Why it is important to attend an open house before buying a property

Although they can sometimes be a great deal of work, the open house is one of my favourite aspects of the real estate selling process.  In most cases, much preparation will have gone in to ensuring that the property shines on the day, and owners are proud of what they are offering to the public. 

With property being one of the largest purchases that the average person will make over a lifetime, I am usually quite surprised to hear of situations where acquisitions are made by people who haven’t seen the property previously.   To me, the open house is an ideal way for prospective buyers to get a feel for a property and to ask questions of agents face to face in an environment where answers can be instantly understood and applied. 

I came across an article to this effect on the Sydney Morning Herald website recently, entitled ‘Chance to get all facts on the table’ by the chief executive of the Real Estate Institute of Victoria, Enzo Raimondo. 

In the article, Mr Raimondo talks about the open house as an important and necessary part of the research needed to make what could be one of the most expensive purchases of your life, as they give you the opportunity to talk to agents and see a property of interest first hand. 

So how can buyers prepare for open homes and what should they be doing while attending?

Mr Raimondo suggests that before attending an open house buyers should make a checklist of important attributes and what they require from the property, such as architectural features or location. 

Upon arriving at an open house, Mr Raimondo recommends that buyers take the time to talk to the agents who are showing the house.  These people are experts, with both knowledge about the property and the local area, and even if the property in question turns out to not be what you are looking for, these agents can potentially keep you updated on other listings in their books that may be of interest. 

These agents can also keep you informed about the listing status of the property at hand, including letting you know when it sells or advising you of when to make an offer. 

In any case, properties can look very different in real life to how they appear in print or online.   Physically visiting a property before you purchase it will allow you to get a good feel for it, and to see whether or not you can envisage yourself living there. 

Posted by Charles Tarbey on 21/03/2011 at 10:20 AM | Categories: Buying - First Home Buyers -


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