line.”
In the first instance, Lampen-Smith
recommends drawing up a list of questions
to ask about properties you’re interested in.
“Remember that you can ask the real
estate agent anything you like about the
property,” he says. “They are also required
to tell you everything they know and not
withhold any details.”
If you’re not sure what to ask, here’s a
handy list of questions. Open homes can
be busy, so ask the agent if you can talk on
the phone, or send questions via email.
- Have there been any issues with the
property, such as earthquake damage or
water-tightness?
- Are there any offers on the property,
or have any contracts been cancelled by
potential buyers?
- How long has it been on the market?
What is the seller’s preferred settlement
date?
- What maintenance, repairs or
improvements have been carried out? Do
these have permits?
- Is there a Land Information
Memorandum (LIM) available or a
building report prepared by an accredited
property surveyor?
- Is the property well-maintained? What
condition are the roof, piles, wiring, and
plumbing in?
- Is the property insulated? If so, to what
degree (eg walls, underfloor, ceiling)?
- Is there any risk of methamphetamine
(P) contamination?
- If there is a body corporate (usually for
apartments), what does that entail?
- Are there any issues with neighbours
or planned developments?
“If you are seriously considering making
an offer, you will need to do your own
research and seek professional advice. It
may well become your home, so you need
to know as much about it as possible to
save unhappy surprises later,” Lampen-
Smith says.
“Knowing the right questions to ask is a
good starting point.”
For more advice on buying a property
in New Zealand, or to download a free
Home Buyers’ Guide, visit buyingahome.
reaa.govt.nz.