Finding a home you like is exciting, but liking the property is only the beginning. Before making an offer, it is worth slowing down and gathering as much relevant information as possible.
An offer can create important financial and legal commitments, so buyers should understand not only the home itself, but also the circumstances surrounding the sale.
Here are some of the questions worth asking before you move forward.
Why Is the Seller Moving?
You may not always receive a detailed answer, and the seller may have personal reasons they prefer not to discuss. However, understanding what you can about the seller's situation may provide useful context.
The seller's preferred closing date or other priorities could also become relevant during negotiations.
How Long Has the Property Been on the Market?
The amount of time a property has been listed can provide context, but it should not be viewed in isolation.
Ask about the property's listing history where relevant, including whether it has previously been listed or whether there have been changes to the asking price.
The more useful question is often why the property has received the level of interest it has. Condition, pricing, presentation, location, and market conditions can all play a role.
Have There Been Recent Repairs or Renovations?
Ask what work has been completed and when.
This can include renovations to the kitchen or bathrooms as well as less visible work involving the roof, windows, plumbing, electrical systems, heating and cooling equipment, basement, or exterior.
Where documentation is available, it can help confirm what was done and when.
How Old Are the Major Systems?
A home's appearance does not necessarily tell you the age of its major components.
Ask about the roof, furnace, air conditioning system, windows, hot water equipment, electrical system, plumbing, and other significant components relevant to the property.
Knowing what may need attention in the future can help you plan for ownership costs.
What Are the Ongoing Costs?
The mortgage payment is only one part of the monthly cost of owning a home.
Ask about property taxes, utilities, insurance, condominium maintenance fees where applicable, and other recurring expenses.
For a house, also consider ongoing maintenance such as landscaping, snow removal, and general exterior upkeep.
Are There Any Known Issues?
If you notice something unusual during the viewing, ask about it.
Water stains, cracks, unusual odours, damaged materials, older systems, or signs of previous repairs are all reasonable topics to investigate.
You are not expected to diagnose the problem yourself. The purpose of asking is to determine whether further investigation is appropriate before making a commitment.
What Is Included in the Sale?
Do not assume that everything you see in the home will automatically be included.
Clarify which appliances, fixtures, window coverings, parking spaces, storage areas, and other items are included or excluded from the transaction.
If there is something particularly important to you, make sure it is properly addressed in the offer rather than relying on a verbal understanding.
Are There Any Conditions You Need?
Before writing an offer, consider whether you need conditions related to financing, inspection, condominium document review, the sale of another property, or another specific matter.
Conditions should serve a clear purpose and reflect your actual circumstances. They should not simply be added or removed because another buyer used a particular structure.
Make sure you understand the deadline and consequences associated with every condition.
What Closing Date Works for You?
Think about the date that would realistically work for your move, financing, current housing situation, and other commitments.
At the same time, find out whether the seller has a preferred closing date. Sometimes the ability to accommodate the seller's timeline can be an important part of the negotiation.
What Happens If the Offer Is Accepted?
Before submitting an offer, make sure you understand what happens next.
Know the important dates, deposit requirements, condition deadlines, closing process, and responsibilities involved. Your real estate professional can explain the practical steps, while your lawyer can advise you on the legal terms and implications of the agreement.
Ask Before You Offer, Not After
The more important a question is to your decision, the better it is to raise it before making a commitment.
You will rarely know everything about a property before submitting an offer, and no amount of research can eliminate every uncertainty. The goal is to identify the important questions, investigate the issues that matter, and understand what you are agreeing to.
A good offer starts with a good understanding of the property.
Before you focus on the number you want to put on the page, make sure you have looked beyond the listing photos and considered the home's condition, costs, history, terms, and your own plans for the property. Taking the time to ask the right questions can make the decision much clearer before you take the next step.
