ASK AN AGENT Whether you are buying, selling or renting property, never be afraid to ask the agent questions.

What is the difference between an apartment and a flat?

Both words are used to refer to liveable, residential spaces within a larger building. An apartment can be a room or suite of rooms but not necessarily self-contained (with a kitchen). The term flat is used to describe a self-contained dwelling unit in multi-unit dwellings. Both are residential property units with a front door, a bathroom, a toilet and a vacant space for you to live, regardless of the number of rooms. In some places, like the UK, a flat refers to a unit on one single level while apartment tends to refer to a luxury unit on more than one level.

What does body corporate mean?

Relating to villas, town houses, flats or home units, the control and administration of common property is vested in a statutory Body Corporate which comes into existence automatically on the registration of the property plan. The registered owners of the individual units are the members of the body corporate. The rights and obligations are fixed by scheduled by-laws. Easements for the protection and enjoyment of the units and common property are also provided for.

Why is the vendor selling?

You can ask why, but the agent may wish to respect the vendor’s wishes and not give personal details. However, it can be useful to know. If the sellers have already bought elsewhere, they might be keen for a quick sale and readily accept your offer. They might be selling the property because there is an issue with the building, which is something you need to know and will affect your offer. Are they selling to capitalise on the market? To manage financial distress? Perhaps there are costly maintenance fees? Knowing why can help you negotiate a price.

Are there any development applications or council plans in place?

This is a question you should definitely ask if you are buying. Ask about any development applications currently in progress in the area, or if the local council is planning to do anything significant. Not only might these things affect the value of your property, but also your lifestyle. Imagine buying a property with an amazing water view only to discover that the council had plans to grow massive trees or construct buildings directly blocking that view. You’d want to know before you sign on the dotted line.

What properties have you sold in the past year?

For sellers, asking the agent what kind of properties they have sold in the past year and where they are located will give you an insight into how they may handle your property sale. Ideally, they will have sold properties similar to yours in price, style and location. It will help you decide if they have the skills to market your property correctly. It may help you know if they have the right kind of buyer database.

Asking how long those properties were on the market also gives you an idea of how long you might have to wait before your home is sold. Knowing sale prices of an agent’s other properties will help you gauge how much yours may sell for. Prices can vary considerably depending on the property itself and the location, so you must only compare similar homes.

What should I budget for when I am selling?

Along with finding out about your real estate agent’s fee structure, you will want to know what they suggest is the best marketing strategy. The cost varies. Other expenditure, such as for room styling or value-adding quick renovations, might be suggested by your agent to help attract the right buyer and get the best price possible. Ask the agent to clearly set out all potential additional costs and be upfront about the varying marketing campaign costs.