Question Time at Canberra's Parliament House is now over until after the Federal Election, giving us a break for probably a couple of months from the bluster, bravado and frustrating antics of our pollies.
But when buying or selling real estate, question time should never end. We need to constantly question our decisions - often playing chief motivator and devil's advocate at the same time - to ensure we make the right property decisions.
But what to ask?
When selling, make sure you understand why you want to sell. Whims can be incredibly expensive. Try these questions:
1. Do I have a case of grass-is-greener syndrome? It's common in these days of instant gratification, so draw up a list of pros and cons about your existing home.
2. What are the changeover costs? Stamp duty is a big one, but there are also real estate agent and conveyancing costs, finance charges and possible mortgage break fees.
3. What changes are you wanting to make to a new home once you've bought it, and what will that cost?
4. Can I afford to buy what I really want? Interest rates are very low, so factor in rises of one or two percentage points when forecasting future mortgage costs.
You also need to question potential real estate agents, and there is a treasure trove online of things you should ask them. Just head for the Google-machine.
When it comes to buying, ask yourself what why you really want the property, does it make financial sense, and how long you plan to stay.
If taking on a new or bigger mortgage, you'll need a secure job and insurance to handle the unexpected.
Have a list of questions to ask a real estate agent. The Real Estate Buyers Association of Australia has some suggestions on this front:
1. How did you price this house?
2. How long has it been on the market?
3. When was the last time the property was sold?
4. What are the reasons for selling?
"The important thing to remember in a competitive market is not to let emotion take over and overvalue the property,'' REBAA's Byron Rose says.
Emotion will always be a key factor, but if you ask the right things, question time - for you if not for parliament - is going to be beneficial.
By Anthony Keane from The Advertiser
Read more: http://www.news.com.au/realestate/news
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