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What Should I Ask When Touring a Multifamily Property?

What Should I Ask When Touring a Multifamily Property?

January 2, 2023

Buying a multifamily property is an exciting time, but it can also be stressful and time-consuming. To set yourself up for success when viewing a property we compiled a list to ensure you are asking questions that will help you make an informed decision about the right multifamily property for you.


1. How long has the property been on the market?

Multifamily properties that have been on the market for a longer period may result in the possibility of having a highly motivated seller. On the other hand, if the property has just hit the market and is a new listing you may need to act quickly to make a decision and put in an offer. 


2.How old is the roof? When was the last time the roof was replaced?

Replacing or repairing the roof of a property is both a costly and timely process, as the cost usually ranges in the thousands. If you are looking for a cost-efficient purchase, fixing a roof is something that you want to be resolved before you purchase. 


3.Are there any problems with the property?

It is important to listen carefully to the information that the seller of the property says, especially about the condition of the property. Legally the seller has to tell you some information about the property, but if you ask they should be honest about the overall condition and any problems that surround the property.


4.When was the last time the property was surveyed?

This is an important question to ask the seller to figure out the survey markers that show the boundaries of the property. This is critical in avoiding disagreements about property lines, especially if you are looking to add a fence or another structure to the property.


5.What comes with the property? 

Asking the seller what comes with the property can save you frustration in the long run if you end up choosing the property. The seller may also be taking the appliances, lighting fixtures, or other structures, so it is important to understand what may need to be purchased.


6.What is the status of the heating and cooling systems on the property?

Replacing or repairing a heating or cooling system is a costly concern. Asking about the last time it either was replaced or repaired could save you time and money in the long run.


Use a Trusted Real Estate Brokerage

We know that buying a multifamily property is a long, time-consuming, and financially straining process. This is why you want to ensure that you are partnering with a trusted realtor in your area. If you are looking for a trusted multifamily realtor that will be sure to ask all the important questions, in the Tampa, FL, and Sarasota, FL areas, the Multifamily Firm would be happy to assist you in your home-buying journey. We are a premier investment real estate brokerage that focuses exclusively on the disposition and acquisition of multifamily properties. 


Contact Us Today! 

The Multifamily Firm is a premier investment real estate brokerage exclusively focused on the disposition & acquisition of multifamily properties. Based in Sarasota and Tampa, Florida, the firm is strongly positioned at the epicenter of economic growth and activity on the West Coast of Florida. If you are looking for a multifamily property please feel free to contact us via our contact form or by calling us directly at 941-444-6160. We look forward to speaking with you soon!