How to: Assess a property at an open home
Open homes can be exciting times for all property investors and home buyers, and it's no wonder that after a busy day many of you will come back scratching your head wondering whether there was carpet in the bedrooms of the first or second property you saw and remembering very little.
So how can you make the most of the time you spend in each property, and get the information you need?
1) Prepare
If you're serious about buying, where possible don't go to an open home unprepared. You'll want to have clearly read the listing and have driven past the property already so that its location isn't a surprise.
Get the following documents together:
- A copy of the listing
- A suburb report where necessary (have a look at our data pages for some quick information)
- A room by room 'fill out' sheet, either a printed version or a version on your phone/tablet with details of importance to you (for instance, you may need the bathroom to have a double vanity, or for the main thoroughfare areas to be tiled). We recommend this checklist from realestateVIEW that is an easy way to tick everything off of the list.
- Bring the floorplan if possible
And ensure you have these with you:
- Something to record notes on (either your smartphone, or a traditional notebook and pen)
- Camera (again a smartphone or tablet can do the job for you)
- ID (as many open homes will require this)
- Tape measure (particularly if you have not been provided with a floorplan)
Ensure you are dressed appropriately (smart casual seems to be the most appropriate attire), and that you wear shoes that are easily taken off and that, if you leave them on, will not do damage to someone's flooring (stilleto heels are not a good option!)- some real estate agents will ask you not to wear shoes around the home.
2) Be early, not just on time
This may not be applicable for all open homes, particularly if you have a busy day ahead of you (such as this example where there were 10 open homes on one day in one street). However, if possible, head to each property at least 15 minutes early and take a quick look around the street. Also have a look at the facade, and note any improvements you will have to make as well as good and bad points. Take note of the location and any noise you can hear. If the neighbours are out and seem friendly, you might just want to say hello.
If it's going to be a home for you and you usually drive or take public transport, ensure you do the same to come to the property. This will quickly alert you of any access difficulties to the area.
Take a photo of the outside of the property. If you're using a standard camera, this will later identify you that the set you are looking at is of this particular property (try to get the street number in the frame, or take a photo of the listing first).
Ensure you note down the time of the open home - you will want to visit the property at other times of the day further down the track to check for noise and busy traffic, where applicable.
3) Speak to the real estate agent
When you enter the open home, ensure you greet and have a quick chat with the real estate agent. If you're not already on their radar as a potential buyer then ensure you get onto the list now.
Make sure to collect any details available as print outs for your collection, and to photograph anything that is just there for buyers to look at.
4) The first walk through
Now you want to make a start on viewing the property. Do an initial walk through to take the property in and focus on it. Do not take any photos or notes at this point, and get a feel for the layout and sizes based on your first impressions. At the end of this, write down your thoughts about the property. You may decide at this point that the property is not worth pursuing and save yourself time taking it further.
5) Do a second walk through
This time, try to document the property. Take photographs and notes of each room, and look from floor to ceiling for signs of wear and tear (take close ups if necessary). Ensure you note how things feel as you walk around - are the floorboards spongey? Is there a damp feeling in a room? Is one side of the house particularly light? Note skylights where you see them. Be as thorough as possible, and do not fail to check outside either.
In each room check and note down for the following:
- Noise levels
- Temperature
- Lightness
- Damage or wear and tear
- Type of flooring, walls (wallpaper, paint, etc) and windows
- Unusual or defining features
For room-by-room information of what to look for, here are Karin Derkley, author of Buying property for Dummies' tips.
6) Compare the property to the listing
Is there anything mentioned on the listing that didn't match up to what you just saw? Ensure any discrepancies are either checked or raised with the agent.
7) Extra details to obtain
If you didn't receive a floorplan, then there are applications that can measure the rooms for you. MagicPlan, for instance, has this function. You may also want to check for phone signal in the house, as this can be a source of frustration for many property owners. And then there's the benefit of having other people through the open home - have a listen out for what they are saying about the property, and note down their thoughts too. Be aware that many buyers will talk down a home they are interested in, and gauge the interest in the property compared to others - if it's packed, it may give some indication that the property is likely to see stiff competition to buy.
8) Thank the agent
When you leave, thank the agent and ensure you have his card. If you liked the property, express an interest to visit again if you think this is necessary.
Finally, remember that this is the first inspection. If you're serious about buying the home then there will likely be other opportunities to visit and fill in the blanks you missed.
9) Collate your notes
When you get home, don't leave all your notes aside. While they're fresh in your mind, bring them together in either one file (print your photos) or into one computerised document. This will quickly let you know if you have forgotten any details, and you can write down any thoughts you didn't have time to note. It's worth giving it some sort of an 'interest level' as well, to ensure that those you preferred are kept more prominent in your mind.
Quick hints:
Staged properties
If one of the first things you think of when you enter a property is "Oh, this furniture is beautiful" then it's likely the home has been staged. Remember that when you buy it, all the furniture disappears. Look to the walls, ignore the items that will be removed, and focus on the bones of the home. This also applies to properties where little effort has been put into the presentation - you're not buying their furniture or mess.
Consider the owner's approach
Be aware of the preparations that the vendor has taken for the open home. Closely looking for last minute touch ups, such as paint, may alert you to potential issues that could be identified on a Building and Pest Inspection later. While not every rug hides a stain, so to speak, it's worth considering that some of them may.
On Friday, we'll look at the niggly details to check at your second and final inspection.
How do you prepare and organise yourself for an open home inspection?