Questions about real estate
It is not just the house that one is looking for but the house is a part of the neighborhood it belongs to. Namely, the community, including the houses’ condition and location, safety, and the future development of the area, contribute to the overall happiness and the possibility to see an increase in property values. When you are out in the market searching for a house, your realtor is your ally, your advisor. But what questions should you ask them regarding the neighborhood and what answers are they allowed to provide?
This article takes a look at the important questions one must ask the realtor in regard to the area of interest, and also the lawyer on what the latter cannot reveal to the former. Equipped with this knowledge help you make a better and more confident decision of where you want your next home to be.
Exploring the Areas Around the Neighborhood: Some Questions to Ask Your Real Estate Agent
Do not concentrate on the property alone. Investigate the nature of the environment that is around it. Below are some useful questions that every individual must ask the real estate agent:
Understanding the Basics
What are the general perimeters of this neighborhood? This makes it easier for you to focus on the particular area of interest.
What is the general mood and tone of this area? Violent and peaceful, empty and multicultural or somewhere in between?
What general categories of properties are there in this area? Single-family homes, townhouses, condos? This provides you with some background information with regard to what you are looking at when viewing property.
To what extent are the homes in this neighborhood origins of young or old generation homes? This can give some indication of possible maintenance requirements and the architectural design.
Delving into Amenities and Lifestyle
What are the schools in the vicinity? This is because even if you do not have children, the quality of the school in the area can affect the value of the property. Inquire about the public and private options and their standings.
Are there any park, green area or recreational center nearby? This is important for looking into leisure in the outdoor activities.
What amenities do stores, restaurants and leisure facilities are available nearby? I will finally say that you should take into account what you would like to do every day and what are your general preferences.
What is the pedestrian and biking amenity level in the neighborhood? This is especially the case for many buyers.
Are there any social events in the community or any association with others? This may point out the kind of community participation involved.
How long does it take to travel from this location to reach the large employment locations? Factor in your daily travel.
Assessing Safety and Security
How likely is it for one to get involved in a criminal affair here? Real estate agents cannot give you the crime rate but they can guide you to the police department website or other sources.
Is there any program like a neighbourhood watch or the local community holding any safety measures? Even this can be interpreted as proactively in terms of security.
Is there any risk or precaution that one should take while using the application?
Exploring the Future:
Is there any plan of development or zoning in the site or nearby areas? This could bring traffic disturbances, excessive noise and pollution levels, and could lower property prices.
What is the general trend of property prices in this area? Although past performance is no indication of future results, it can be a good starting point.
Are there any other projects envisaged (such as road improvement, telecommunications, water and electricity)?
Legalities: What Your Realtor Can Tell You
Real estate agents are bound by law and ethical codes as to what they can tell a buyer about a particular neighborhood. Here is a list of what they can and generally cannot disclose:
What Realtors Can Typically Disclose
Public records: Realtors can disclose information that is in the public domain since it is not considered as a violation of the client’s privacy.
This includes:
Zoning laws
Which kind of uses are permitted in the area.
Tax rates and assessments: This information can be obtained from the local government websites.
School district boundaries and publicly available school performance data.
Flood zone map information found from FEMA.
Accessibility to social facilities such as parks, schools, shopping centers or malls &c.
General observations about the neighborhood’s character and atmosphere.
Homeowner associations (HOAs) if they exist and information on the fees which also indicates if the HOA has a list of rules (if it does have then mention the rules).
Details of proposed developments or infrastructural projects that are disclosed to the public.
What Realtors Generally Cannot Disclose (or Must Be Cautious About):
Discriminatory Statements: Realtors should not make statements that may be considered as discriminating the client based on race, religion, color, national origin, family status, handicap or sex. This also applies to making conclusions or assumptions about the neighborhood based on these factors.
Specific Crime Data: They can guide you to other sources where you can find crime statistics but they themselves cannot give out specific crime statistics because of legal reasons and policies.
Details of the Neighbors: Real estate agents cannot disclose information about the neighbors, their age, their habits, or their financial status.
Rumors or Unsubstantiated Information: Realtors should not give out information that is rumor or hearsay about the neighborhood.
Information That Violates Fair Housing Laws: Any statement that discriminates or limits the choice based on the protected characteristics is prohibited.
Your Due Diligence is Crucial
However, do not rely solely on your realtor to do your research for you because it is your duty to do your homework on the neighborhood. Do not solely rely on realtor’s opinion.
Go to the neighborhood during the morning, afternoon, and evening, and on weekdays and weekends: Observe the traffic, noise, and activity.
Go out and engage with the people to get a feel of what they experience: This is one way of endeavoring to understand the perceptions of the residents if one gets a chance to interact with them.
Go online and search for information on schools, crime rate, district map, and future projects of the local government.
Take a drive and walk around: This will help you to assess the condition of the properties, the neighborhood and the general surroundings.
Empowered Buying
It is equally important to ask the right questions about the neighborhood as it is to inspect the property. If you know what your realtor can and cannot tell you and if you do your own research, you will be in a good position to get a house in a good neighborhood that meets your needs and dreams.
Do not shy away from asking any questions to the realtor – razem with them, as well as after conducting a comprehensive research, you will reach the success in the sphere of homeownership.
