What questions to ask the seller or real estate agent?
Investing in real estate requires estimating the potential of the property, communicating with the seller properly, and obtaining as much information as possible.
The questions you need to ask the seller or their real estate agent should concern the overall condition of the property, the amount of work still needed, various costs related to the real estate, and how to negotiate with the seller.
- What are the issues related to the configuration and performance of the asset?
General Info on The Property
If The Property is Currently Rented
If The Property is No longer Rented
- What is the surface area of the property?
- What surface area should be considered?
- How is the apartment distributed?
If The Property is Currently Rented
- Who are the tenants?
- How long have they been renting the property?
- How are rents regulated?
- Is it an empty or furnished rental?
- What is included in the charges? (i.e. water, heating, household waste, etc.)
- Are charges included?
If The Property is No longer Rented
- When did the last tenant leave?
- How long did they stay?
- What equipment or furniture will remain in the apartment?
- What is the list of mandatory equipment for a furnished rental?
- From what date is the accommodation available (for rent)?
- Is the property under co-ownership, a condominium, or an easement?
- How can you change co-ownership?
4. What are the environmental issues of the property?
- What can you tell me about the environment, the neighborhood, etc?
- How is the neighborhood?
- How will the neighborhood evolve?
- Is there public transport nearby?
- What are the facilities nearby?
- What are the strengths and weaknesses of the neighborhood?
- What is the arrondissement of Paris where the property is located like?
2. What are the questions related to the work? What are the costs associated with the property?
It is necessary to calculate the profitability of your real estate investment.
Useful Links:
- What work does the property still need?
- Have quotes been made?
- What work does the condominium provide?
- Is there one EDF meter per apartment and one for the common areas?
- Is there a water meter per apartment or a divisional one?
- What is the type of heating in the property?
- What's the condition of the roof?
- Are there any problems with pests or dry rot?
- Is there asbestos on the property?
- Does the property have moisture problems?
- Is double glazing used?
- When was the property built?
- Is it possible to make perforations or openings in the walls?
- Is the property well-insulated?
- Is the building connected to fiber?
- Have the technical diagnoses been carried out?
- Is there a ventilation system or CMV?
- Is the electrical system up to standard?
Useful Links:
- How do we know if our diagnoses are still valid?
- What are the technical diagnoses to be provided in case of rental?
- What are the technical diagnoses that must be provided in case of sale?
- What are the costs associated with the property?
- What is the work to be paid for by the owner in a furnished rental?
- What work is the responsibility of the tenant in a furnished rental?
3. How to prepare the negotiation with the seller?
- Does the owner own the property in their own name?
- Is it under multiple names?
- Why is the property for sale?
- How long has the property been for sale?
- Have you ever had offers?
- When was the last offer?
- Are there other interested buyers?
Useful Links:
Ce qu’il faut retenir :
- Make sure to ask as many questions as you can when you invest in real estate.
- Your questions should concern the overall condition of the property, further work the property still needs, costs you'll need to pay, and how you negotiate with the seller.
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Posted on 04/04/2023 by
Andy LECUYER
